I don’t know about you, but I am obsessed with money at the moment. Actually, perhaps the better way to frame it is that I’m obsessed with my relationship with money - why I feel how I do about it, and how my feelings about money can become healthier.

This always happens around the end of the financial year (EOFY) when I go through my earnings and expenditures for the tax man and put a magnifying glass over my year-on-year (YOY) earnings. My initial reaction is always an emotional one: If my net-income is less than (or even only marginally up from) the year prior, I’m disappointed - even if there are extenuating circumstances like unusually-large business expenses or reprioritising time to spend with family and friends over the hustle.

I know I’m not alone. The relationship we have with money is fraught with learnings from our childhood.

I have what’s called a ‘scarcity’ mindset when it comes to money, derived from a belief that money is limited. My circumstances aren’t dire, and so this mindset is actually not a true reflection of my reality, yet it can make me fixate on the dollar and the amount of money other people appear to have.

As you can guess, this isn’t the healthiest. So what am I doing about it?

Instead of giving myself financial goals for FY24, I’m reframing how I feel about money and how I spend it. The cost of living is increasing for all Australians, so while I’m not going to be frivolous about my spending, I am going to think differently about ways I would otherwise spend and generate wealth:

Social connections: Previously, I might choose to say no to social invitations with friends in order to save money, however deep conversations with mates fills my cup and are good for my mental health. Instead, I’m going to re-frame what a catch-up with a friend is. We’ll do our grocery shopping together or go for walks around the park instead of dining at a fancy restaurant, saving money yet still enabling the human connection.
Creating wealth: Previously, I might look at not spending on the things that bring me joy, like the morning coffee. Instead, I’m going to think about ways I could create wealth using things that don’t give me joy - for instance, by selling books or clothing that no longer serve me but that others may find a good use for.
Rethinking wealth: Instead of focusing on my financial wealth, I’m choosing to focus on how rich in experience and well-being I am (within reason). I am choosing to deposit more reading days, walks in the park and other self-care activities. And choosing to make fewer withdrawals of mentally-taxing activities like self-loathing or toxic hang-outs.

Our finances can massively impact our mental health, especially now with rental increases and general inflation rates. What can you do to improve your relationship with money in FY24?

Image by Tracy Emin, *I’ve Got It All*, 2000.

This month I’m…

Reading: About generating wealth through investments, via Girls That Invest by Simran Kaur
Viewing: A few too many cat videos on Instagram. Is there such a thing?
Following: Ceramicist, Rachel Saunders, and her life-enriching experiences in Greece via @sanctuarybyrachel