What Is Financial Self-Care
Financial self-care means to invest time on your personal financial situation. This means to have a closer look at how you make money, spend money and how you think and feel about money.
Men and women seem to differ in the time they spend on financial self-care. Women naturally seem to be more focused on topics like healthy eating and relaxation like yoga. On the other hand, many men seem to enjoy spending time with numbers and money.
Here are some financial self-care habits that help to sharpen your money mindset and can improve your personal financial situation.
Financial Self-Care Habits
Financial Self-Care Habit 1 – Set Some Money Goals
To improve your personal financial situation, set yourself a money goal. Here are some examples
- Save a certain amount of money each month.
- Start building yourself a stock portfolio and set a realistic goal associated with it, for example investing in a stock that gets you a regular dividend.
- Improve your tax situation by spending more time on reading up on them.
- Create an annual financial plan
Financial Self-Care Idea 2 – Cut Your Expenses
Having a regular look at your monthly expenses helps you to find savings potentials. Here are some ideas:
- Check your expenses for TV, internet or other subscriptions.
- Compare prices for your insurance?
- Are there any regular expenses that you don’t feel good about like paying certain expenses for your kids like a class that they don`t enjoy.
- Start comparing prices for food, gas, clothes. There can be big differences
- Begin to find open box deals.
Financial Self-Care Habit 3 – Do You Feel Good About Money?
Do you feel good about money and your personal financial situation? For example:
Are you scared to run out of money or not have enough money for your retirement? Check if this is your fear or maybe just a leftover from upbringing. Often parents pass on their fear to their children. If it is your fear, ask yourself how realistic your fear is.
Financial Self-Care Idea 4 – Do You Think Good About Money?
What do you think about money? Is money something positive for you? Or do you think it is bad for people’s character for example? Find three positive ways how more money can improve your personal life quality. Here are three ideas:
- Improve your living situation
- Increase your financial freedom
- Invest in others like your children`s education
Financial Self-Care Habit 5 – Focus On Improving Your Professional Value
Do you think you are worth a raise? Start looking at what you need to do to get a raise? Which qualities are companies willing to pay you more money for. You could take a class for example or talk to coworkers and your HR department.
Financial Self-Care Idea 6 – Learn About the Stock Market
There are several fun ways to learn about the stock market and your opportunities to make more money. For example:
- Read a book about investing daily – even 5 or 10 minutes will make a difference
- Find out what type of investor you are: a value, growth, big cap or small cap guy?
- Start or join a money investing club – in person or online
- Make an appointment at your bank or financial advisor to get some opinions.
- Stocks are one of the best small talk topics.
A Word From healthylifestyleflorida.com
Improving your financial self-care habits can have a great impact on your life. Or did you know that “70% of women wish they’d started investing their savings sooner?” Thus, start spending more time on your finances today. You will love what you can be!