Self-care doesn’t just relate to emotional, physical and mental well-being. The concept can actually be applied to almost every area of your life from your social and your spiritual state to your finances. Financial self-care refers to experiencing money in a more optimal and rewarding way. If practicing financial self-care is high on your list of priorities, the following are some tips to help you achieve your goals.
Eradicate Bad Debt
The first step to eradicating bad debt is to educate yourself on the options that are open to you. If you are a parent of a dependent undergraduate student, you may be able to take out a student loan from this site here for the remainder of your child’s college costs. Debt consolidation may be an option if you have a lot of unsecured debt. Depending on your circumstances, you may even be eligible to file for bankruptcy. Whatever your situation, eradicating bad debt is always a smart move and signing up with a credit counseling agency will educate you on your options.
Know Your Worth
We’re not talking about know your worth and value as a human-being; this point is more about knowing your net worth and the value of everything you own. Knowing what’s coming in and going out from your bank accounts will help you to manage your money better. Not knowing your worth will put you at risk of losing control and falling into bad situations. Using an app or spreadsheet is the best way of tracking what’s coming in, what you owe and your expenses.
Look for Discounts
Bargain hunting can be a whole lot of fun when it equates to substantial savings. Start by looking for ways to reduce your monthly bills. Installing LED lights, looking for a new energy provider, lowering your cell phone bill, cooking at home and reducing your consumable habits (drinking and smoking) are all good ways to bring your expenses down. Lots of shops and restaurants give military, teacher, and student discounts too so check if you’re eligible for those.
Take Advantage of Benefits
Does your employer offer paid family leave? Is it possible to work remotely a couple of days per month? Is sabbatical leave an option? Do you have access to paid gym membership or an on-site fitness instructor through your work? Will your employer add some student loan perks to your benefits package? These are all areas that you need to educate yourself on as you could, potentially, make huge savings and put yourself in a better place money-wise.
Say “No” More Often
Saying “yes” to everything is the quickest way of letting your finances get out of control. Problems in other areas of your life – from your relationships to physical self-care – can all lead back to mood-related, self-justified and defensive spending. Learning to say “no” more often and sticking with your decisions will prevent you from falling into the trap of impulse spending.
Don’t Be Afraid to Ask for Help
Finally, it’s important to ask for help when you need it. Our education system falls short when it comes to teaching us how to cope with personal finances so, unless you’ve majored in economics, it can be difficult to know what steps to take to practice financial self-care. Sit down and do an honest assessment of your monies once a month and look for areas where you need support. Once you’ve done that, whether you need help with basic budgeting or you need specialized advice on getting a loan, reach out to the people who can help you.