The Power of Financial Self-Care
Have you ever thought about how we use and manage our money as a form of self-care, like financial self-care? I know this might sound a bit unconventional, but what if you could manage your money and unlock it as a form of self-care and overall well-being?
In today’s culture, oftentimes we are told that feeling stressed or overwhelmed should be combated with activities like getting a massage, working out, or buying scented candles. These are “self-care” activities that are marketed as ways to improve our mental health. While there is nothing wrong with investing in our mental well-being, we need to dig deeper into this notion of financial self-care.
Let’s look at buying scented candles. We might spend $50 on a candle that promises to produce serotonin and dopamine, hormones that make us feel good. We put full trust and faith into this candle that will alleviate our anxieties and make our problems disappear. But what often happens is that we feel guilty after buying the candle. It’s an expense, which brings back our anxiety if not make it worse.
Our intention with buying the candle was self-care, and this was a way to recognize that something is off in our life and we want to address it. However, I believe we’re going about it the wrong way. Self-care is not just about indulging in temporary fixes, but rather about how we treat ourselves holistically. I know that might come as a shock to some because we are so focused on the present that we can sometimes forget about our future selves.
Self-care encompasses various parts of our lives, and it’s important to pay attention to our needs across these different areas. So, I did a Google search and found that there are eight different types of self-care: physical, emotional, social, spiritual, personal, home environment, school/work/responsibilities, and financial self-care.
Financial self-care is developing a consistent habit of managing our money similar to brushing our teeth or exercising. We should strive to always be mindful of our finances every day. Regularly checking our bank accounts and credit card statements is one way to become aware of our financial situation. This means we can take action when it’s needed. This simple act empowers us and can reduce our anxiety tremendously. So why do we ignore our financial self-care?
I believe it’s because we’re afraid that we might be upset by what we see. We might realize something we didn’t know before and to be honest, we don’t want to face the reality of that situation. It’s almost like out of sight, out of mind. If I don’t look at my bank account today, maybe everything will be how I want it. Who else is really great at avoidance like me?
But remember, being aware of our financial inflows and outflows is an act of self-care. It allows us to dispute any discrepancies and make informed decisions by being mindful and avoiding unnecessary stress and worry. We also need to ensure we balance the needs of our present and future selves. Saving money is often seen as depriving our current selves of enjoyment, but we need to change this mindset to one of seeing saving as an act of self-care for our future selves. By building a financial cushion, we gain the flexibility and freedom to do as we wish in the future. This balance between treating ourselves now and taking care of our future selflessness is crucial for our overall well-being and our financial self-care.
Think of the future you as just as important as the present you. Don’t ignore your future self. Find a balance between enjoying the present and preparing for the future. Treat yourself to something you love now, but also save for something you’ll love in the future as well. This ensures that you’re taking care of both versions of yourself.
It’s also important to determine what truly matters to you and not give that up. Self-care means paying attention to what brings you happiness in the present. If your daily Starbucks or trips to Target bring you joy and reduce your anxiety, embrace them. It’s about finding the balance between treating yourself and taking care of your financial well-being. This at the end of the day is what financial self-care is all about, balance.
It’s true that we can have the things we love and take care of ourselves financially. It’s not about sacrificing one for the other, but rather about finding a balance that works for us individually. No financial guru or expert can tell you what’s best for you, only you can do that.
Self-care goes beyond temporary fixes but rather treating ourselves holistically and incorporating financial self-care into our daily routines. By being mindful of our finances, balancing present and future needs, and embracing what brings us joy, we can achieve a sense of well-being and financial freedom. If you’ve enjoyed this blog, check out my podcast, Money Isn’t Scary where I help people overcome their fear and negative associations with money by empowering individuals to take control of their finances.