Five Ways to Build a Healthier Emotional Relationship with Money in 2024
Maybe this will be the year that you launch your startup, write a book, begin practicing aerial ribbon gymnastics, meditate regularly, or finally take that roadtrip to see Antelope Canyon (it’s sooo worth it…but don’t go when it’s raining, trust me). Each new year brings with it fresh hope for new resolutions, new ways to put your money to work in ways that inspire you, and help you achieve a healthy emotional relationship with your money. You may already have a positive emotional relationship with money – in other words, financial wellness. Your task is maintaining it despite all of the other challenges that may come your way this year.
Here are five ways to take charge of your financial health and focus on what really matters for you today and in the future.
1. Embrace Emerging Financial Wellness Applications
According to McKinsey, wellness is now a $1.5 trillion industry, growing between 5-10% annually. Technology has introduced new ways to track, improve, and maintain all aspects of health. It has led to the destigmatization of mental health, sexual health, and physical health. Financial health is ready for its own digital revolution. 2024 beckons us to fully embrace the power of innovation in the realm of financial wellness.
You may have tried budgeting, financial planning, or personal financial management applications like Mint or Empower Personal Capital. These tools are great for evaluating your past behaviors, assessing your balances, and explaining how you spend and invest your money. You may have also tried digital investment platforms to increase returns on your savings, payment applications, and borrowing applications. But ask yourself if these have made you feel healthier?! Fintech innovations have yet to improve our financial health, empowering overall health and wellbeing.
In 2024, fintech innovations will extend beyond transactional applications used to deploy, borrow, and move money, into the realm of financial wellness. User-friendly applications will explore the softer side of our financial decisions, our values, our goals, our attitudes, and our confidence so that we may begin to build better, healthier emotional relationships with money.
2. Prioritize Financial Self Discovery
Knowledge is a key driver of financial well-being. Go beyond traditional financial literacy and begin to understand yourself. The more you know yourself, the more confidence and control you’ll have over your financial choices. This year, seize the opportunity to invest in self-discovery and exploration. Before you jump into setting goals and budgets for 2024, think through your priorities, your values, and your attitudes about money. The knowledge of these parts of your identity should guide your financial decisions so that you experience living authentically, in line with your priorities and aspirations. Dive deep into those unsettled feelings that keep coming up time and again and understand where they come from – they’re trying to tell you something. Consider joining communities or forums where you can exchange insights and learn from others' experiences as they tap into their own purpose and find courage to live in alignment with their values.
3. Cultivate Healthy Financial Habits
Anyone over the age of 22 has experienced extreme economic volatility in their adult lives. The COVID19 pandemic, the rise and crash of crypto, inflation, interest rate increases, real estate valuation swings, and stock market volatility have taught us an invaluable lesson. Expect the unexpected! Building resilience in the face of economic uncertainties starts with cultivating healthy financial habits. Whether it's creating a realistic budget, setting achievable savings goals, or regularly reviewing your financial portfolio, small consistent actions can lead to significant long-term results. Take advantage of the new year to assess your financial habits. Categorize those that are working for you and those you want to change. Be honest about your readiness to change and what change will look like, the benefits of the change, and the potential drawbacks. Then make adjustments that align with your goals.
4. Align Your Values With Your Behaviors
Financial wellness, as all other types of wellness, is achieved when your behaviors and values align. Investing has changed over the last several years, especially for high-net-worth investors, to empower you with more control over how your money is put to work than ever before. Although we’re just starting to see this power take shape, it will explode in the coming years. Because people care about what their money is supporting, they are becoming much more proactive in controlling how it is invested, with whom, and toward which particular objectives or impacts. This trend is evidenced in the female angel investing scene where angel syndicates and early-stage venture fund managers have actively recruited high-net-worth women to put their money where their heart is. They recognize the value of supporting female entrepreneurs building businesses to impact significant changes for female customers. Women are building businesses to support womens’ health, environmental sustainability, equal access to education, financial inclusion, and multiple other end goals.
Your money is your power. It’s your legacy. Knowing that you can take more control should be an inspiration to do just that! In 2024, explore investment opportunities that not only promise financial returns but also contribute to positive societal and environmental impacts.
5. Leverage Community Support
The power of community cannot be underestimated in the journey toward financial wellness. Joining groups or networks with shared goals can provide valuable insights, support, and motivation. Whether it's through local meet-ups, online forums, or social media communities, the collective wisdom of a community can propel you forward on your financial wellness journey. Money continues to be a taboo subject, but that is changing with help from social media and Millennials and Gen Z. According to a recent Forbes article, 68% of Millennials and 63% of Gen Zers have learned valuable financial insights by having open conversations about money. Follow reputable financial experts to gain new perspectives and start a healthy financial discussion with someone you trust.
Knomee has built relationships with multiple professional women’s groups and would love to connect with communities that matter to you. Knowing who you are is the first step toward financial wellness. Change is hard. We all need community to shepherd us through it.
Conclusion: Make 2024 Your Year of Financial Empowerment
As you embark on a new journey through the uncharted waters of 2024, view the year as an opportunity for financial empowerment. Embrace technology, prioritize self-discovery, cultivate healthy habits, explore sustainable investments, and leverage the strength of community support. By seizing these opportunities, we can pave the way for a more financially secure and fulfilling future. Here's to a year of growth, resilience, and financial well-being.
About Knomee
Knomee is a financial wellness app that empowers women to cultivate confidence in their money mindset. Backed by behavioral science, Knomee facilitates guided discovery of your financial goals, beliefs, and values. These insights inform a personalized profile that reveals your priorities to build wealth with confidence and clarity. Discover your Knomee Financial Identity and learn more at https://knomee.com.
