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Financial self-care is an active process of being in touch with your finances and creating a healthier relationship with money. Financial Wellness can be the key to making your money dreams come true.
Honestly, I love talking money. But it wasn’t always this way.
As an accountant / financial analyst, my day job involved talking about money to my bosses, to banks, and lenders. But the numbers at work were large and abstract in so many ways.
When it came to personal money matters, I just avoided it. A lot of times it was because I didn’t have a ton of adult financial responsibilities.
I was lucky to have no debt, no mortgage. But still, when it came time to spending money – I was the queen.
Traveling, because it was the long weekend.
Buying shoes because they made me feel good.
Fancy coffee drinks and takeout for lunch – because I could.
I was lucky that these didn’t particularly affect my overall financial well being. I was disciplined enough to set money aside to save and invest. So, why shouldn’t I indulge in retail therapy?
What is Financial Self-Care
Over the last little while, especially as my husband and I have combined finances, I have had to become more accountable with my money. (Something about getting older and adulting).
This is also in part because I no longer have a steady paycheque, so I have to be more cognizant of where we spend our money, and how we can continue to grow our wealth.
This process taught me that I wasn’t just spending because I could. I was spending because that’s how I coped with the stresses of life.
It felt good to buy a new pair of shoes when I had a bad day.
Traveling for a long weekend was my escape.
Getting takeout every day for lunch and dinner became a reason I could work more hours.
All in all, I was surprised that not working long hours in the office actually resulted in spending a lot less money.
What surprised me the most was that I didn’t feel restricted with not spending money. But that I was building an appreciation for the small things in life.
I was actually happy without spending all this money. I didn’t really care to buy new shoes. But there was something therapeutic about going for a walk at lunch with no purpose.
I don’t really have a solid definition of what financial self care is.
So I created my own definition of financial self-care:
Financial self-care is an active process of being in touch with your finances and creating a healthy relationship with money.
If anyone can guide me to a formal definition, I would love to link it!
Why Financial Self Care is important
Since I have started to pay more attention to my finances and my relationship with money, it has helped me in other parts of my life.
These are the biggest benefits I have seen as I have started to pay attention to my money.
Money is something that directly or indirectly affects every part of our lives. So understanding money, and your finances can help in every aspect of your life.
It helps you check in with your goals
Being in touch with your money, and your future plans to earn more, and grow your wealth, can help you reach other goals in life.
Whether your ideal plan is to retire early, start a business, switch jobs, move to a different city – these plans are all affected by your finances.
When you know what your finances look like today, and where they need to be to get your to your goals.
It can help combat emotional stressors in life
Having a good handle on your finances can reduce stress in other parts of your life.
Whether your stress is directly related to money or not, your finances do creep into every part of your life.
Having money, and understanding your finances can provide you options you wouldn’t have had otherwise.
It can allow you to say no to new projects if you’re overwhelmed or it can allow you to take time off work if you are overwhelmed.
It will make you more confident with money
Having a good handle on your finances will ultimately help you feel more confident in your money decisions.
Whether you decide to ask for help, or manage your own money, you will be more confident in the decisions you make for your finances.
4 Tips for Financial Self-Care
#1: Schedule financial self-care check-ins
What doesn’t get planned doesn’t get done.
I live by my calendar and productivity tools.
Scheduling recurring reminders for checking in with your money, can help develop a healthier relationship with your money.
That way, you don’t feel guilty about avoiding your money.
Nor does it take mental space all the time.
#2: Communicate with your partner (if applicable) about your money situation
For my husband and I, treating money like a project has helped us communicate more about money, and how we can plan for the future.
You can set weekly/monthly/quarterly money dates. Or assign responsibilities for Project Money.
This can help you and your partner communicate about money in a productive and healthy forum.
#3: Reflect on why money makes you uncomfortable
Identify your money weaknesses.
Maybe you feel like you don’t have enough.
Maybe it’s because you feel lost about investing.
Maybe you aren’t sure if you’re going to be able to afford to buy a house or car, or have a family.
Reflecting on what triggers uncomfortable feelings about your money can help you create an action plan.
Maybe it is learning more about investing options. Or
#4: It gets easier with time.
It might seem difficult and stressful at first. But over time you’ll get used to thinking about your money, and making your money dreams come true.
Thinking about money and your finances more holistically as a part of everyday life, rather different aspects can be freeing. It can give you options you didn’t think were possible.
I’d love to know any tips you have for financial wellness!