How to Practice Financial Self-Care

When you think about self-care, what comes to mind? Maybe you think of journaling, meditation, yoga, sleeping, exercise, nutrition— the list goes on. The underlying principle for all of these self-care strategies is the same: take the time to build and sustain healthy habits that set you up for success and less stress.

Did you know that you can also practice self-care when it comes to your finances?

Here’s how to incorporate seven standard wellbeing practices into your financial strategy to reduce stress and live your best financial life.

 

Check in with yourself

It’s almost impossible to practice mental, physical or financial self-care without understanding where you’re at in the present. For financial wellness, this may look like taking inventory of your financial situation as a whole. Some questions to consider include:

• Do you have financial plan in place?
• What are your spending habits?
• What is your relationship with debt?
• Are you investing in your future?

The best way to achieve financial success (whatever that means to you personally) is to create a plan including a budget that is realistic and helps you work toward your goals.

 

Simplify and organize

Almost nothing is more effective for stress reduction than getting organized, especially when it comes to money management. For many people, just getting short and long-term goals in place and setting budgets can alleviate some money-related anxiety. Getting organized will look different for everyone, but planners, spreadsheets, lists and apps (like online banking) are good tools to get started. Automating payments or utilizing payment plans can also help you simplify your money.

Download our free financial goal worksheet

Get into a routine

Establishing routines is not just for your personal or work life. You can also set routines for taking care of your finances, like dedicating a particular day to bill paying, updating your goals or savings tracker and reflecting on how the process makes you feel. It can also look like having shopping routines (e.g., grocery shopping once a week, buying takeout once a month, landscaping every spring, etc.) Routines help you stick to your plan and stay accountable.

 

Make it entertaining

Money management doesn’t have to be a chore! We encourage you to learn about finances in ways you enjoy, like having open conversations with friends and family about their experiences and financial strategies. There are also tons of great podcasts, shows and books on managing money (that won’t put you to sleep). You can also make it fun by rewarding yourself when you hit specific milestones or plan experiences or purchases to look forward to in the future. Keeping the big financial picture in mind helps make everyday sacrifices worth it.

 

Looking for a new podcast? We have two that provide expert insight into all things finances!

 

Don’t go at it alone

One of the most common self-care tips is to lean into relationships with others that bring out the best in you. You don’t have to feel isolated in your financial journey. There are a number of resources you can turn to, and our team of financial advisors is waiting to help support your journey.

 

Make choices you feel good about

Choosing what to spend your money on can be a hard choice, but asking yourself these questions can help you decide where and how to spend:

• Will this purchase make me happy?
• Does this purchase align with my values and financial priorities?
• Do I have the capacity to give money to others in need right now?
• Am I balancing my short-term wants and needs with my long-term vision?

 

Reset your mindset

We saved the best tip for last: be kind to yourself. The mindset you have around your finances can negatively or positively impact your relationship with money. We realize that it can be hard to turn habits and attitudes around, but it can make a world of difference to accept where you are and visualize where you want to be without dwelling on the past or letting mistakes define you.

 

There are so many benefits to practicing self-care for your body and mind, so make sure you are reaping the benefits of financial wellness practices, too. It’s never too late to reset, reorganize or change course for the better. Step into your local Rockland Trust branch to speak with our financial advisors or check out our online resources and services to take your next step toward financial self-care.