Feel your best with financial self-care
Self-care looks different for everyone: a little retail therapy, an at-home spa treatment, a fancy coffee or a little treat, a binge-fest with the cast of FRIENDS, a fancy dinner out, or a big serving of mom’s lasagna. No matter what forms of self-care you indulge in, we should all practice this form of pampering: financial self-care.
According to the 2023 PwC Employee Financial Wellness Survey, 57 percent of respondents say that finances are the top cause of stress in their lives, and 56 percent report spending three or more hours a day thinking about their finances. Managing your money can be stressful and anxiety-inducing, but a little financial self-care can go a long way, helping you reap the benefits of financial security.
Self-care isn’t about overindulging or making excuses to validate extreme spending. Self-care is an effective way to reward yourself, make yourself feel good, and motivate yourself to stay on track. Let’s explore how to find balance and practice mindfulness to support your overall health, happiness, and financial well-being.
Treat yourself! (like a bill)
It’s a fact – you will pay bills your entire adult life. Just like your car and your home, your body, mind, and spirit require maintenance, so why not treat yourself like a bill, too? Paying yourself, along with paying the rest of your financial obligations, is a win-win: You get the satisfaction of keeping some of your hard-earned dough and can allocate the rest to build an emergency fund, a rainy day fund, or a long-term goal fund.
Keep your new savings in a money market or high-yield savings account, and it’ll do the hard work while you sit back and relax. Watching your money earn compounding interest is more satisfying than a peel-off face mask or that first sip of your pumpkin spice latte, guaranteed.
Just like your physical care routine, saving money takes consistency and discipline – and the results feel great and are always worth the effort. Imagine walking into the mechanic shop or shopping for the holidays without worrying about how you will pay for it, now that’s self-care.
Review your account and balances regularly
While checking your account balances may be anxiety-inducing when you have bills due and expenses piling up, it’s better to face the problem head-on rather than avoid it and stir up fruitless anxiety about what might be.
Remember, avoiding checking your balance won’t make it better. Keeping frequent tabs on your accounts can help you better identify patterns in spending habits, subscriptions, and recurring payments you may no longer need. Most importantly, it’ll help you detect fraudulent or incorrect charges or withdrawals quickly.
If you are struggling with budgeting, talk to one of our Financial Guidance Experts for free! Having a cheerleader and a realistic budget you can stick to makes you feel good, mentally and physically.
Set it and forget it
We live in a digital world, why not digitize your finances? Open sub-shares for recurring bills like your rent or mortgage payment, student loans, utilities, and car payment. Then, set up automatic transfers to those sub-shares for the amount needed when your direct deposit hits. When it’s time to make those payments, no thoughts necessary. Simply transfer the funds to your checking account and pay them. Making payments stress-free and on time will do wonders for your credit score, too!
Pro tip: Don’t forget to set up sub-shares for things you enjoy, too like eating out, shopping, travel, date nights, etc. Practice financial self-care holistically by making sure you budget for the fun stuff!
Find a credit card that fits you
There’s a never-ending array of choices when it comes to skincare, bingeable shows, and credit cards – and they aren’t one-size-fits-all. Credit cards can be a detriment to your financial goals if they are used incorrectly, but they can also be a powerful tool when used responsibly.
Finding a credit card that aligns with your personal financial goals can work wonders for your physical and mental well-being, as well as your credit score. First, identify your needs: robust rewards if you’re a shopper, airline miles if you’re a global wanderer, or cash back if you’re a high spender. Then, use your card for everything – gas, groceries, takeout – and watch the rewards add up. Rewards and cashback are free money – use it to splurge on something that you might not otherwise spend money on.
Buyer beware: Always make it a priority to pay off debt and don’t spend more than you can pay back. If you tend to carry a balance, set a dollar amount you are comfortable with and be sure to stay under it. Opt for a card with a lower APR (annual percentage rate) to ensure you aren’t throwing money away on interest build-up.
Daydream about the future
Whether you’re just starting your career, looking forward to your , or sending your kids to college, the future is packed with possibilities. There’s always something around the corner to look forward to. Envisioning what you want that future to look like can be a perfect motivator to ensure your dream life aligns with your financial life.
Aim for your 401k contributions to meet the requirements to receive your employer’s maximum match. It’s free money! Bumping your contributions up annually, even by just one percent, can boost your retirement savings quickly.
Planning smartly for the future can mean the difference between working longer and pinching pennies or living your best life in your golden years. Take care of your future self.
