Taking Care of You
Self-care is one of many new buzz phrases of our generation. With the increased acceptance of mental health importance, self-care goes hand in hand. When one thinks of self-care, she may think a day at the spa, getting her hair done, or spending hours in the mall shopping. However, self-care is necessary in finances too. Americans indicated finances are one the biggest daily stressors. Today on the blog we are sharing our secrets to financial self-care to bring you guaranteed peace of mind.
Know Where Your Money is Going
I don’t know about you, but if I have cash it seems to magically disappear and I am bound to say “where did my money go?” Not knowing where your money went, especially when you need some more, is never a warm and fuzzy feeling. The most important piece of financial self-care is not just knowing where your money went, but telling your money where to go. We just described what an ELP Budgeting Services budget looks like. In the previous cash example, while yes cash seems to just disappear, it was cash I budgeted to “let loose” with. The bills have already been paid, savings allocated, and investments chosen. Therefore, I don’t feel too bad blowing a little money on myself. If knowing exactly what to pay, save, and when to do it sounds like financial self-care to you, our goal-oriented budgeting plans are just for you.
Budget in “Fun Money”
Earlier we alluded to the importance of budgeting in “fun-money” as a form of financial self-care. We constantly tell our clients that our budgeting plans are not about restriction. Discipline yes, restriction no. How long did that last very restrictive diet you did last? Yeah, we thought so; same for us. ELP Budgeting Services has proven that if a client can enjoy their money while achieving their financial goals, she is more likely to sustain financial discipline for the long haul. We have debt cancellation budgeting program clients cancelling tens of thousands of debt, while enjoying brunch, travelling and still saving tens of thousands. We encourage our clients to save for at least one vacation a year for that necessary mental break. It’s all possible if you plan it.
Save for your Future
An effective form of financial self-care is saving for the future. While finances can be a stress point, we’ve found at ELP Budgeting Services that clients without a financial plan for the future experience an even greater level of stress. Without a nest-egg for the future, it can feel like one will have to work forever (and unfortunately this is probably true). Practice financial self-care by establishing a strong plan for your retirement savings. Learn how to invest while having access to unlimited financial education and support with ELP University. Take our “Planning for Retirement” e-course and remove the power financial stress has on you due to a lack of retirement planning. Check out what our clients had to say about ELP University and Planning for Retirement here.
A State of Mind
Ultimately, financial self-care is a state of mind. You have to first decide that you will not allow finances to be what damages your mental health. We’ve seen clients accomplish major financial goals once they’ve made up in their minds to practice financial self-care. Don’t get overwhelmed by “all you need to do”. Take it one step at a time and prioritize. Do you need to first know where your money is going? Focus on this form of financial self-care first. Worried most about your financial future? Let’s focus your energy on this form of financial self-care. If you commit to your financial self-care, we can guarantee all areas of your personal finances will become a source of peace rather than stress. As always, we are here to help.
