We generally think that self-care means activities like getting manicures or taking a spa getaway. However, your financial wellness deserves some self-care, too. Try these financial self-care tips to help prioritize your financial health.
- Spend wisely
Planning where your money will go before receiving it is vital to maintaining a healthy financial balance. When money has a job to do, such as securing food, water or shelter, or helping you have fun, it is much more likely to be used for this purpose. Finding the balance between income and expenses may take time but it is worthwhile. - Use cash instead of credit
Living in the time of payment plans, high credit usage and super inflation can feel overwhelming. Though the option to buy now and pay later sounds attractive, those delayed payments can build up over time. If the payments become unaffordable, choosing to finance small purchases can damage your credit, which increases the price of your future loans. Also, if a credit card is used to make the payments and the card is not paid off quickly, the interest will be expensive. By delaying the purchase until you can save enough money, you can reduce the stress and expense of the purchase. - Find a routine
Plans are only helpful when they are used to help manage cash flow. Organization is key to financial wellbeing. When there is a routine to follow every payday, it helps to ensure smart choices are being made. This routine should include reviewing financial statements, ensuring bills are paid on or before they are due and monitoring financial goal achievement. Being organized will help to identify changes in cash flow before they become a problem.
Many people want to know the correct way to maintain their financial self-care routine over time. The answer is that there is no one way that is right for all people and situations. Finding a routine that works for your unique personality and circumstances is the key to financial success. If one system you try doesn’t work, keep making changes until it does, or choose a completely different system. If any system works for you, it is not wrong.
Article by Tina Herndon, TFCU Financial Educator
About the author
Tina Herndon began her financial career managing three native not-for-profit loan funds and completed a financial counseling session with each loan closing. She served as the Financial Education and Training Manager for the national nonprofit financial counseling and education service, BALANCE, where one of her responsibilities was main presenter. In 2022, she joined the Financial Empowerment team at Tinker Federal Credit Union (TFCU) as a Financial Educator. Learn more about TFCU’s Financial Education team here.