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There’s more to the self-care movement than splurging on face masks, indulging in a sweet treat, or taking that nap you’ve promised yourself. It can include brushing up on your money management skills to make sure you’re financially stable.
Between earning a living, running a household, and raising kids, it can feel like your attention is pulled in a hundred different directions every day. Sometimes, you need a little “you time” for the sake of your sanity.
Practicing self care is all about those moments you take out of your day to focus on your physical and mental health. It’s a way to de-stress, so you have the mental capacity to get out of bed in the morning and tackle another day.
And while indulging in a treat here and there can certainly give a helpful boost to your mood and blood sugar, it only offers temporary relief. If you want ongoing serenity, money is the answer. Focusing on how you organize your financial house can bring you long-lasting peace of mind.
How Can You Practice Self Care?
Performing financial self care might feel strange compared to your other habits, but practice makes perfect. Take a shot at these tips to strengthen your financial stability and kick stress to the curb.
1. Be Prepared for Emergencies
Every family runs into emergencies from time to time — whether a pipe bursts in your basement or your dog gets into your stash of chocolate. Troubleshooting these repairs and vet expenses can be stressful if you don’t have emergency savings.
Squirrelling away some cash each month can go a long way to preparing you for when life goes sideways. You’ll have money on standby in case you need to cover an extra expense you weren’t expecting.
If you fall short of what you need, online lenders like MoneyKey can help. They offer installment loans and lines of credit online, making it easy to apply for a loan in an emergency.
2. Review Your Budget Regularly
One of the most common budget bad habits is forgetting it exists. All too often, people create a budget and then never look at it again. But for this spending plan to be an effective money management tool, you need to review it regularly.
Assign a day out of every month to check that everything is going smoothly.
Don’t worry if you spent more than you planned — this is a learning opportunity. You’ll be able to flag bad spending habits that take you off course. You’ll also spot vulnerabilities, like if you weren’t prepared for an unexpected expense.
3. Check Your Accounts, Including Credit
Keeping an eye on your financial accounts is a good way to make sure you stay informed about your financial situation. More importantly, it helps you spot any suspicious activity alerting you to fraud.
Scan your bank and credit card accounts for your posted purchases, making sure you recognize each one. You’ll also want to check in with any installment loans or lines of credit to ensure everything is as it should be.
Finally, use each of your three free credit checks, timing them periodically throughout the year. Here, you’ll want to scan for any inaccuracies in accounts you opened, plus any accounts (like direct payday loans and cash advances) you didn’t open.
Your financial self care routine may not be as relaxing as sipping wine in the bath, but it is just as important to your mental wellness. Find some inner peace by trying these three tips.