3 Financial Self-Care Tips To Give You Control of Your Money
No matter where you’re at in life, we could all use a little financial self-care. Maybe you feel like your finances are out of control, or maybe you feel very comfortable in your current situation. Maybe you want to figure out how to save money for a rainy day, save a lot of money in a short period of time for a big trip or event, learn how to cut back on your spending, increase your income, or just know a little bit more about how to manage your money. No matter what your financial goals are, there are ALWAYS things we can be doing better.
We don’t all have the same beliefs about money. Everyone has a different perception of how we should be spending or saving our own money - and that’s okay! It’s YOUR money and you should deal with it however you want. But, it doesn’t hurt to have some techniques on how to improve your finances if you feel so inclined to do so.
Rewriting your beliefs about money
If you have self-limiting beliefs about money, don’t worry you can change that! Similar to what we talked about in a previous blog, “4 Tips to Transform Your Mindset and Set Yourself Up for Success”, you can learn to rewrite your self-limiting beliefs, specifically the belief systems you have about money that don’t serve you.
The first step is to write down everything you currently believe about money and finances. Think about everything from money as income, to your beliefs about spending vs. saving, to what’s “important” to you to spend your money on.
Then write down where those beliefs came from. Did they come from your parents? Your colleagues? Or maybe your financial advisor? Whoever they came from, identify if they are yours or someone else’s beliefs.
Use this to figure out what beliefs you truly believe in, and which ones you really only believe because someone else influenced you. Now, rewrite those beliefs to be exactly what YOU believe. Turn them into beliefs that are more productive for you and will benefit you financially.
2. Money tracking
I know - tracking your finances sounds like the most tedious thing in the world, but it can also be the most beneficial thing you can do to get your finances in order.
It’s important to take time to track your money so you can see where your income is coming from and where it’s going. Come up with a system that works for you - maybe it’s a kitty-gritty spreadsheet with tons of charts and graphs, maybe it’s an app to easily log your spending, or maybe it’s even hiring someone else to bookkeep for you. Whatever makes the most sense to you is the system you should be doing. This will help you track your spending habits to figure out where most of your money is going (and where you may be over-spending).
After you figure out your spending habits, it’s time to set a true budget. I know the term “budget” may make you squirm. But, if you want to stress less about your finances, you gotta do it! Set a limit in each category of your spending (eating out, grocery shopping, non-necessity shopping, events, etc.), and tweak those numbers as you figure out how much you really need (and want) to spend on each. From there, you can start working your way down (if possible).
Even just a little bit of extra money a month can be a game-changer when it comes to growing your savings or allocating more money to investing - or even just to put toward a different spending category that was lacking wiggle room before!
3. Tracking abundance
The “tracking abundance” technique is something I picked up from Sara Connell’s Thought Leader Academy, and currently live by! This technique is all about tracking any financial abundance that flows into your life and taking actionable steps that will lead you to more money.
All you really need to do is make a list each week (or month, etc.) of steps you can take to increase your income. This could be ANYTHING from finding a new gig, finding potential leads, sending emails, posting more on social media, etc. Literally any small steps that can give you a bump in cash. There’s always something you can do to generate more income - that’s why “side hustles" are so popular. But, it doesn’t have to be something huge like starting your own business; it can be literally anything like listing 5 pieces of clothes on a resale site, opening an Etsy shop for your crafts and creating a couple new small products to promote per month, or finding ways to monetize on social media.
Whatever it is, take those small steps each day/week to keep pushing toward building up your finances. Don’t just talk about making more money, take the next step by taking ACTION to make more money.
There are always ways to improve your finances - whether you need a complete overhaul of how you’ve been managing your money, or just a little tweak to be able to afford that next big trip comfortably. But, again, your money is your money and you’re allowed to do whatever you want with it. But, having knowledge of how to manage your finances better will give you more control when you do feel the need to make some adjustments.
