THE ART OF SELF CARE || PART 5: FINANCIAL

Financial self-care is the practice of setting aside time and energy to prioritize your finances. It means taking the necessary steps to ensure your financial health and well-being, such as budgeting, regularly monitoring your credit report and score, having adequate insurance coverage, and avoiding debt. Financial self-care requires consistent effort and commitment, similar to a fitness routine or healthy eating habits. 

The first step of financial self-care is to understand your current financial situation, including your income, assets, expenses, debt, and credit. You should create a budget, analyze where your money is going and whether it leaves you with enough for a savings cushion. Be sure to also include all your necessary expenses (such as rent, bills, groceries, and medication) in the budget so that you don’t overspend on non-essentials. 

Staying on top of your spending can help you identify areas where you may be wasting money and make more conscious decisions about where to spend and save your money. Use budgeting tools or smartphone apps to track your spending regularly and make adjustments to stay on track.

Save regularly: Establish an automatic savings plan so you don't have to think about it. Aim to save at least 10% of your income every month and watch your savings grow overtime. Saving consistently will help you reach your goals and create financial security in the long run.

Take time to review your credit report and score. You can receive a free one from the three main credit bureaus.

Financial self-care is an important part of taking care of ourselves and should not be overlooked. Financial self-care encompasses all aspects of money management and involves more than just saving money. It involves budgeting and goal setting, understanding personal finance, tracking spending habits, investing, and managing debt. Practicing financial self-care provides the security of knowing that you are in control of your financial future. Whether it’s to save for retirement or a big purchase, financial self-care provides peace of mind and can help you reach your financial goals. It can also reduce stress and help you enjoy life’s experiences. By taking the time to learn about personal finance and by making a plan for your financial future, you can practice financial self-care and find financial security for years to come.