I find the psychology around money fascinating! The way that you treat your money reflects your underlying positive or negative feeling towards it. Naturally people who invest time and effort into their relationship will benefit just like if you invest time and love into a human relationship it will flourish. Treat your money like any other relationship you have in your life.
Here is a list of ways that you can enhance your money relationship. Ask your self how you can treat your money better to enhance your commitment to it?
1. Do you always get the highest level of interest from idle money? Making sure that your money is always getting the highest return is a way to treat it properly. If you have money sitting in an account and not making a good interest return search for the best premium rate savings account and transfer that money!
2. Are you being charged for having too many bank accounts? Do you go down a block to save other ATM fees? Do you pay a monthly fee when there is a way to keep a minimum deposit to save that amount? If you’re charged 8.95 a month in your bank account and it takes a minimum monthly balance of $1,500 a month to wave that fee – that is a $107.40 savigngs a year equivalent to a 7% return on $1,500.
3. Do you always scan your statements to make sure that you aren’t “dinged” any extra charges? I’ve saved hundreds of dollars by doing just this to every bill that comes through my door. It shows that you love your money if you’re always watching out for it.
4. Do you know what your net worth is right now? If you don’t add up all of your assets and minus your liabilities. Knowing how much you are worth will help you make big picture purchases and investments. It’ll help you keep moving towards your net worth goal!
5. How much interest are you paying on all of your debts? Can you lower your interest rates right now and save loads of money? Put in the time and call your credit card company, bank or loan company. See how much you can save by lowering your interest rates, increasing your payment amount or payment frequency. On mortgages these changes add up to a ton of cash. Treat your money like any other relationship and benefit!
Have a great week,
Dave
