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How To Develop The Right Relationship With Money

This is the Budgeteer Newsletter. We are your money Sidekick. The Tails to your Sonic. The Robin to your Batman. The George Constanza and Elaine to Your Jerry Seinfeld. The Ethel to Your Lucy. The jelly to your peanut butter. You get the picture. We got your back.

Today we are bringing you:

  • How to get healthy with money

  • Basics of travel card hacking

Today's edition is brought to you by Refside. Fun referee apparel for refs by refs.

Today, we're taking a deep dive into the art of cultivating a healthy relationship with money.

Why? Because it paves the way for happiness, clarity, security, and reduced stress.

Don’t worry. We aren’t going to have you chanting woooo saaaa at the end of this. But we want you to realize that this is important to develop.

For some, this stuff comes naturally. For others, we have to put in the work just like anything else.

But, developing a healthy relationship with money is a superpower.

Let’s get into it.

Understanding Your Money Personality

To establish a strong relationship with money, start by recognizing your money personality. Keep in mind that your personality type can change over time, and you might exhibit traits from multiple categories:

  1. Spenders: You make purchases beyond your means, seeking happiness through material items. You often accumulate credit card debt and struggle to break their shopping addiction.

  2. Misers: Driven by a fear of poverty, you worry about not having enough money and seek control. Ironically, your frugality leads them to live as if they are dirt poor.

  3. Haters: Detesting money and its influence on people, you avoid wealth and material possessions whenever possible, sometimes living in deprived conditions.

  4. Seekers: Obsessed with becoming wealthy, they believe that money will solve all their problems. In reality, other aspects of their lives may be inadequate and in need of attention.

If you are only one of these, you are on the unhealthy end of the spectrum. Most of us fall into 2 or more categories as we try to figure out this money thing.

3 Crucial Questions to Assess Your Money Relationship

  1. How do you feel when checking your finances? If it's anxiety-inducing, that's a sign of an unhealthy relationship. Pro tip: Check your bank accounts daily (not investment accounts) to regain control and reduce anxiety. Use tools like Rocket Money, Mint, or Empower to allow you to check all accounts in one place, making this process easy. Consistently reviewing your finances helps you make small, impactful changes.

  2. What's your money script? We all have beliefs about money that shape our relationship with it. Negative thoughts about money can be damaging, but so can an unhealthy obsession with wealth. Strive for balance by understanding that money is a tool to achieve your goals, not the sole source of happiness or self-worth.

  3. How does other people's wealth affect you? If Karen gets that Chevy Tahoe you’ve always wanted and it pisses you off, it may indicate an unhealthy relationship with money. Focus on your own financial journey instead of comparing yourself to others. Repeat after us. You should only focus on what you can control.

Strengthening Your Money Relationship: Tips and Tricks

  1. Understand money's role: Remember, money is a tool, not a measure of self-worth. It can provide freedom and help you achieve your goals, but it shouldn't define you. Separate your net worth from your self-worth and celebrate your financial wins without dwelling on mistakes.

  2. Find your motivation: Identify what truly drives you to seek money. Is it freedom, providing for your family, or pursuing new experiences? Clarifying your motivations will help you create a healthier relationship with money.

  3. Talk about it: Break the taboo and openly discuss money matters with supportive friends in a judgment-free environment. Celebrate victories, learn from mistakes, and share tips to improve your financial well-being.

  4. Focus on what you can control: Direct your energy towards spending, saving, earning, and investing decisions. By taking charge of these areas, you'll feel more empowered and in control of your finances.

  5. Schedule a weekly 20-minute money date: Managing money with a partner is hard. Money dates help. Consistently review your accounts, budget, and financial goals to stay on top of your finances. Use this time to assess your progress and make any necessary adjustments.

  6. Ignore the Joneses: Comparing yourself to others can be toxic and counterproductive. Focus on your own happiness and financial goals, and remember that everyone's journey is unique.

  7. Make small, effective changes: Implement incremental improvements, such as automating savings, contributing to your 401(k), and cutting unnecessary expenses. Over time, these small changes can lead to significant improvements in your financial security. Get 1% better every day.

  8. Embrace financial education: Continuously learn about personal finance, investing, and wealth-building strategies. (Psssst.. we know a little newsletter that can help with this). Knowledge is key to maintaining a healthy relationship with money.

So, Wealth Builders, let's embark on the journey towards a healthier relationship with money and become the financial champions we were always destined to be!

Remember, it's not just about accumulating wealth—it's about creating a fulfilling, balanced life where money serves as a tool to achieve our dreams.

So, you're itching to explore the world, but your wallet's got other plans, huh? Don't worry – we've all been there. We remember when we had to choose between visiting the Eiffel Tower or buying groceries. Not fun.

But guess what? We've got good news! You know how we're always sharing some new travel hacking tips with different cards, but you are asking yourself, "Wait, what's this travel hacking thing all about?", then this is the article for you.

Today, we'll spill the tea on travel card hacking – the basics, of course. So, buckle up, and let's get started! By the end of this little chat, you'll be the go-to guru for travel hacking among your buddies. How cool is that?

Now, let's break this down and make it super easy to understand. 'Cause who wants to read a boring, jargon-filled article? Not us!

What the heck is travel card hacking?

First off, let's simplify that jargon. Travel card hacking is just a fun way of saying "using credit card rewards to score free or super cheap travel." Pretty cool, right? It's like finding a hidden cheat code for your favorite video game, but in real life.

Why should I care?

Picture this: you're exploring a tropical paradise or wandering the streets of a charming European city without spending a fortune or sometimes even getting it for free. Sounds like a dream, doesn't it? That's the magic of travel card hacking. It's a game changer, and your wallet will thank you!

Breaking it down: The basics

Now, let's get into the nitty-gritty. To become a travel card hacking superstar, follow these simple steps:

  1. Find the perfect travel rewards credit card: Look for a card that offers points or miles for every dollar you spend. The more points or miles, the better! We can help with this one, keep reading weekly to learn the go-to cards that will put more points in your accounts.

  2. Use your card for everyday purchases: From groceries to gas, use your travel rewards card for everything you buy. Those points will stack up fast!

  3. Keep an eye out for bonuses: Some cards offer a boatload of points for signing up and meeting a minimum spending requirement. Easy peasy!

  4. Pay attention to bonus categories: Many travel rewards cards give extra points for spending in specific categories, like dining or gas. It's like getting a bonus on top of a bonus!

  5. Be strategic with your travel plans: Look for flight deals and off-peak travel times to stretch your points even further.

  6. Don't forget about partner airlines and hotels: Many rewards programs have partnerships that allow you to use your points with different brands. It's like a secret handshake among travel buddies!

Making it easy-peasy: Quick tips

To help you get started, here are some bite-sized pieces of advice:

  • Do your research: Compare different travel rewards cards to find the one that best suits your lifestyle and travel goals.

  • Be responsible: Pay off your card balance every month to avoid getting into debt while still racking up those sweet rewards.

  • Stay informed: Read our newsletter weekly to keep up with the latest tips and tricks.

  • Share the love: Invite your friends to read our newsletter so we can help others learn to travel for almost free.

Bringing it all together

There you have it, your ultimate guide to travel card hacking, served up in a casual, easy-to-digest format. With this knowledge in your back pocket, you're ready to start planning your next adventure without breaking the bank. And if you want to dig deeper into the how-to of travel card hacking, don't forget to grab our FREE ebook(that’s a link to our book). Happy hacking!

Read. Could Apple disrupt big banking? Pro tip, Apple has a great high-yield savings account. If you are earning less than 1% on your money it’s time to move it!

Listen. How would you handle financial infidelity? Nerdwallet’s Smart Money podcast tackles this tough scenario, and the many ways you could go about dealing with it.

Read. If you’ve ever wondered why mass layoffs are a thing, you’re not alone. Vox interviewed a Cornell business historian on the origins of mass layoffs, and the invention of job security.

Nothing in this email is intended to serve as financial advice. Do your own research. Thanks for reading, if you have any questions, comments, suggestions, etc. about the email don’t hesitate to send us a reply.