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10 Practices for Financial Self-Care

10 Practices for Financial Self-Care

Financial worries are one of the most stressful types of worries. Finances are tied to our survival, which connects to the most primal parts of our brains. One study done by the FINRA found that 60% of people are anxious about money, and that percentage goes up to 65% for women.

The financial self-care practices that you choose are going to be a very personal to your life and specific needs, such as your monthly income amount, how many people you support, and your lifestyle. Regardless of your situation, organizing your finances and taking steps to set yourself up for success can be one of the best forms of self-care. While it’s not always fun and can feel daunting, once you begin to take action towards financial self-care, you will notice a great sense of relief. Nowadays, there are so many resources online as well as books and advisors that can provide support so that you are not in this journey alone.

Image is of money falling in front of a white background signifying financial self-care.
Photo by SCR3AMFR3AK

Here are 10 helpful practices for financial self-care:

1. Set up a realistic monthly budget.

Find the method that works best for you – spreadsheet, budgeting app, or plain old pen to paper. Keeping tabs on your where your money goes with help you feel more control and less anxiety. Start with the 50/30/20 rule, 50% of income goes to need, 30% goes to wants, and 20% goes to savings.

2. Weekly money check-in.

Every week, set aside 30 minutes to an hour to sit down and look at your finances. During this time, you can check your bank account, pay bills, assess investments, and make sure you are on track to meet your goals. Make this fun by ordering your favorite dinner or having a special treat while you do this. If you have a partner you share finances with, make this a little financial date night.

3. Enroll in a money management course.

Find the course that speaks most to your specific needs and situation. Udemy has a free Personal Finance 101 course that is a great place to start. Tiffany Aliche also started the Live Richer Academy, providing financial education for wherever you are in your financial wellness journey. Also don’t doubt the power of free Youtube resources!

4. Read money focused books.

We love Tiffany Aliche’s book Get Good with Money, Money Out Loud by Berna Anat, Financial Feminist by Tori Dunlap, and You Are a Badass at Making Money by Jen Sincero. There are so many resources packed with information that make learning about finances fun and relatable.

5. Build up an emergency fund.

Having at least one months pay in a savings account for times when life get’s tough is an important form of caring for yourself. As apart of your monthly budget, start putting away increments of money to build up a months worth of income. As time goes on, make a point to continue contributing to your emergency fund so that you have a few months worth of pay eventually.

6. Prioritize paying off debt.

Ignoring debt will only create a larger issue in the long run. It’s best to deal with debt head on sooner rather than later so that you can focus on what you truly want to save for. Use a debt calculator to see how to best tackle your debt.

7. Consider your money mindset.

Do you have limiting beliefs around finances? Often our subconscious financial stories have roots in past generations in our family. It is helpful to build awareness of your thought processes around money so that you can form more helpful beliefs. Take some time to journal on what your relationship with money has been historically to examine if there are shifts you need to make.

8. Get clear on your money goals.

Money goals big and small are worth saving for. Whether you want to save for a downpayment on a house, a trip to Greece, or a new pair of shoes that you’ve had your eye on – write your goals down and the time frame you want to accomplish them by.

9. Eliminate unnecessary spending.

As you are looking at your bank statement, notice repetitive subscription charges or other charges that don’t feel necessary. Take note of how much you have been spending on things you don’t need, and put that amount of money into a savings account instead to watch it grow.

10. Invest in yourself.

Financial wellness isn’t always about saving every penny you can. It also is important that you are investing in yourself, your goals, and your dreams. Consider what your overall goals are and what you need to get there. Look into coaches, trainings, and opportunities that will show return on investment for your long term vision. It’s okay to spend your money to get you where you want to go.

To limit feeling overwhelmed in your financial wellness process, pick one of these practices to start with and then work towards improving your habits over time. Get yourself a yummy beverage, throw on a good playlist like this one, and make managing your money a little less painful. We hope these ideas inspire you to incorporate your finances into your self-care routine. Notice how you feel as you take care of some of these steps, and seek support from trusted friends and the Maidenfolk community! You deserve to feel financially abundant, and we are cheering you on to get there.

What is the first step you need to take toward financial self-care? Message us @Maidenfolk on Instagram and let us know, and don’t forget to subscribe to our newsletter below!

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