We must remember to attend to our financial self-care in our quest for self-care. We know we need to improve our financial well-being and get moving on our money goals. But how? Finding financial self-care ideas that are actually useful can be challenging.
But don’t worry – financial wellness is possible. It begins with a healthy money mindset. So take these simple first steps to improve your financial situation. Here’s to your peace of mind in the near financial future!
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Why Financial Self-Care Ideas?
Financial self-care means looking at your spending habits in relation to your money goals. Taking care of your finances is an essential form of self-care. Here are some simple financial self-care ideas.
1. Improve Your Financial Literacy
Read books on financial education. This is a great way to build healthy habits related to your spending, saving, and investing. Then, you’ll be well on your way to making strong financial decisions.
2. Prioritize Financial Self-Care
Each month, set aside time to look at your monthly bank statements. Look at the cash flow in and out of your bank account. Look at different areas of your life and ways you can get in control of your money.
3. Book An Appointment With A Financial Advisor
Meeting with a financial advisor can be a significant first step as you set yourself up for future financial success. Your future self will thank you for working on your personal finances and making progress towards your long-term goals.
4. Start An Emergency Fund
Set up a savings account at a different bank or credit union than your usual checking account. Having an emergency significantly reduces financial stress and money worries. At least 3 months of expenses is a great starting goal.
5. Pay Down Your Credit Card Balance
High credit card balances can wreak havoc on your budget and credit score. Stay on top of those monthly payments and pay more than the minimum. Paying down your credit card debt can greatly boost your mental health.
6. Look For Ways To Make Passive Income
Whether renting out a room at your home or setting up an Amazon store, there are many ways to add a new income stream. From selling clothes on consignment to owning rental property, look for ways to add to your income passively.
7. Start Long Term Goal Setting
Start preparing for big purchases and your long-term goals. Whether it’s a girl’s trip this year or buying a home next year, it begins with having healthier money habits now.
8. Find A Financial Accountability Partner
Whether improving your physical health or your financial health, making changes is easier with a partner. Goal setting and celebrating are important financial self-care practices. And more fun with a friend.
9. Plan For Retirement
Have you ever thought about how much money you will need for financial security in retirement? There are better times to start addressing your financial health than 60. Start planning for it now instead of dealing with financial stress in your golden years.
10. Invest Your Money
If you buy Apple products, look at Apple stocks. Instead of just investing in other multi-million dollar businesses, invest in yourself. Even a few dollars a month can boost your financial health.
11. Buy Life Insurance
Whether it’s a term or whole life, it’s debatable. But the need for life insurance is undebatable. So look out for your family, Sis. You can save your family from financial woes when dealing with such heartache.
12. Practice Gratitude As a Good Money Habit
Gratitude! It’s a great way to boost your mental and financial health. Everything may be better financially now but focus on the positives and your goals. You will get you there.
13. Listen To Financial Podcasts
Need more time for reading? Then, check out a podcast like Black Girl Budget for life, budgeting, and financial stability tips.
14. Go For That Promotion
One way to have more money is to make more money. So kick the self-doubt to the curb. And bid for that new supervisor position opening up in your department.
15. Ask For A Raise
We know women of color are often underpaid and overworked. So gather your receipts and go ask for that raise. You deserve it.
16. Work On A Money Management Plan
If you don’t take control of your money, you’ll ask, “Where did my money go?” Good money habits are a type of self-care. Stop and think about what you want your money to do for you.
17. Incorporate Daily Affirmations
Starting your day with intention and positive affirmations can change the whole trajectory of your day. Daily affirmations are a powerful tool for reaching your financial goals, from releasing negativity to manifesting positivity.
18. Set Boundaries For Your Financial Self-Care
Whether it’s with friends or family. Or your significant other, setting boundaries can be challenging. Yet, it is one of the most important self-care activities, especially concerning finances.
19. Call In Your Loans
Remember that $100 you loaned your cousin? Call in your loans and close the loan factory. Let your money gain interest somewhere else.
20. Consider A Money Market Account
Ready to let your money make money for you? Look into money market accounts, guaranteed interest savings accounts, and other short-term investment options. There are low-risk ways to start saving and investing.
21. Treating Yourself Is Financial Self-Care
Don’t forget to treat yourself from time to time. A grande latte, a new top, or that new purse you’ve been eyeing – can all be yours. If you plan for it.
That doesn’t mean indulge your every desire. But rewarding yourself for reaching your financial goals is important to motivate yourself.
22. Look Into Financial Therapy
Part of a good self-care routine is self-reflection. Spending time reflecting on your spending habits, triggers, and financial background. Growing up, we subconsciously learned money messages from our parents and those around us.
Reflecting on those messages can help you understand your spending patterns and better reach your goals.
23. Make Charitable Contributions
We’ve all heard the saying, “It’s better to give than to receive.” But giving is truly a fulfilling thing to do. It doesn’t have to be a huge donation.
Simply clean out your closet and donate some clothes. Empty your purses and donate the loose change. Choose a non-profit organization to make consistent monthly donations.
24. Journal Your Financial Self-Care Ideas
Write down your financial goals. Invest in a guided journal of your achievements toward those long-term goals.
Focus on your financial wins each month. It’s a great way to notice your motivation and keep track of your progress.
25. Invest In Your Career Advancement
Being a lifelong learner isn’t just a cliche – you should always be learning. See if your company has tuition reimbursement. Take advantage of any professional development, online resources, or certifications available through your employer.
26. Forgive Your Past Financial Mistakes
Learning to forgive yourself is a healthy habit that impacts all areas of your wellness. Implementing self love is critical to your emotional, physical, and financial health. So, stop beating yourself up about credit card debt or past poor financial decisions.
27. Increase Your Contributions
Take your income tax refund and use it to start an investment account. Then, whether it’s an IRA, personal stock account, or other retirement accounts, increase the amount you contribute annually.
28. Grow Your Network
Keep building your network even when you aren’t actively looking for a new job. You never know when a sister-friend can lead you to a new position or assist with salary negotiations. Investing in solid connections can benefit your career, income, and overall financial future.
29. Use Your PTO
Good news: taking a vacation is a financial self-care activity. PTO is a part of your benefits package. You could leave money on the table when you don’t use your PTO.
30. Print Visuals To Keep You Focused
Get creative with your financial self-care activities. Cut out pictures to create a vision board for your financial goals. There are lots of pre-made printables available to track your financial journey. You can color in a chart to show your savings of the debt paid off.
31. Create A Budget
I know, I know. Having a budget should be first on the list of financial self-care tips. Plan out exactly where every dollar of your income will go. And stick to it.
Following a set budget is an important step in your quest for financially healthy habits. The envelope stuffing method has proven helpful for many in organizing their finances.
32. Know Your Interest Rates
Credit cards can be a necessary evil at times. Keeping track of your interest rates is part of staying on top of your money. Asking for an interest rate reduction regularly is a good habit. It is an easy way to ensure you pay off the highest interest purchases first.
Commit To Financial Self-Care Ideas
One of the best ways to make change is to start small. Take your time and implement these new financial self-care ideas slowly. It took time to get where you are financially, and it will take time to develop good money habits.
Choose simple tasks and be consistent. Celebrate the small wins. Journaling will help you notice patterns and keep track of your successes. Before you know it, you will be in a good place financially
The current sacrifices and financial changes will be worth it in the long run. Think about living without financial anxiety or stressing over meeting your financial needs. Instead, think about the improvement to your mental and emotional health.
Don’t hesitate to start your financial self-care journey. Start implementing these financial self-care ideas that are actually useful and simple. Cheers to how financially healthy you will be at this time next year.