Did you know July 24 is International Self-Care Day?
As we cross the mid-year mark, this day provides an opportunity to evaluate whatโs working for โ and against โ you when it comes to your financial situation and its impact on your life.
So, what is financial self-care? It is taking deliberate actions to better manage your money, reduce financial stress, and build a solid foundation for your future. This means making intentional choices that align with your goals and values. And, just like traditional self-care, it requires dedication, consistency, and a positive mindset.
Consider implementing a few of these self-care tactics that are sure to have a positive impact on your financial and mental wellbeing:
Take control and responsibility: ย Monitor your account balances โ this includes checking, savings, credit cards, and everything in between. Combat anxiety by staying up-to-date on all your expenses so thereโs no surprises or stress. Thereโs nothing more stress-inducing than an โinsufficient fundsโ notification. Remember, youโre in control of where your money goes, so take responsibility and be in-the-know of where your hard-earned money is going.
Learn to say no: Itโs easier said than done. Donโt do something just because you feel like you have to, especially if thereโs a price to pay. If your friends are going out to an expensive dinner โjust because,โ propose an option that works for your budget or donโt hesitate to sit this one out. If you see a super-cute dress in the store but donโt have an occasion to wear it, hold off on making the purchase until you do.
Journal about your financial goals: This doesnโt have to be formal. Jotting down your goals โ both personal and financial โ is essentially the first step of putting them into action. Perhaps itโs paying off your student loans in the next five years or setting aside enough money to embark on a trip abroad. Putting it in writing is sure to get you motivated and in the right mindset to work towards your goal.
Learn something new: Going out of your comfort zone is nerve-racking for just about anyone. Thankfully, when it comes to your money, learning about finances is something you can do on your own and at your own pace. Research about different savings accounts, credit cards, retirement account options or investing in the stock market, for starters. Itโs never too late to learn!
Eliminate financial stressors: A financial stressor is ultimately anything thatโs costing you money โ and your piece of mind. This could be a loan payment thatโs too high to manage, or something as simple as subscriptions or memberships that you are no longer using and have to cancel.
Make small yet impactful changes: Sometimes itโs the smallest improvements that have the greatest impact. Increasing your 401(k) contribution is probably not going to be that noticeable in your paycheck, but it will have a positive outcome in the long run. Alternatively, you can increase your monthly loan payment by whatever you can handle, even if itโs just a few extra dollars. Your future self will thank you!
Opening a checking and savings account: This is a strategic move to better manage your funds and achieve greater financial stability. A checking account provides easy access to your money for daily transactions, such as paying bills, making purchases, and withdrawing cash. On the other hand, a savings account is designed to store money you donโt need immediate access to, allowing it to grow over time with interest. By using both accounts in tandem, you can streamline your budgeting process: use your checking account for routine expenses and your savings account for longer-term goals and emergency funds. This separation not only helps you keep track of where your money is going but also encourages disciplined saving habits.
Remember, itโs also self-care to treat yourself from time to time. After all your dedication and focus on your financial wellbeing, you deserve it! For more resources and tips on saving, please check out our knowledge center or reach out to us.
