Right now, you may be wondering how can anything that has to do with finances be related to self-care. Talking about anything related to finances for many people is a trigger for stress and anxiety, which is honestly the complete opposite of self-care.
The truth is there is such thing as financial wellness, and a growing number of Australians have only recently begun discovering the benefits of financial literacy and wellness.
What exactly is the definition of self-care?
For many people, self-care means different things – for some, self-care is getting enough sleep; for others, it’s taking a moment to appreciate life. However, what all of us can agree on is that self-care is taking care of our physical and mental health.
And then we also have to clarify the meaning of financial wellness – simply speaking, financial wellness is the ability to understand and make good decisions with your finances.
You can see the correlation between self-care and financial wellness now, can’t you? So, now we can continue and discover why financial wellness is an important form of self-care.
Try to live within your means
Just reading this makes you squeamish – because living within one’s means implies having a budget you have to stick to. It also implies having to always be aware of the said budget.
According to a recently conducted survey, 26 percent of Australians live well beyond their means, worrying since they also express their worry and powerlessness to deal with the financial situation further.
This is exactly why living beyond your means is stressful and why deciding to live within your means is, in fact, a form of self-care. All you will be doing is cutting out unnecessary expenses to afford the things you want. Save yourself all the unnecessary problems and just get involved with your finances and better understand them.
Get rid of any debt you have
Living beyond your means is linked to having debts – lots of debts. And let’s just put it out there – there is no such thing as good or bad debt. Debt is debt; it’s the one thing that robs you the good night’s sleep.
If you truly want to achieve financial self-care – start by paying off all your debts. You can do this by creating a plan that will help you pay off all your debts faster. Several different debt payoff strategies could work for you – just find what suits you best and stick with it.
Similarly, try not to create more debt by trying to pay off the old one. Avoid using your credit cards and stick to debit cards when you’re in debt payoff.
Get help with your finances
More than half of Australians are financially illiterate – this means that keeping track and dealing with finances is difficult. Having a hard time understanding something will cause stress, especially if you have to deal with complicated financial situations.
In this case, self-care would be hiring a professional who can help you deal with finances and financial complications. If you are in a situation where you need a bit of help from a professional and are located in Sydney’s inner-western suburbs, you could visit certified accountants in Glebe.
Without a doubt, they will help you deal with any financial problems without stress and anxiety.
Make a fund for the future
When we’re young, we don’t think about what will happen once we’re no longer able to work, just like we never consider life’s unpredictability. A form of self-care is thinking about future and unexpected situations in life.
To ensure that you are financially sound in the future, start saving and investing in a retirement fund. Retirement or pension funds are investment options that allow you to save a portion of your retirement money. There are many things and steps to consider when making a retirement plan, so make sure you are well informed.
Life has a way of always keeping us on our toes. We never know what might happen tomorrow, and partially, that’s the beauty of life. However, sometimes things that happen aren’t all that pretty.
Illnesses happen, nature is fickle, cars brake down, anything that doesn’t fit your plans, and your financial plans, can be considered unexpected expanses. You can deal with these kinds of expenses by starting an emergency fund.
The emergency fund is the money you set aside for when life throws curveballs your way – medical and dental emergencies, job loss, etc.
Self-care is having an emergency fund because having one means less stress and worry in your life.
You can see now how closely related financial wellness and self-care can be. Can you take good care of your body and mind if you’re worried about your financial problems? You can easily reduce your financial stress by starting to reduce unnecessary expenses, getting rid of your debts, and so on. Involving yourself with your finances and having them under control is self-care.