How to get started with Financial Self Care in 3 easy steps

Does money stress you out?

Money is the #1 cause of stress for Canadians and it impacts women than men.  Chronic stress caused by money can lead to depression, anxiety, and if left unchecked, life altering illnesses. 

Doctors have long recommended that you make an effort to eat well and stay fit so you can live a long and happy life.  They are right, but as you extend your beautiful life into the golden years, will you have the financial means to enjoy it?

Your financial health is a key component to a positive mental and physical state. So if your financial state is a mess and causing you heaps of stress, spending $200 on your next massage probably won’t fix the problem. 

Your financial health is also important for those around you.  How are you supposed to care for others if your financial life is a mess?  If you can’t pay your bills, how are you going to pay for your kid’s college education?  Could you stop working and care for an elderly relative?  Getting your money life together can help you do all this.

Self Care 101: Financial Health First

Financial wellness should be a part of your routine.  When you’re saving and investing, you feel confident you can reach your financial goals.  It’s empowering.  You’re in the driver’s seat and no one can take that from you.

The good news is, you’ve already proven you have the discipline to create healthy behaviours in your life. Your financial wellness is no different.  Here are 3 ways you can start right now:

Tip #1: Make a date with your money

This is a special moment for you and your chequebook to review your last month of spending and saving.  Download your credit card and online statements, pour yourself a glass of wine, and be kind to yourself and what you may uncover.  A simple way to organize your expenses is using the 50/30/20 hack.  You can download the template (and instructions for how to use) from the Resource Library here. 

Tip #2: Set your financial goals

I like to talk about spending with intention.  This means understanding what you want and making the financial goals to get there.  Sometimes we don’t have the money we want right now, and it can be frustrating.  Delayed gratification is not popular today, because we want it all, right now. 

But I promise you that when you have the discipline to stay focused on what’s most important in your life, it will become easier to spend on what matters most. 

Tip #3: Prioritize your debt

This is a biggie. Paying off debt is not an easy task, but it is possible and there are plenty of ways to do it effectively.  Take a moment right now and imagine your life debt-free.  What are you doing?  How do you feel?  Amazing, right? When your debts are paid, you can start to invest.  And that is the way to building wealth.

Your financial health is important.  When you’re mindful with your money, you can reduce your stress and improve your overall well-being.  If you need help getting started, I’m a certified money coach.  Together we’ll build a plan that fits your lifestyle and helps you reach those financial goals – and keep your stress levels in-check.  Set up your free 30 minute consultation call here.

 

Stephanie Wolfe is an Accredited Financial Counselor of Canada (AFCC) and the Founder and CEO of Wolfe Collective Wealth Inc.  She is a passionate advocate of financial wellness and empowering women to take control of their wealth.  She resides in Toronto with her husband and three children.

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