#FinancialFridays: Financial Self-Care

#FinancialFriday is in support of our Financial Literacy Program 💰

Practicing financial self-care means focusing your time and energy on your money situation, making concrete plans and goals to cultivate a better financial future, and finding ways to support a healthy money mindset. Here are some tips for getting started.

Rethink your Relationship with Money and Spending

Take a good hard look at your relationship with money and spending. Are you spending money aimlessly without much thought? Or are you buying things that you don’t really need (or even want)? A great way to begin to transform your relationship with money is to take notes on your current spending habits, track every purchase, and list small changes you can make to begin changing financially harmful actions or thoughts. Most of all, be 100% honest with yourself and be mindful of every purchase.

Establish Healthier Money Habits

Once you’ve built an overall picture of your current money habits, begin establishing healthier ones. This means setting up a savings account, building an emergency fund, and cutting out unnecessary spending.

Set Realistic Financial Goals

A recent study showed that (unsurprisingly) 73% of people who made realistic personal finance goals and plans had lower levels of stress. Write out your short-term and long-term money goals. Whether you want to reach millionaire status or simply get out of debt, with the right plan there’s no reason why you can’t get there, just make sure to be open-minded, clear, and as realistic as possible.

Make an extra debt payment

There are a few different strategies to pay off debt, but unless your debts come with super-low interest, paying more than the minimum payment due (when you can) will bring you that much closer to freedom.

Don’t underestimate the impact that true financial peace can make on overall mental health. It’s not enough to commit to rigorous self-care of your mind and body, you can’t feel true peace until you begin to invest in yourself.

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