The Importance of Financial Self-Care and How to Prioritize It in Your Life | INVESTEDMOM
Self-care has become a popular buzzword, but it's not just about bubble baths and face masks. Financial self-care is an important aspect of overall well-being and can help you achieve financial stability and security. Let's explore the importance of financial self-care and I'll provide some tips for prioritizing it in your life because I've certainly been there!
What is Financial Self-Care?
Financial self-care is the practice of taking care of your financial health and well-being. This can include things like budgeting, saving, investing, paying off debt, and protecting your financial assets. Just like physical self-care, financial self-care is an ongoing practice that requires some time, effort, and attention. But the payoff is huge. Not just in your bank account, but also in your emotional well-being. When you're not stressed about finances, you have more room to focus on joy.
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Why is Financial Self-Care Important?
Reduces stress and anxiety: Financial stress is a common problem that can impact your mental and physical health. By taking care of your finances and creating a financial plan, you can reduce stress and anxiety and improve your overall well-being.
Helps you achieve your goals: Whether your goal is to buy a home, start a business, or save for retirement, financial self-care can help you achieve your goals. By creating a budget, tracking your spending, and investing wisely, you can make progress towards your financial goals.
Protects you from financial risks: Financial self-care also involves protecting yourself from financial risks, such as fraud, identity theft, and unexpected expenses. By being proactive and taking steps to protect your financial assets, you can avoid costly mistakes and protect your financial well-being.
How to Prioritize Financial Self-Care in Your Life
Create a budget: The first step in financial self-care is creating a budget that aligns with your goals and priorities. By tracking your income and expenses, you can identify areas where you can cut back and save money.
Automate your finances: Automating your finances, such as setting up automatic bill payments and savings contributions, can help you stay on track and avoid late fees or missed payments.
Educate yourself: Financial literacy is an important aspect of financial self-care. By educating yourself about personal finance topics, such as investing, retirement planning, and debt management, you can make informed decisions and improve your financial well-being.
Protect yourself: Protecting your financial assets is also an important aspect of financial self-care. This can include things like reviewing your credit report regularly, monitoring your accounts for fraudulent activity, and purchasing insurance to protect your assets.
What’s next?
Financial self-care is an important aspect of overall well-being and can help you achieve financial stability and security. By creating a budget, automating your finances, educating yourself, and protecting your financial assets, you can take control of your finances and improve your financial well-being. So, make financial self-care a priority in your life and start reaping the benefits today.
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Meet the Author:
Inge was born and raised in Cape Town, South Africa, and moved to Canada in 2010 looking for a better life. She always had an entrepreneurial spirit and started her first side hustle when she was 9 years old – selling fudge at school during lunch breaks.
It wasn’t until much later that she realized that saving isn’t enough to get ahead. She was always very interested in real estate, but saving up for a down payment was grueling and slow, and the demands of life kept getting in the way.
She started investing in herself and upgrading her skills while learning how to invest. She quickly became debt free and compounded her money at a staggering rate.
It wasn’t until she became a coach that she realized how significant an impact she can make in people’s lives by sharing her journey, learnings, and processes.
So here she is, advocating for everyone who is invested and wants to build their wealth, especially the mommas!