It goes without saying that juggling the priorities and demands of everyday, modern life can sometimes be stressful. Most of us rarely switch and step away from technology, and remember to take care of ourselves. Self-care can often take a back seat. This happens, even more, when it comes to your money, more precisely, your financial health.
What Is Financial Self-Care?
Financial self-care is when you develop a set of habits that lead to you reaching your financial goals and enable you to save money. Putting money to one side for your savings every month, managing a budget, and following a debt management plan head-on are all great ways you can practice financial self-care.
We all know what it takes to take care of yourself or someone else in other areas, it’s something that is done deliberately to look after someone. Financial self-care can contribute to other areas of self-care such as mental and physicals just by reducing stress.
Why Does It Matter?
What happens when you neglect your mental, physical, or emotional health? Your stress hits the roof. your immune system weakens, and you can feel as though you are losing control of your mood swings. Your relationship may even start to suffer. All of these can easily snowball and become a bigger issue, leading to burnout. Your finances are no different.
Think about what would happen if you spent that much you were in overwhelming debt, kept your money issues hidden away, or tried to avoid thinking about money completely. Disregarding your finances usually contributes to higher levels of guilt, anxiety, and relationship stress.
On the other hand, if you spend some time focusing on the state of your money affairs, then things start to make a shift. Thinking about your finances as a priority support a healthy mindset. Knowing you are taking care of yourself and your loved ones in terms if of your financial future can help to keep you positive. Developing and pursuing money goals puts you in control, and can help you have a balanced life.
Financial Self-Care Tips
When it comes to looking after your financial health, you need to find ways to support your goals, circumstances, abilities, and needs. Then include these as part of your routine, some of these actions include:
Whether it a sit-down chat with your partner or a quick message saying click here and check this out. Talking about your financial issues, ventures, and future is much better than hiding it away. Many people who are in relationships don’t want to admit they are in debt, but struggling alone isn’t a healthy way to deal with your finances. Instead, ditch the guilt and work together. A couple’s budget, or being honest about the budget for trips away, or days out, etc. can help a lot.
Have Inspiring Goals
Passion is something that can give you that push to achieve. If you are passionate about your goals, you are more likely to meet them. Put some time to one side to think about what our financial goals are, and what it would take to get you there. This way you can set yourself targets and tasks that will help you get there. Whether it’s to save for a new car, a mortgage, a trip away, or even retirement, what do you need to get yout there, and what will it feel like?
Become And Stay Motivated
If you’re not motivated, it doesn’t matter how many goals you set yourself. Make sure you reward yourself for good behavior and work towards pushing yourself towards your goal. If you hit a milestone, reward yourself. Track your goals and progress. If you do it as a couple or as friends you could hold each other accountable.
Keep Track Of Your Daily Income And Outgoings
Having complete control over your money means you are in the know about how much is coming in and going out. Make it part of your daily habits to keep track of your spending. Whether it’s detailed in a spreadsheet, jotted down on a piece of paper, or in a tracking app, it will help you to keep track and feel in control.
Have A Realistic Budget And Saving Target
Sticking to a budget is easier said than done. If your income is irregular or low, sticking to the rule of always spending less than your income and saving the same amount each month should help your budget and saving target to remain realistic. Make sure you set a budget that you know you can stick to that allocates funds to savings every month. Once you have a budget that matches your income, remember to go back and review it once in a while. At the end of the month is the best time to do this. It enables you to adjust it if you need to.
Borrow Smart And Save
You should always pay off your debt before you take out any large sums of money such as for a mortgage. If you do need to borrow make sure you do it smartly. This means you should do your research, look for the lowest APR, and think about refinancing to get a better deal. For example, if you have several credit cards with high APRs and you are preapproved for a higher limit, balance-transfer card, it may be worth getting it and transferring your other cards to this one. It will enable to you pay off the debt during the interest-free period and also move several payments into one manageable one.
If you can, you should try to save every month. It is always best to put money into your savings on payday rather than leaving until the end of the month. If you leave it, you are more likely to dip into the funds and save nothing at all.
You should always try to pay off debts first. You should tackle them head-on and try not to accumulate more debt until it is manageable. It’s a good idea to boost your income to accelerate debt paydown. The snowball method (starting with the smallest and moving the largest) is proven to work very well.