This month’s focus was easier than I thought, this was probably one of the easiest set of self-care ideas list I’ve worked on and even though I am not a financial expert, I think I did pretty good with the information I provided as it relates to finances. As we close out the month and this specific set of self-care ideas, I wanted to end this month’s self-care focus with ideas that will benefit those who are still in the weeds when it comes to being financially stable. I provided a lot of options this month and it might be hard for you to figure out where to start, especially if you are new at this. This week I decided to create a list of must have financial self-care ideas for financial beginners. Individuals who fall into this category are those who struggle with trying to stay from going broke or over spending, and who have no financial security and is not sure where to start. If your finances is A1 then this isn’t the post for you lol but feel free to graze sometimes we find something useful in the basics.
Some of the options this week will be repeats, meaning there might be a few of them that was posted one day this month because so far I’ve posted ideas that worked for those who are just starting out, those who are considering taking more risk, and I can’t say for sure but for those who’s pretty much an expert at this. My goal is to provide a list that you should definitely add to your financial self-care arsenal as a financial newbie.
A BUDGET this is quintessential, it’s the foundation of financial self-care. If you don’t have a budget you really have no idea how much you’re spending or where your money is going. In fact, if you’re not tracking your funds, you might be questioning what organization is taking out $25 a month out of your account every month for the past year. Check your account, that $25 could be the monthly subscription for that free trial you completely forgot to cancel. I am a paper and pencil girl; meaning I prefer to work on my budget in a notebook, I think the most popular form of budgeting these days is via a software or a program like Excel.
A SAVINGS another foundational factor of financial self-care. Saving is not difficult, but I think some of us believe that we have to save a large amount each month. We don’t all have it like that, if all you can afford to save is $1 SAVE IT!!!! because it adds up and whenever you can add a little more, do it. If you have the option, have your job withdraw the funds from your account before you get your direct deposit. Another option would be to set up your savings at another bank so you won’t be tempted; if possible, don’t get an ATM card for that account this will prevent the urge to withdraw whenever funds are running low.
CUTTING THE FAT you can accomplish this when you work on your budget. What this means is, combing through your account and getting rid of subscriptions, extra spending (overly shopping, eating out a lot, etc) you’d be surprised at how much you’ll save by doing this (hint; put that money you saved in your savings account). Cutting the fat requires discipline especially if you’re accustomed to living your life a certain way.
AN EMERGENCY FUND can I be honest? I wasn’t sure what the difference was between this and a savings but then I thought, do I really want to dwindle my savings down every time something goes wrong with my car, around the house, medical emergencies, etc? Having an emergency fund means you’re always prepared it also means that your savings won’t be affected and if you’re hit twice with an emergency, at least you know you have your savings to fall back on. Emergency funds are also good if you lose your job and need to live off extra funds for awhile.
A RETIREMENT PLAN this one is easy in my opinion. If your job offers it sign up, no matter how young/old you are. We all need money after retirement and if you want to sustain a similar or better lifestyle after you retire, the more you have in your retirement account the more attainable that lifestyle will be. Some companies have really great retirement options, if you haven’t signed up talk to HR.
GET SOME EDUCATION I think I mentioned this last week, it’s important to always get some form of education around finances. This option is pretty inexpensive, if you’re new at this maybe don’t start out with a really expensive class just yet, I know that Youtube might have some videos on finances and you can find a lot of articles online as well. Once you get comfortable and if you can afford it you can start paying for classes or hire a financial advisor.
TAKE A FINANCIAL RISK this might look different for everyone and examples of this can be making a small investment, paying for an expensive class if you think it will benefit you, or putting a large sum towards one of your bills if you’re prepared to eat Ramen noodles for a month (lol). Do what works for you just don’t dig yourself into a hole you can’t get out of.
Bonus: KNOW YOUR CREDIT SCORE this is incredibly important. If you know your score and it’s great, keep it up. If you’re not sure what your score is, you’re entitled to one free copy of your credit report every 12 months from each of the three nationwide credit reporting companies. Equifax, Experian, and TransUnion.
Self-Care on the go are essentially bite size versions of my self-care challenges. It’s open to anyone but it’s specifically created for moms and other working women; who may not have time to participate in all (or any) of the challenges that I provide weekly because of their mommy duties or busy work schedule. You can access the infographic HERE. I’ve been posting them every Sunday since the beginning of the year and I really enjoy creating them. If you’re one of my readers who participate in, or enjoy these options because you find them convenient, leave a comment and let me know what you like about them or what you think I should change. Thanks for going on this self-care journey again with me this week.
By the way, if you’re interested, my Newsletter and Self-Care Accountability Worksheet is now available. The worksheet will act as a supplement to my daily self-care challenges. The purpose is to help you stay on track with your daily self-care routines. If you’re interested in receiving these items weekly, email me at email@example.com. The self-care worksheet is FREE, but will only be available to my Newsletter subscribers. I will NOT spam you, I will only email once per week.
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