Maybe for you, self-care takes the form of a well-deserved trip to the golf course, the spa, or dedicating a few minutes to enjoy your morning coffee in peace and quiet.
However it presents itself in your life, self-care is vital to our physical and mental health. But there is another form of important self-care that seemingly goes unnoticed…financial self-care.
Why it Matters
At face value, it might seem your finances have nothing to do with self-care, but the reality is that statistics show otherwise. Money stress has been linked to heart disease, diabetes, migraines, sleep problems, depression, and divorce.
Regardless of the amount of self-care, affirmations, or personal development you practice, you won’t reap the benefits if you’re constantly under a great deal of financial stress.
Financial Self-Care is Necessary
If you show yourself the same attention and self-care in this part of your life as you do in others, it could have a huge impact on your overall well-being.
Self-care does not only apply to your physical body. If you want to give the best of yourself to the most important people in your life, you must also attend to your mental health. Here are six crucial tips for practicing good financial self-care.
1. Get Involved in Your Family Finances
This is so important, especially for stay-at-home parents, where the working spouse handles the finances. You and your spouse are a team, and it is important that you are informed should there ever be an emergency where you are forced to be the primary decision-maker.
Do you know how to access all your accounts? Do you know where your insurance policies are? Do you have a will so your children will be properly cared for?
Make Your Voice Heard
When you are not the breadwinner it can often feel as though it’s not your right to make decisions regarding money in your household, but that couldn’t be further from the truth.
Make your voice heard. Educate yourself about your family’s finances, and you will start to feel more in control and less overwhelmed. Stress and worry are often a result of the unknown, so simply being on the same page as your spouse or partner can make a substantial difference.
2. Live Debt-Free
Having to pay someone else a part of your income will keep you from achieving financial freedom. Paying off all your debt and living within (or even below) your means will allow you to have money to save, invest and build wealth over time, eventually affording you a life completely devoid of financial stress.
Depending on your current financial situation, this may sound impossible, but saving money for emergencies, not using credit cards, and living on a budget will all help you reach this goal! Debt-free = stress-free.
3. Be Intentional With Your Money
Intentionalism is another concept that seems to be gaining popularity lately. In a world filled with consumerism, intentional living teaches you to prioritize spending on things that bring you value and fulfillment. While frugal living might not be for everyone, intentional spending can be! Have you ever experienced “buyer’s remorse”?
Being intentional with your purchases assures you will not feel guilty about spending, which can lead to stress and anxiety. Being intentional with your money can actually cause you to experience joy…and it’s liberating.
4. Practice Gratitude
Taking time each day to practice gratitude is crucial. Gratitude breeds contentment…but simply saying “I’m grateful for what I have” isn’t really practicing gratitude. Work at practicing gratitude in all the empty moments of your day.
Upon waking in the morning, and before sitting up or reaching for your phone, immediately think of three things you’re grateful for. Setting your intentions first thing in the morning helps you subconsciously set the tone for the rest of your day.
5. Seek Joy and Contentment
Do you find yourself always trying to keep up with the Joneses? It seems that so many people are spending money they don’t have to impress others. This creates a vicious cycle of envy, overspending, and feeling like who you are and what you have just isn’t enough.
These constant feelings of inadequacy can affect your self-esteem and confidence. There will always be someone prettier, wealthier, funnier, or skinnier. The key to contentment is learning to love yourself and your life right now.
6. Set Goals
The practice of setting and achieving goals is incredibly rewarding. As humans, we are made to be challenged, which also applies to your finances! Take some time to dream together as a couple.
Where would you like to see yourself or your family in a year? Five years? Ten years? Retirement? What would you like to do together? As a family? Set your goals, create a plan, and work towards them – Every. Single. Day. Even if it’s just a small step. Keeping them visible at all times, being consistent, and tracking your progress will help you stay focused on your goals.
Money Provides Freedom
Money will not make you happy, but it can provide freedom. Freedom to live a life you love without the weight of debt dragging you down. Freedom from financial stress so you can focus on other parts of your life that may need your energy.
And freedom to do what makes your heart happy instead of working each day to build someone else’s dreams. Taking the time to nurture yourself in all areas will help you live a more balanced and purposeful life.
17 Ways To Master the Art of Self-Care Without Draining Your Wallet
It’s normal to get so caught up in life that you forget to take care of yourself. Amidst taking care of the people around you, it’s important to prioritize your own physical and mental health. But constant trips to the salon and spa can quickly bust your budget. 17 Ways To Master the Art of Self-Care Without Draining Your Wallet
What Are Sinking Funds? Everything You Need to Know
If you’re new-ish to the world of budgeting, you might have heard this strange term sinking fund before and wondered what it means. Nope, it’s not a new type of investment; instead, it’s an incredibly helpful budgeting tool you should definitely be using; here’s everything you need to know about sinking funds…What Are Sinking Funds? Everything You Need to Know
How to Save More Money This Year
How would your life change if you saved more money this year than ever before? How would it feel if you could finally save money without struggling? If you’re not currently able to save any money, these eight tips will help you make some major changes and save more money this year. How to Save More Money This Year
5 Best Financial Tools to Manage Your Money Better
Maintaining a budget and staying organized with your finances is crucial. And whether you’re working to get out of debt or struggling to maintain a budget, there are always ways to improve. These financial tools will help you better manage your money. 5 Best Financial Tools to Manage Your Money Better