In recent days, I have been reading a lot about how one can or should take care of themselves. Today, I am here in the home office wondering how to build financial self care. Money is an important aspect of life, as a means of exchanging value.
Lack of money could be something you are struggling with, and this might be causing stress in your life.
It is normal to be anxious and worried when you do not have enough money to cater for your needs.
That is why I think it is very important to find ways on how to build financial self care. You should make this a priority in helping improve your financial situation.
In simple terms, you are going to be looking at developing the habits and attitudes that are going to help you achieve your financial goals.
Learning how to build financial self care involves taking actions that are going to help you in managing your personal finances.
In this post, I will share with you some ideas and tips on how you can improve yourself financially.
How to Build Financial Self Care
If you are reading this, it means you realize and recognize that your financial situation needs to be improved.
You are not happy with how your personal finances are at the moment.
Here are some of the ways you can use to build your personal financial self care;’
- Have financial boundaries.
- Learn to say ‘NO’.
- Move on when you make mistakes.
- Pay yourself first.
- Ask for financial assistance or help.
- Check your bank accounts regularly.
- Know and settle your debts.
- Track your income and expenses.
- Have insurance cover.
- Set financial goals.
- Make a budget.
- Understand your relationship with money.
- Invest in your future.
- Learn more about money.
- Increase your sources of income.
- Grow your assets
- Stay focused and motivated.
It is common that one of the often overlooked aspects of self care is related to your money or finances.
Related: How to Manage Your Money Wisely
My personal view is that finding ideas on how to build financial self care into your life will have a positive impact on your overall well being and happiness.
17 Ways on How to Build Your Financial Self Care
Having financial peace of mind requires you take care of self. You should consider this as one of the key things in your life.
In this section I want to share with you seventeen ways and ideas on how you can build your personal financial self care;
Have financial boundaries.
You should create personal financial boundaries that you will not cross. This is to help you manage your money more prudently.
Setting boundaries when it comes to finances is a great step towards financial self care.
Learn to say ‘NO’.
Another important way for you to take care of yourself financially is learning to say ‘NO’.
If you analyze your money habits you might be shocked that you agree to a lot of financial obligations. Some of them are totally unnecessary while others are out of fear of being judged negatively.
It would be an act of self care if you can learn how to turn down financial requests. This would apply to invitations that might make you spend your money, when you had not planned to.
Move on when you make mistakes.
In your daily financial activities, you are going to make mistakes. This is normal.
Making a bad financial decision should not make you be too hard on yourself. Take it easy and move on.
The most important thing is to learn and take the lessons from those financial mistakes.
Pay yourself first.
Whenever you get a payment, it would be wise and an act of financial self care to pay yourself first.
This means you should set aside a percentage of the income you receive for yourself.
I learned this from a book called ‘The Richest Man in Babylon’ and it is a very good principle to apply in your life.
Ask for financial assistance or help.
If you find yourself in a financial situation that you cannot solve by yourself, you should ask for help.
This also involves when you are making decision to do with savings or investing your money.
It is advisable to seek advice from financial experts, or people who have practical experience in dealing with finances.
Check your bank accounts regularly.
I am assuming that you have a bank account.
In this regard, you should be checking your bank accounts on a regular basis. This is to ensure you are always aware of the amount of cash you have at bank.
Doing this also helps you notice any charges or mistakes in your accounts quickly. You can call or visit your bank to sort any issues that may make you lose money.
Know and settle your debts.
Debt is one of the key issues that might be affecting you right now. If that is the case, then it should be a priority when it comes to your financial well being.
You should know all your debts and plan on how you are going to settle them.
You can use the snowball idea or if you can, just pay off your debt as a one-off payment.
This is one of the ways on how to build financial self care today..
Track your income and expenses.
You should track your income and expenses for a period of time, to fully understand your financial situation.
Understanding this will help you to build your financial self care.
It is very good and healthy when you can tell how much money you receive and where you spend it on.
Have insurance cover.
It is important to ensure your personal finances are in order. One way you can do this is by ensuring you have insurance cover or policies to protect yourself.
Caring for yourself also means protecting against risks. Insurance cover will help you to mitigate against such financial and non-financial risks.
Unforeseen things can happen and wreck your financial plans. Having an insurance policy is one of the ideas on how to build financial self care.
Set financial goals.
As they say, not having a plan is planning to fail. This applies to personal finances too.
In your efforts towards self care you should create and set your financial goals. They will act as a guide to what you should achieve.
It is your road map to how you are going to achieve your financial goals and financial independence.
Having a plan reduces anxiety and stress. These are the ultimate ways on how to build your financial self care.
Make a budget.
Budgeting is something a lot of people are afraid of doing. I hope you are not one of those people who look at budgets as a source of stress.
To build financial self care, you should make a budget.
This will guide you on how you are going to manage your money. I am sure this would provide you with clarity on where every dollar that you make is going and how it is being spent.
Understand your relationship with money.
Another idea that will help you is taking time to understand how you relate with money.
There are studies that show that your relationship with money starts from the time you are born and how you are raised up.
Getting on top of your emotions when it comes to money is an important step. Knowing this will help you in your journey of learning how to build financial self care.
Invest in your future.
While you might not be having enough finances, you have an opportunity to change that situation.
You cannot change the past but you can create a different future. That is what this idea is all about.
It is possible to build financial self care by investing in your future. Put in place measures and strategies that will help you achieve financial well being in the future.
Learn more about money.
Financial illiteracy or lack of knowledge on how money works could be causing you major troubles in life.
That is why it is important to learn more about money. Invest in courses or financial education. Learn the basics as well as some advanced ways of managing or growing your money.
There are many personal finance books you can read. I would recommend you go to Amazon and buy the following books;
- The Richest Man in Babylon.
- Multiple Streams of Income.
- The Passive Income Blueprint.
You can also watch YouTube videos like this one on personal finances. This will increase your financial knowledge.
Increase your sources of income.
While it is good to have a source of income, having multiple sources of income is even better.
You should aim to increase your sources of income. One way you can do this is having a side hustle business.
It is best when you can create passive income sources of money. This allows you to continue generating money without active involvement.
Grow your assets
Another way on how to build financial self is investing in and growing your assets.
According to Robert Kiyosaki, famous for his book Rich Dad, Poor Dad, defines assets as things that generate you income.
This could include things such as real estate, stocks, or businesses.
For example, you can start or build a blog which will generate passive income for you over a long period of time.
In such a case, your blog would be considered an asset.
Stay focused and motivated.
As you work hard to ward having financial peace of mind, you should stay focused and motivated.
It is easy to give up. Things do not always work according to the plan.
You will also face hurdles along the way. This might make you lose motivation.
However, having clarity of the reason you are seeking financial health will ensure you remain focused.
In conclusion, you should focus on ensuring you are taking care of your financial well-being. Money is a great tool to have.
You should try as much as possible to ensure you get rid of money-oriented stress that comes with lack of enough funds in life.
It is possible to change your financial situation. You can follow the ideas and tips shared above on how to build financial self care.
In general terms, you should learn how to make money, how to manage your finances and how to ensure you invest for your future.
Take necessary steps to ensure you create or build financial self care today.