How do I implement financial self-care?
Q: Dear Ruchi, I have been focusing on creating better habits in all areas of my life this year. It’s time I finally make self-care a priority. While I’m ready to dedicate my time and energy to healthier habits in terms of diet, exercise, and mental health, I feel unclear on how to implement healthy money habits. With financial security being one of my biggest goals this year, I want to make sure I weave my finances into my healthy habit-making as well. What can I do?
A: It’s tremendous that you are already able to indicate that minding your money ties into self-care and healthy habits! Minding your money is an act of self-care in itself because you are prioritizing your future and protecting your peace while generating prosperity. I recently assigned a client “homework” of doing something fun every weekend with her recently created “fun money” account and for another client my team and I added a “self-care” line item into her budget to remind her of the importance of this.
We often realize the magnitude of self-care after periods of great stress. For many, this stress can come from financial worries. Did you know that a number of studies have demonstrated a cyclical link between financial concerns and mental health problems such as depression, anxiety, and substance abuse? Whether we like it or not, financial problems can adversely impact our mental health over time.
As I’ve said before, when you have a sense of your numbers, it brings peace, and that is priceless. And the best part is… it’s never too late to get started! I once had a client who had tens of thousands of dollars in credit card debt. We jumped right into looking at what they were earning and spending, easy cuts they could make without turning their life upside down, and in the midst of a pandemic, they were able to reduce their debt by more than half and save along the way! Week by week, month by month, small steps will lead to big results.
With that in mind, here are a few guidelines from our previous Ask Ruchi’s that can help you align yourself in several key areas as you begin creating new money habits.
Here’s to your prosperity!
Ruchi