Four Ways to Improve Your Relationship with Money
It's the most wonderful time of year! Gift giving can be rewarding; you get to choose the perfect gift, wrap it up with a bow, and wait to see the lucky persons first reaction. But gift shopping can negatively affect your headspace.
Otherwise known as self-care, a commitment to your personal needs can help you deal with the stress. Self-care goes beyond our physical, emotional, social, and spiritual needs—it includes our financial needs, too.
Financial self-care means taking the time to focus on your finances and create healthier money habits that lead to greater financial health and overall well-being.
So, this holiday season, commit to showing yourself some love and give your financial wellness the attention it deserves. Get started with these three tips for achieving better financial health and overall well-being:
Explore your financial values
Spend some time evaluating how you feel about money. What are the first three words that come to mind when you think of the word “money?” Consider why these specific words pop up. Often, our financial beliefs and behaviors are tied to how our parents and caregivers managed money while we were growing up. Recognizing that connection is the first step towards developing new financial habits.
Review your current financial situation and spending habits
Write down all of your income, expenses, debts, and savings. If you are feeling anxious about your finances, this can be a scary exercise. Unfortunately, avoiding it won’t make it go away and can make your situation worse. Having a full view of your financial picture can help you see areas for improvement.
Focus on spending that helps you meet your goals
Using what you’ve learned about your financial habits, take a look at your current expenses. Is there any room to trim the fat? Relieve yourself of costs that don’t line up with your personal goals. For example, if you want to pay off debt, consider cutting your cable bill, or monthly subscriptions. The goal is to focus your spending on the experiences and items that make you feel good. Practicing financial self-care is an ongoing process. Make it a habit and dedicate time throughout your week to work on it. Just like exercising, the more you practice, the easier it gets!
Original article via GreenPath Financial Wellness