Financial self-care expands far beyond how conversations and the handling of our finances makes us feel. I think it also involves how we choose to handle our money. If you’re always carefree, constantly living paycheck to paycheck on purpose, or you don’t track money going in an out of your account then you have poor self-care strategies when it comes to dealing with finances. Please don’t feel attacked by this because financial self-care doesn’t come easy for everyone. If you don’t understand money and how it works, then behaving frivolously when it comes to handling your money makes sense. This week I want to focus on why we need financial self-care. The focus won’t be on our own personal well-being but on the benefits of taking responsibility of your finances.
SECURITY being financially responsible builds and sustains a sense of security with your money. If you’re financially secure, then chances are you are well aware of where your money is going and what’s in your account at all times. Missing a paycheck or two will probably not throw off your financial obligations.
BUILDING AND MAINTAINING YOUR CREDIT SCORE I am not a financial expert so I don’t feel comfortable sharing too much about credit and FICO scores. What I will say is financially responsible individuals either have great credit or is on their way to building great credit. These individuals also know the difference between and the importance of increasing their FICO scores. If you’re not familiar with FICO scores or if you want to learn a little more about it, you can check it out HERE.
BETTER FINANCIAL CHOICES this means that you value your money and you’re much more mindful of how often you spend and what you spend it on. This doesn’t mean that you can’t go out and have a good time or do a little shopping to enjoy your money but you learn to create a balance and you spend your money based on what’s available from the budget you created.
FINANCIAL GOALS this can mean a variety of things. Maybe you set a goal to save more, pay off your student loans (or another major bill), or you choose to invest so your money can grow. Financially savvy individuals who fall in this category has developed a sense of security around their money and are ready to move on to the next level. An example of this “level” is investing their money.
MONEY MANAGEMENT this is similar to “better financial choices.” One example of possessing great money management skills is the choices you make. If you get a bonus, tax income return, or any other extra income or refund you’ll use this money to finally pay off that bill, put more towards a large bill you just started paying, or put his money in savings. Not that choosing to enjoy your money is a bad thing but those who aren’t careful with their money just yet might use this extra money to go shopping even though they might be struggling financially.
FINANCIAL DISCIPLINE this means being careful with spending often. A great example of this is the holiday season. If you have great financial discipline then chances are you don’t over spend during the holiday season. You may have created a budget for your Christmas shopping earlier in the year or you have a set minimum amount for what you spend on each person every year.
ALWAYS WILLING TO LEARN I think there is always something new we can learn about money. Even if you’re a financial expert I am sure you have to stay up on the new trends and what’s going on so you can teach others abreast of what’s going on in the economy, investing, stocks, etc. Adopting a financial self-care lifestyle involves educating yourself occasionally to get a better understanding of money and how to handle it.
Self-Care on the go are essentially bite size versions of my self-care challenges. It’s open to anyone but it’s specifically created for moms and other working women; who may not have time to participate in all (or any) of the challenges that I provide weekly because of their mommy duties or busy work schedule. You can access the infographic HERE. I’ve been posting them every Sunday since the beginning of the year and I really enjoy creating them. If you’re one of my readers who participate in, or enjoy these options because you find them convenient, leave a comment and let me know what you like about them or what you think I should change. Thanks for going on this self-care journey again with me this week.
By the way, if you’re interested, my Newsletter and Self-Care Accountability Worksheet is now available. The worksheet will act as a supplement to my daily self-care challenges. The purpose is to help you stay on track with your daily self-care routines. If you’re interested in receiving these items weekly, email me at firstname.lastname@example.org. The self-care worksheet is FREE, but will only be available to my Newsletter subscribers. I will NOT spam you, I will only email once per week.
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