When we think of self-care, our minds often wander to spa days, meditation, or spending time doing what we love. However, self-care isn’t just about pampering ourselves—it’s also about taking care of our financial well-being. Financial self-care is an essential aspect of living a balanced life, and for many, it can be just as stress-relieving as a good yoga session. By considering ways to integrate money management into our regular routine, we not only take control of our finances but also create peace of mind. In this post, we’ll explore what financial self-care means, why it’s important, and how anyone can start a money management routine that works for them.
Before diving in, remember that this is general information intended to offer ideas and inspiration. It’s always wise to consult with a financial professional for personalized advice.
What financial self-care means and why it’s important
Financial self-care is the practice of regularly managing finances in a way that reduces stress and aligns with individual life goals. It’s about being proactive rather than reactive when it comes to money. When we take the time to organize and manage our finances, we might find that it helps ensure that bills are paid on time and contributes to setting ourselves up for future financial stability. Financial self-care can be beneficial for many women because it may help them:
- Reduce stress – Knowing that financial responsibilities are taken care of reduces the anxiety that often comes with money worries.
- Achieve goals – By regularly reviewing and adjusting financial goals, we can ensure we’re on track to achieve what matters most to us like taking more vacations without incurring debt.
- Build confidence – Taking control of our finances empowers us and builds confidence in our ability to manage money effectively, resulting in being more open to taking on more challenges in life and feeling more accomplished.
When I can, I pre-pay my bills because I love the relief I feel knowing that “I don’t owe anyone anything”. Now when I’m indulging in my spa days or my me time, I’m less distracted and can fully enjoy the moment.
Creating a weekly or monthly money management routine
Creating a money management routine can be a helpful part of financial self-care. This routine doesn’t have to be complicated; it just needs to be consistent. Ensuring that we choose a frequency that works best for our unique needs is always best.
For example, I prefer monthly because I have a somewhat busy life, and a weekly routine would be too much for me. I also use my spending habits to identify my patterns (both good and bad), and 30 days is the perfect amount of time to see those habits reveal themselves and make appropriate adjustments when necessary.
However, everyone’s routine will look different, so it’s important to find what works best for you. Below are some general steps that might help in creating a money management routine:
- Set aside time – Choose a specific time each week or month to review finances. This could be a Sunday afternoon or the first day of each month. Consistency is key.
- Review your accounts – Take a look at your bank accounts, credit card statements, and any other financial accounts. Note any unexpected charges and make sure you’re aware of where your money is going.
- Update your budget – Review your budget to ensure it still aligns with your financial goals. Adjust categories as needed, and make sure you’re sticking to your spending plan.
- Check your goals – Review your short-term and long-term financial goals. Are you on track? Do you need to make any adjustments? This is also a great time to set new goals if needed.
- Track your progress – Keep a record of your progress. Whether it’s paying down debt, building an emergency fund, or saving for a vacation, tracking your progress keeps you motivated. Budget templates are a great simple tool to keep track of progress.
The benefits of automating savings, bill payments, and investments
One way that some people simplify their money management routine is by automating as much as possible. Automation can help ensure that financial tasks are taken care of without requiring constant attention. I make most payments myself, but I automate almost everyone I need to make. Here’s how automation might benefit some people:
- Savings – Set up automatic transfers from your checking account to your savings account. This way, you’re consistently putting money aside without having to think about it.
- Bill Payments – Automate your bill payments to avoid late fees and missed payments. You can set up automatic payments through your bank or directly with service providers.
- Investments – If you’re investing, set up automatic contributions to your investment accounts. This could be through your employer’s retirement plan or a separate investment account.
By automating these tasks, we free up mental space and ensure that your financial self-care routine is smooth and stress-free.
While automation can simplify your routine, it’s always a good idea to consult with a financial professional to ensure these decisions align with your overall financial strategy.
How to regularly review and adjust financial goals
Life is constantly changing, and so are financial needs and goals. That’s why it can be helpful to regularly review and adjust them as part of a routine. Here’s how –
- Assess your progress – Take a look at where you stand in relation to your goals. Are you on track? If not, what changes need to be made?
- Reevaluate priorities – As your life changes, your priorities might shift. Maybe you’re saving for a home now, or perhaps you want to focus on travel. Adjust your goals accordingly.
- Celebrate milestones – When you reach a financial milestone, take a moment to celebrate. Recognizing your achievements keeps you motivated to continue.
- Set new goals – If you’ve achieved a goal, set a new one. This keeps you moving forward and ensures that you’re always working towards something meaningful.
Financial self-care is about more than just numbers—it’s about creating a sense of security and confidence in our financial life. By considering the establishment of a regular money management routine, automating tasks, and consistently reviewing our goals, we may find it easier to take control of our finances and reduce stress. Remember, just as you care for your physical and mental health, taking care of your financial health is an essential part of living a balanced and fulfilling life.
Remember, in all that you do we wish you the best, however, we are not licensed financial advisors, accountants, or lawyers. Know that all financial activities including investments carry the risk of loss. All shared content is for informational or entertainment purposes only and therefore does not constitute financial advice. Learn more in our disclaimer policy.