Valentine’s Day may have come and gone, but it left me thinking about another influential relationship that can shape both your daily life and your future: your relationship with money. For many people, it’s complicated. Money can bring stress, guilt, or even the urge to avoid checking in at all, especially when life is busy and priorities are competing for attention.
Maybe you feel like you’re doing “okay,” but you’re not sure you’re making the right decisions. Maybe you’re trying to save and invest, but the pace of work, family, or everyday expenses keep getting in the way. Or maybe money feels like a constant source of pressure.
The good news is that a healthier relationship with money doesn’t require perfection. Like many strong marriages or partnerships, it’s often built through a few steady fundamentals: respect, consistent care, and close attention.
Treat Your Money With Respect
Respect is a foundational element of a strong relationship, and the same is true for your relationship with money. Showing respect for your money often starts with recognizing the effort it took to earn it and being intentional about where it goes.
Show respect by avoiding non-productive debt.
Although debt can be a useful tool in certain situations, borrowing for purchases that may lose value quickly can undermine your hard work.
Show respect by spending with purpose.
Before spending or committing money, ask yourself: “What is the return on this investment?” Whether the return is personal growth, time saved, less stress, or actual dividends, asking that question can help you determine whether you are using your money to support something meaningful.
Nurture Your Money So It Can Grow
A relationship doesn’t improve when it’s ignored, and your finances often work the same way. Nurturing your money can help it grow strong enough to take care of you later.
Build the habit of saving and investing.
The key is shifting your mindset from constant consumption to consistent cultivation. Instead of simply “stashing” money or spending what’s left over, aim to consistently set funds aside using a mix of saving and investing. Over time, that steady habit can give your money the opportunity to take root and grow.
Utilize tax-favored accounts when appropriate.
Show your money some extra love by keeping more of it working for you when possible and avoiding unnecessary taxes. One way to do this is to make contributions to tax-advantaged accounts like 401(k)s and IRAs.
Let your money work for you.
Over time, consistent habits and a clear plan can help your money contribute to long-term goals, so your progress isn’t dependent only on your income. The purpose of nurturing your money is to build toward the point where it works harder for you than you do for it.
Pay Attention to the Details
You wouldn’t go for months without talking to your partner and expect everything to feel fine. Your financial life is no different. Regular, small check-ins can help you make adjustments and stay on track, avoiding larger issues.
Periodically review your financial goals.
Life changes quickly. Set aside time to review your priorities across short-, near-, and long-term horizons. Even a simple check-in can help you confirm: Is my money still pointed at what I want most?
Review your investment positioning.
Is your portfolio still aligned with your risk tolerance? Are you taking too much risk, or too little, and unaware? Periodic reviews can help you recognize when you spot drift and make thoughtful updates rather than reactive changes.
Look for opportunities to improve tax efficiency.
You may have heard the common saying, “It’s not what you make that matters, but what you keep.” Tax-efficient strategies may help reduce unnecessary taxes, and even small savings can add up to make a meaningful difference over the long haul.
The Next Step: Make It Personal
Each of the steps above is designed to help you move toward a healthier relationship with money, one built on clarity, consistency, and confidence. However, just like any relationship, there isn’t a one-size-fits-all approach. Your finances are personal, and your plan should be too.
Before putting any of these ideas into action, it’s worth stepping back and asking how they fit your unique goals, timeline, and day-to-day reality.
You also don’t have to figure it all out alone. If you are looking for support, consider consulting a qualified professional, such as a CERTIFIED FINANCIAL PLANNER™ professional, who can help you evaluate options in the context of your unique situation and create a plan that aligns with the life you’re building.
At The Welch Group, our goal is to bring organization, coordination, and clarity to the moving parts of your financial life. While we’re based in Birmingham, Alabama, we work with individuals and families both locally and beyond. If you’d like to learn more, reach out to start a conversation about your goals and how we may be able to help.
For more helpful content delivered directly to your inbox, sign up for our newsletter at the bottom of the page.
Marshall Clay CFP, J.D., is a Partner and Senior Advisor at The Welch Group, LLC, specializing in providing Fee-Only investment management and financial advice to families throughout the United States. Marshall is a graduate of the United States Military Academy in West Point, New York, the Cumberland School of Law in Birmingham, Alabama, and is a CERTIFIED FINANCIAL PLANNER™. In addition, Marshall is a frequent guest on local television stations as an expert on various financial planning matters.
IMPORTANT DISCLOSURE INFORMATION
Please remember that past performance is no guarantee of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by The Welch Group, LLC [“Welch”]), or any non-investment related content, made reference to directly or indirectly in this blog will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful. Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. Moreover, no portion of this discussion or information serves as the receipt of, or a substitute for, personalized investment advice from Welch contained in this blog serves as the receipt of, or as a substitute for, personalized investment advice from Welch To the extent that a reader has any questions regarding the applicability of any specific issue discussed above to his/her individual situation, he/she is encouraged to consult with the professional advisor of his/her choosing. Neither Welch’s investment adviser registration status, nor any amount of prior experience or success, should be construed that a certain level of results or satisfaction will be achieved if Welch is engaged, or continues to be engaged, to provide investment advisory services. Welch is neither a law firm nor a certified public accounting firm and no portion of the blog content should be construed as legal or accounting advice. A copy of the Welch’s current written disclosure Brochure and Form CRS discussing our advisory services and fees is available for review upon request or at www.welchgroup.com. Please Note: Welch does not make any representations or warranties as to the accuracy, timeliness, suitability, completeness, or relevance of any information prepared by any unaffiliated third party, whether linked to Welch’s web site or blog or incorporated herein, and takes no responsibility for any such content. All such information is provided solely for convenience purposes only and all users thereof should be guided accordingly. Please Remember: If you are a Welch client, please contact Welch, in writing, if there are any changes in your personal/financial situation or investment objectives for the purpose of reviewing/evaluating/revising our previous recommendations and/or services, or if you would like to impose, add, or to modify any reasonable restrictions to our investment advisory services. Unless, and until, you notify us, in writing, to the contrary, we shall continue to provide services as we do currently. Please Also Remember to advise us if you have not been receiving account statements (at least quarterly) from the account custodian.
IMPORTANT VIDEO DISCLOSURE INFORMATION
The video segment by The Welch Group, LLC (“Welch) was intended for general information purposes only. No portion of the video serves as the receipt of, or as a substitute for, personalized investment advice from Welch or any other investment professional of your choosing. Different types of investments involve varying degrees of risk, and it should not be assumed that future performance of any specific investment or investment strategy, or any non-investment related or planning services, discussion or content, will be profitable, be suitable for your portfolio or individual situation, or prove successful. Neither Welch’s investment adviser registration status, nor any amount of prior experience or success, should be construed that a certain level of results or satisfaction will be achieved if Welch is engaged, or continues to be engaged, to provide investment advisory services. Welch is neither a law firm nor accounting firm, and no portion of its services should be construed as legal or accounting advice. No portion of the video content should be construed by a client or prospective client as a guarantee that he/she will experience a certain level of results if Welch is engaged, or continues to be engaged, to provide investment advisory services. Copies of Welch’s current written disclosure Brochure and Form CRS discussing our advisory services and fees are available upon request or at www.welchgroup.com.