S8 Ep 2: Top 10 Ways to Achieve a Healthy Relationship with Money

Where Your Treasure Is...

In the second episode of this season of Faith and Finance Top 10s, Simon talks about his Top 10 Ways to Achieve a Healthy Relationship with Money.

Some key points of interest covered in this episode include the following:

• Simon explains that this episode is designed to be a practical guide to developing a healthy relationship with money. [01:10]
• Simon’s first top tip is budgeting because of the immediate, practical benefits of putting in place a deliberate and organised way of managing money. [01:29]
• Top tip number two is to recognise that our relationship with money can have a strong emotional aspect, which needs to be understood and managed. [03:46]
• Thirdly, Simon stresses the importance of establishing healthy and wholesome priorities, as captured by the saying, ‘Use money and love people; don’t use people and love money’. [05:38]
• Next, Simon suggests that it is worthwhile to be aware of, and to reflect on, the idea of ‘the marginal return of money’. This theory acknowledges that money can be very important and desirable for people with little or no money but suggests that once someone has ‘enough money’, ‘more is not always better’. Bex draws attention to a BBC Radio 4 ‘Money Box’ episode on this theme, which may be of interest to listeners. [06:21]
• Simon encourages listeners to avoid accumulating more and more possessions; instead, a thoughtful and well considered approach of buying ‘experiences’ can prove to be beneficial, especially when used to deepen and enhance relationships with others. [08:46]
• Another principle that can have emotional as well as practical benefits is, ‘Pay now; consume later’. [10:48]
• Simon also highlights the importance of ‘valuing things that money can’t buy’ and of freeing up time to spend on the activities and people that are most important to us. [14:31]
• ’Making it a treat’ is another approach that can help us to use our money in an effective and fulfilling manner. [17:17]
• Simon’s penultimate point is the vital one of making sure that we talk about money with others normally, naturally and regularly. [19:05]
• Simon’s final tip for developing a healthy relationship with money is to make a habit of saving regularly, even if that involves only small amounts at a time. [21:33]
• The next episode in this season will focus on top tips for practical budgeting. [23:40]

Suggestions or feedback arising from this episode can be sent via email to [e-mail] while messages via Instagram should be directed to @whereyourtreasureispodcast.

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