24 November 2022

How is your relationship with money? – Part 3

In this series of blogs we are considering steps to help improve people’s relationship with money. We are trying to reflect on the fact that your relationship with money is one of the longest and most profound relationships you will have.

In the first blog, we encouraged you to spend some time to recognise the emotional drivers you have attached to money. Various studies show that you form an emotional attachment to money in your early years and this then informs how you treat it throughout your life. The good news is there is an equal amount of literature demonstrating that just having an awareness of these emotions will let you assert a degree of control over them.

In the second blog, we encouraged further introspection to determine what it is that you truly value about money. An exercise as simple as just answering the question of “What’s important about money to you”.

Once you can answer this question, it will allow you to do two things: 1. Allocate/spend your money in a way that will bring you happiness; 2. Set meaningful goals.

In this blog we are going to expand on the latter, because any part of setting meaningful goals involves part introspection and part looking to the future.

Step 3: Start with the end in mind

In the second of these blogs we made a comparison between money and time, stating that we’re adept at wishing for more of both and wasting what we do have of them. We also discussed that we tend to be better at allocating our time to the things we value the most, as opposed to allocating money to things that we truly value.

To continue this analogy part of the reason we are better at allocating our time than we are our money is that the gratification of allocating our time is instant. If I want to play golf, then I find some time to play and, other than the terrible shots, lost balls, and muttered expletives, I am instantly rewarded with the experience of playing golf.

With money the gratification can be far longer. If I want to retire early, then making a pension contribution is not likely to offer the same reward for years, if not decades.

Sticking to these long-term financial goals can be difficult, therefore employing the psychological principle of visualisation can really make a difference between the success and failure of achieving these goals.

The single best resource to help you with this is the process of building a financial plan, because creating a clear picture of what achieving the important things about money would look like to you will help you stay on the path to success.

Using sophisticated cashflow modelling software to help articulate what those financial milestones are to you, to stress-test these under various scenarios and, most importantly, revisiting it regularly to keep the end goal in mind is absolutely key.

If any of this resonates with you, please get in touch to discuss your personal situation with one of our financial planners.

The value of investments and the income derived from them can fall as well as rise. You may not get back what you invest.

This communication is for general information only and is not intended to be individual advice. It represents our understanding of law and HM Revenue & Customs practice. You are recommended to seek competent professional advice before taking any action.

Tax and Estate Planning Services are not regulated by the Financial Conduct Authority.

Sign-up for our Carbon Catch-Up Newsletter


Sign-up for our Carbon Catch-Up Newsletter.

* indicates required

Carbon Financial will use the information you provide on this form to keep in touch with you and to provide updates and marketing. Please indicate below that you are happy to receive our updates in the future:

You can change your mind at any time by clicking the unsubscribe link in the footer of any email you receive from us, or by contacting us at We will treat your information with respect. For more information about our privacy practices please visit our website. By clicking below, you agree that we may process your information in accordance with these terms.

We use Mailchimp as our marketing platform. By clicking below to subscribe, you acknowledge that your information will be transferred to Mailchimp for processing. Learn more about Mailchimp's privacy practices here.

Part of The Progeny Group

Progeny is independent financial planning, investment management, tax services, property, HR and legal counsel, all in one place.

Carbon Financial Partners, part of The Progeny Group, is a trading name of Carbon Financial Partners Limited which is authorised and regulated by the Financial Conduct Authority under reference 536900.

Carbon Financial Partners Limited is registered in Scotland. Company registration number SC386400. Registered Address: 61 Manor Place, Edinburgh, EH3 7EG. Carbon Financial Partners Limited is part of The Progeny Group Limited.

© Carbon Financial Partners 2024

Client Account | Personal Finance Portal | Privacy Notice | Cookies