Money Management: Why It’s an Integral Part of Your Self-Care Routine

There is one important self-care routine many people overlook — money management.

While caring for your mind and body is essential to your overall health and well-being, money management should not be forgotten.

Whether it’s doing yoga, consuming healthy and nutritious food, or meditating, having a robust self-care routine has been known to help prevent illness and promote a general sense of well-being.

If you are like many people, there is likely one area of your life you constantly neglect—your finances.

While finances often take a backseat, knowing where you stand financially and having complete control of your financial situation can do your overall well-being a whole lot of good.

This is especially true now that a global pandemic has turned many people’s financial lives upside down.

This might not be common knowledge, but focusing on your finances is a form of self-care. 

Your finances can become overwhelming, especially if more money goes out than in.

That said, incorporating smart money management into your overall self-care routine can help you to be more in control and restore some sense of order in your life.

The Money-Mind Connection

Financial therapists maintain that although rarely discussed, money is a massive part of your overall well-being.

One survey indicated that nearly 50% of adults in the United States lose sleep over money worries.

It’s safe to assume your financial situation can have a huge impact on your mental health as well as overall happiness.

Anyone who claims money can’t buy happiness is often one that has not experienced the stress of not having money.

Come to think of it, it would be difficult to focus on self-care, restoration, or relaxing when you are worried about not having money to pay the bills.

But financial difficulties will not only affect your mind, it can also have unwanted effects on your health.

How to Practice Financial Self-Care

If your current financial standing does not look promising, don’t worry.

While you can’t expect to improve your financial situation overnight, making small changes can make a lot of difference.

While taking care of your finances is not as fun or relaxing as going for a day of pampering, staying on top of your finances can give you more energy and spare you from any stress that might take a toll on your physical and mental health.

Below are some of the ways you can incorporate smart money management practices into your self-care routine:

Financial Self-Care Tip 1: Do an Audit

If you want to be in control of your finances, start by doing an inventory of your current financial situation first. 

Create a list of all your accounts and where they are located.

If you owe money, list down the balance and the interest rate.

Putting together an inventory is the first step you need to do to get a handle on things.

You don’t have to do everything simultaneously not to overwhelm yourself.

Start by figuring out your bank account details and take it from there.

Financial Self-Care Tip 2: Set Aside Time

To effectively include money management into your self-care routine, set aside time and create a routine for your finances.

For instance, you can set aside 20 minutes at the end of each week to review your savings and checking accounts, credit cards, and expenses.

This can give you some sense of control and an overall picture of your current financial situation.

Financial Self-Care Tip 3: Find Ways to Improve Your Cash Flow

If you have a substantial debt, don’t stress yourself if you can’t settle everything overnight.

Instead, look for ways to effectively chip away at it as part of your financial self-care routine.

Start by finding out if there is a way to lessen the interest rates.

If your bank account charges monthly fees, find out if you can have the fee-free version.

Also, if you can find a way to add to your income, that can help a lot as well.

Financial Self-Care Tip 4: Automate When You Can

Managing your money is less stressful when you don’t have to micromanage it.

This is where automation can come in handy.

In line with this, consider setting up autopay to ensure you don’t forget to pay your bills and won’t incur unwanted charges.

You can also set up an automatic transfer to your savings account each time your paycheck comes in.

Over to You

Lastly, reward yourself at the end of each month for sticking to your budget and handling your finances accordingly. For instance, you can reward yourself with a massage or a trip to your favorite restaurant. After all, the bottom line is taking care of yourself and not living a life of restriction.

Don’t miss these tips!

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