It’s not enough to commit to rigorous self-care of your mind and body. Research has found that financial stress is one of the leading external causes of mental health issues among adults worldwide. So, don’t underestimate the impact that true financial peace can make on overall mental health.
racticing financial self-care means reevaluating your relationship with money, saving, and investing to pave the way for a brighter and more secure future with less stress. In that regard, it is important to focus your time and energy on making concrete plans and goals that can support a healthy money mindset.
Key tips for saving money
- Be mindful and buy things that you really need
- Track your income and expenses
- Put aside a specific amount of money on a weekly/monthly basis
- Pay off your debts
- Avoid using credit to pay your bills
- Be careful on expenses during periodic purchases, i.e. gifts and vacation
BUILDING RESILIENCE: Read in this series
5 actions for effective money management
- Rethink your relationship with money: Track your spending
- Establish healthier money habits: Spend less than you earn
- Create a budget: Set realistic financial goals
- Invest for the long term: Make room for treats and plan for emergencies
- Improve your money mindset: Consider canceling unnecessary subscriptions and expenses
Keep in mind the 50/30/20 rule
50% for needs, 30% for wants and 20% for savings or paying off debt!!