Creating a Healthier Relationship with Money: A Conversation with Bernadette Reynolds

Financial wellness is about more than numbers in a bank account. It influences our choices, relationships, stress levels, and ability to pursue the things that matter most to us. Yet many people feel overwhelmed by budgeting, saving, and planning for the future.

To help make financial wellness feel more approachable, I spoke with Bernadette Reynolds, who has extensive experience in the financial services industry. Reynolds shared practical insights on spending, saving, goal-setting, and building healthy money habits. In this conversation, we explore common financial challenges, misconceptions about budgeting, and simple steps that can help support long-term financial well-being.

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What does financial wellness mean to you?

For me, financial wellness means having financial goals and a plan to achieve them while enjoying life in the moment. I am a believer in giving money job descriptions so you are not just saving aimlessly with no goal for the funds. It could be an emergency fund for those unexpected expenses, a travel fund for a holiday or saving for retirement or children’s education.

For me the most important fund I have is a “Me” fund. I use it to treat myself to a day at the spa for a “pick me up” when going through a tough time.

What are some common signs that someone’s financial wellness might be off track?

A sign of someone's financial wellness being off track is their inability to pay off their credit card balance in full and/or missing loan payments. Because of the availability of credit people may often get a second card and start paying off the first credit card with the second one. 

Why is it important to notice spending, saving, or borrowing habits, even if everything feels fine right now?

A financial plan or budget should be reviewed regularly to ensure goals are still accurate and are being met. Reviewing the plan for any new expenses/travel plans, major purchases etc. allows them to be built into the budget and prevent overspending.

How do money decisions generally influence long-term goals, relationships, or overall well-being?

Being in control of spending, budgeting and saving gives individuals more options and influences life choices. It can mean having funds set aside for a spontaneous trip. It might also mean being mortgage free at age 55 and considering retirement versus working until you are 65. Remember, the earlier you start saving the less you have to save.

What habits or practices support financial wellness over time?

The easy answer is to always pay down high interest debt and at the same time develop a budget to prevent overspending.

For beginners, reading and educating yourself on the importance of personal finance is imperative. Books like “The Wealthy Barber” are a great starting point. Often financial planning and budgeting is not a priority in today's hectic fast paced world. Setting time aside to revisit goals, wants and needs is very important and keeps you on track.

Start planning for retirement. Retirement planning is difficult to focus on in your younger years when you have so many competing priorities. A little time spent now will make a big difference in maintaining financial wellness into retirement. If offered, your employer's RRSP matching is an easy way to save for retirement and take advantage of your employer's free money. Most employers will match your contribution up to 5%. If 5% is too much to commit, ask your employer if you can start with 2% and work up to the full 5% over time.

How do people commonly respond to financial stress, and what impact can those reactions have?

Sometimes when spending is out of control and bills are piling up, individuals may continue to add debt to their credit cards even though they know they cannot pay it off. They may do it to try and feel better or think the amount they are spending is just small compared to the overall debt so they don’t feel it hurts them.

What role do planning, budgeting, and boundaries around money play in overall financial wellness?

Not having a plan on how to spend your money is similar to a ship without a rudder.  The ship will bounce around the high seas aimlessly without any direction or guidance. Planning, which includes goal setting, is important. Spending time individually and with your partner and family ensuring everyone’s needs and wants are discussed and prioritized is vital to the success of a financial plan. If this part is done well and openly there will be buy-in to the budgeting process.

How might financial wellness feel different during big life changes compared to more stable times?

Big life changes can often be accompanied by increased anxiety around finances. Focus will turn to short term planning and immediate cash needs. Redefining goals and rewriting your budget will help alleviate stress. Some goals or plans may need to be paused or changed to take into consideration your current circumstance. This is OK - Life happens! It can be very overwhelming so be sure to consult with a financial expert for help and advice.

What are some common myths about money or budgeting that make financial wellness feel more complicated than it really is?

Myth: I have to pay off all my debt before I can start saving: This is untrue. Both can be done simultaneously. There should be a focus on paying off high interest debt but this should be done with regular payments at the same time as building savings. Long term planning can help people visualise the outcomes of this approach.

Myth: Investing is only for the rich.  You can start with any amount. A smart investment strategy is an effective way to put your money to work for you and build financial independence. 

Myth: Budgeting means I have to give up everything i enjoy. This is a misconception. A budget should be created around your priorities. It should be created from a place of “what matters most to you” not “what do I have to give up” Looking at it through this lens allows you to feel more in control of your financial welfare.

How can people start small to improve their financial wellness without feeling overwhelmed?  

Starting small is a great idea. Set up a $25.00 transfer to a savings account on pay day!

Considerations on deciding how much you can save each month:

1st - Do a spending diary:

A common mistake in money management is “not knowing where your money goes.” This is the underlying cause of financial stress. A beneficial exercise is to document all spending for a month or two. When people complete this exercise, sometimes they find a subscription they no longer use, still being debited to their account or are surprised they spend $180.00 a month at their favourite coffee shop for their daily latte. This information is powerful and can help find ways to trim current spending.

2nd: Pay yourself first! Give the fund a job description!

Create an emergency fund by setting up an automatic transfer to a separate account on pay day. Set a realistic goal of $500.00 that when reached will give a sense of achievement and will encourage you to continue or increase the amount saved.

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Start saving now for Christmas shopping - $25 saved every 2 weeks is $650 - a big help over the holidays!

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Financial wellness does not require perfection. As Reynolds highlights throughout this conversation, small, consistent actions can make a meaningful difference over time. Whether it's tracking spending, setting aside a modest amount for savings, paying down debt, or revisiting financial goals, every step contributes to greater financial confidence and flexibility.

Life circumstances will inevitably change, and financial plans may need to change with them. The key is to approach money with intention, curiosity, and a focus on what matters most to you. By creating a plan that reflects your priorities, financial wellness can become less about restriction and more about building the life you want.

Connect with Bernadette Reynolds on LinkedIn!