You’ve heard of self-care, but what about when it comes to your finances?
Everyone needs to do maintenance with their money now and again, and there are many easy ways to work this into your schedule.
Learn all about financial self-care here and get tips for getting started.
What is financial self-care?
Financial self-care isn’t complicated; it’s simply being intentional about keeping your finances in order. And even though money has a lot of various aspects, that doesn’t mean that financial self-care has to be complicated. With these tips, it can be incredibly easy.
And just like you take the time to practice self-care through journaling or exercising, you can do the same with money. You can make sure it’s functioning optimally and that everything is going according to plan.
How do you practice financial self-care?
You can begin this idea by making financial care a priority. Set aside time to think about your money each week or month, and stay organized. Know where all of your money is going at all times, and have plans for the future.
When you prioritize your money, you are practicing financial self-care, which will reward you later on. Doing things correctly now with finance will help you be ready years from now for emergencies, expenses, and retirement.
Why does financial self-care matter?
It matters because it helps you maintain your money and guide it in the right direction. You can use financial self-care to keep your finances healthy and your future secure.
You’ll allow your money to work for you by starting good habits now. Soon, everything will be working well, likely without you needing to worry much about it.
Ways to practice financial self-care
Try out these ideas when beginning financial self-care.
1. Have financial goals
Know what you want your money to do. Once you have clearly defined goals, you can use money to help you achieve them.
It’s important to have a mix of long and short-term goals. Your finances will be much easier and more organized this way.
So your long-term goals might be things like retiring and paying off your mortgage. Some short-term goal examples are saving an emergency fund or paying off a credit card.
2. Celebrate small goals along the way
If you look only at your long-term goals ten or twenty years away, you may feel discouraged fast. But small accomplishments should be celebrated!
It reminds you that you can accomplish things with your money, and it also helps you see how far you’ve come. So don’t forget to take the time to enjoy the little things.
Tip: Use a savings tracker or debt payoff chart for your money goals. Set a reward for each section you color in to celebrate along the way.
3. Be grateful
Being financially healthy involves gratitude. You earn money and can then spend it and give it away. Take the opportunity to be thankful for everything you can do because of money.
What this does, is it creates a positive association with how you view money. And it’s a good habit to keep regardless of how much money you have.
4. Be generous within your means
Being good with finances means helping others out when you can. You should aim to be generous within your means.
This will look different depending on your budget, but “within your means” means giving to others after you’ve paid for your own expenses and saved for the future. With what’s left, you can be generous.
For some, that might mean buying a friend a cup of coffee; for others, a monthly payment to a charity or the chance to buy groceries for someone in need. Be creative and help others as much as possible.
5. Cultivate a good relationship with money
Maybe you haven’t viewed money as a positive thing in your life, or you have anxiety about it. It’s time to re-educate yourself and start having a positive relationship with money. View it as something helpful that will allow you to do what you need and want to do.
Are you limiting yourself? Are you feeling stuck making one income you think won’t change, or are you afraid to make more money?
Release beliefs that hold you back and move forward, knowing that you can grow and make more money over time.
6. Keep your bank accounts organized for financial self-care
Keep your bank accounts orderly. It’s totally fine to have a few, but don’t have so many that you have trouble keeping track. And use them for specific things.
For example, your checking account for expenses, one saving account for an emergency fund, and one to save for a home down payment.
If you know where your money is all the time and you keep it orderly, managing it will be a lot simpler. This can make finance less stressful and more fun.
7. Look at your accounts regularly
This is a great habit that you should practice throughout your life. Take the time to look at your bank accounts regularly.
This will help you be aware of all transactions, and you can know how much money you’ve spent and notice if something looks off. It’s common to check your bank account every day, and this is probably a good place to start.
Account transactions are fast, so looking at them once a week isn’t going to be enough if you spend a lot. You don’t have to take long but glance over your balances daily.
8. Educate yourself about money
Learning about money is a lifelong practice. Make knowing about money a habit.
While some things stay the same with finance, many others are constantly changing, and you should educate yourself to keep up.
The first practice that you’ll probably use most often is to read books and blogs about money. You can keep up with new ideas and concepts.
Another idea is to seek financial counseling before making big money decisions. The opinion of an expert is worth it in many cases.
Last, you can take a budgeting or finance class. A course will help you learn the basics and details to feel confident with your money.
9. Invest for financial self-care
One of the best things about money is that it can make more if you know what to do with it. Check out various investing options and find some that will work for you.
Then set aside money regularly to invest, so it becomes a habit. This can help you save for long-term goals and get prepared for retirement.
If you’re not sure where to start, speak with a certified financial planner. And remember to never invest in something you don’t understand.
10. Pay yourself first
When your paycheck comes in, pay yourself first. This concept means that you set aside money for your future self before paying your expenses or buying anything.
You can take out a percentage for savings, investing, or whatever amount you decide. The important thing is that you prioritize the money you’ll need in later years by acknowledging it now.
Related: How Much of Your Paycheck Should You Be Saving?
11. Automate your savings
Automating is the key to an easier life. If you’re saving money without even thinking about it, you can change your life fast.
You can set this up so that money automatically comes out of your checking account and goes to your savings on a particular day every week or month. This can help you learn to save, and it’s a great practice to use throughout your life.
12. Save for retirement
Part of being financially responsible is thinking about the future. Retirement years are pretty much inevitable, whether you plan for them or not.
So it’s vital to put money towards them now. That way, your retirement can be fulfilling, and you’ll have more than enough.
Planning for retirement happens in many ways, including 401(k) plans, IRAs, and investments. Find a combination of ways to save money, and you’ll soon have it figured out.
13. Develop a strong budget
Having a solid budget is the most important way to save and pay for expenses. Without your budget as a guide, you’re likely to run out of money quickly or have trouble keeping track of it.
There are many ways to budget, so choose one that works well for you and then use it to help you make great money decisions. While budgeting can take some time to adjust to, you’ll likely love it after a while.
14. Have regular dates to review your budget
Checking in with your finances will help you to remember what’s most important, save in any way you can, and not forget about upcoming expenses. If you handle money on your own, choose a time weekly or monthly to go over your budget.
If you have combined finances, you and your spouse can meet together to discuss money regularly. Also, talk about any big purchases you need to make.
15. Regularly review subscriptions and cancel things you don’t need/use
Just because you used something for a couple of months doesn’t mean you’ll still need or want it a year later. This often happens with subscriptions.
Keep track of the things you pay money for, like streaming services or magazine subscriptions.
If you find that you no longer use something, cancel it and get rid of that expense in your budget. Part of financial health is not paying for things you don’t use.
16. Know your insurance needs for financial self-care
Insurance for your property, home, and car is essential. There’s also health insurance, dental, vision, and other types. Learn about all the types of insurance and know what you need.
Find a plan that suits you and that you’re comfortable paying for. Remember, insurance will cost money, and it protects you, so be willing to include this in your expenses each month.
17. Journal about your feelings about money
Keep track of how you’re feeling about money. Confused? Happy? Challenged? Write it down. A journal will help you to understand why you feel the way you do about finance.
Writing may also help you see how far you’ve come with money and work through issues by thinking about them. Try to journal your feelings about money weekly.
18. Write down your goals
Your goals matter – both financial and others. Goals are what help us to improve our lives and become better.
Start by setting some money goals. Begin by saving a month’s worth of expenses, then two, etc. Also, focus on debt payoff. Once you’ve accomplished these, you can move on to other financial goals.
You should also have some goals for your career. You might want to move up at work into a management position or make a certain amount of money annually. Write your goals down and think of ways to achieve them.
In addition, everyone should have personal goals. These are things like fitness accomplishments or learning a new skill. Add personal goals to your life to enhance it.
Financial self-care involves making goals in many areas of your life because money can help with all of them. Money is related to your career, and it can help with personal goals, as well.
Try to line up all your goals and relate them to each other somehow.
19. Say “no” to stuff you don’t need or want
This is a great practice. Say no when you don’t have a desire to buy something.
Also, be comfortable saying no when you know you can’t afford something. It’s fine to do this, and it is very healthy for your budget. The more comfortable you are saying no, the better for your money.
20. Set boundaries with the people in your life who sabotage you and your goals
If you know people who are unsupportive of your money goals, or are otherwise unkind or difficult, set boundaries. Don’t discuss money with them if you know they’ll be unsupportive, and be careful about what you share with them.
Setting boundaries isn’t mean; it’s necessary. If you don’t, you risk your finances and goals being sabotaged. To have a healthy money life, set boundaries with the people you know.
Financial self-care is important and should be a priority
Financial self-care makes a big difference in your whole life, not just your money. It should be a priority because it affects your present and future.
Your finances are your responsibility, and by following these 20 financial self-care tips, you’re on the right track to taking charge of your money and spending, saving, and investing in the right ways.
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