As many Americans continue to struggle through out this pandemic their now has been some relief for many families. According to the American Psychological Association, finances are the number one stressor for Americans. Financial trauma is a real thing and can take a toll on your mental health. This can cause depression, stress and anxieties and unhealthy spending habits. Are you practicing self care through shopping sprees, dining out or other luxury items? What does money management and financial wellness mean to you? How can we achieve all of these in addition to maintaining our self care. Let’s take some time to examine our behavior. Having a plan to take better care of ourselves and make progress to become better money mangers to create financial wealth.
The stimulus plan has landed, on March 11, 2021, President Biden passed the 1.9 trillion economic American Rescue Plan. Providing millions of families that qualify with $1400.00 his includes single tax filers making up to $75,000 per year, married couples filing jointly making up to $160,000, or head of households making up to $112,500. Dependents also qualified for stimulus money. This was only just some of the highlights of the bill, but have you decided what you are going to do with your stimulus money? Many families who have lost income during the pandemic will need to use their checks to put food on the table or keep a roof over their heads. However, if you are fortunate to be still fully employed and not financially distressed, consider putting your stimulus check to work and manage your money.
Just like exercise helps with endurance, don’t think short term when it comes to money management. You will need endurance goal setting, focus, commitment, perseverance, and good old-fashioned hard work. It takes a lot of commitment to reach your goals of managing your money with self-care. Taking care of your financial needs can help reduce stress and improve your quality of life. I am guilty of spending money on unnecessary items and eating out more when I can cook at home, or overcompensating my self-care needs. Soon thereafter I begin to realize when I have to pay bills at the end of the month I have overspent or didn’t need that purchase. To change these habits I begin to change my mindset on how I looked at my finances. I looked at my future and my current financial choices and visualizing what I wanted my future to look like. I started small by incorporating these routines into my self-care routine. Take a look, and see how you can make a plan and let’s see how it goes!
WEEKLY FINANCIAL CHECK INS
Find your favorite playlist and drink a cup of tea or coffee and do a weekly check in. I found tracking what I spend is helpful. Every Sunday I have an excel spreadsheet that I use for tracking my spending. However, there are many free apps that will sync directly to your bank accounts that will track the spending for you. If I have money left over I allocate my money to different accounts (savings, retirements, stocks).
LOOK FOR WAYS TO IMPROVE YOUR CASH FLOW
You can never have enough and you can always look for ways to improve your cash flow. One of my side hustles is selling surplus of clothing that I no longer need on Poshmark and Mercari. If you are doing some spring cleaning and haven’t worn a item within the past 6 months, and it’s still in excellent condition why not sell it. This is a great way to bring in some extra cash. Also, what a great way to chip away at other financial debt that you may have.
SPEND IN ALIGMENT WITH YOUR PERSONALITY AND VALUES
Making a plan with money management comes with being in it for the long haul. So, let be realistic you still have to reward your self at times to stop the urge from over spending. One way you can do this is make sure you budget for things that bring you joy.
Incorporating money management into an overall self-care routine can help restore a sense of order. It’s not about living a life full of restrictions, but about taking care of yourself and including your finances as apart of your self-care.
Let us know how you are doing with money management through self care, leave a comment below I would love to hear from you!