Balancing the Books and the Mind

Financial stress can take a toll on both our mental and physical health, so incorporating financial planning into your self-care routine can lead to a more balanced life.

Jul 01, 2024

National Self-Care Day is the perfect time to reflect on how we care for ourselves. While self-care often conjures images of spa days, exercise, and mindfulness, an important but often overlooked aspect is financial well-being. Financial stress can take a toll on both our mental and physical health, so incorporating financial planning into your self-care routine can lead to a more balanced life. Here are three ways to make financial planning part of your self-care practice.

Create a Budget that Reflects Your Goals and Values

A budget isn’t just about limiting your spending; it’s about prioritizing your financial goals and ensuring your spending aligns with your values. Whether it’s saving for a vacation, paying off debt, or investing in your future, a budget can reduce financial anxiety and provide a sense of control.

Start by understanding where your money goes each month. Use apps or spreadsheets to track expenses and identify areas where you can cut back (Did you know that the average person spends $300 on monthly subscriptions? This is a great place to start searching for savings!)  Next, define what you want to achieve financially. Whether it’s building an emergency fund, saving for retirement, or paying off a loan, clear goals provide direction. A good ol’ written list will help you prioritize. Finally, consider whether your spending habits reflect what’s most important to you. If you value experiences over material goods, allocate more budget to travel or hobbies rather than unnecessary purchases.

Searching for savings? Consider reigning in those impulse purchases!

A budget that aligns with your values and goals not only provides financial stability but also enhances your overall well-being by reducing stress and promoting a sense of accomplishment.

Schedule Regular Financial Check-Ins

Just as you schedule regular health check-ups or salon appointments, setting aside time to review your finances ensures that you stay on track with your goals and can adjust as needed. Most importantly, regular financial check-ins prevent small issues from becoming significant problems.

Set a monthly date to review your budget, track your progress toward financial goals, and adjust as necessary. Use this time to celebrate small wins and adjust if you’ve gone off course. Then, once a year, take a deep dive into your finances. You can start with our handy financial health check-up! Assess your investments, review your credit report, and make sure your financial goals are still aligned with your life goals. Consider meeting with a financial advisor annually, too. They can provide valuable insights, help optimize your financial plan, and keep you informed about changes in financial regulations or opportunities.

From the blog: Tips for a financially-savvy new year

Regular financial check-ins help you stay proactive about your financial health, reducing uncertainty and empowering you to make informed decisions that contribute to long-term peace of mind. If you’re feeling overwhelmed, try penciling in a financial health check-up when you schedule your annual physical!

Invest in Financial Education

Financial literacy is a key component of effective financial planning. By understanding financial concepts and staying informed about best practices, you can make smarter decisions that positively impact your financial health.

Dedicate time each week to reading financial news, blogs, or books. Topics might include investing, saving, budgeting, or retirement planning. Online courses and workshops on financial planning can provide in-depth knowledge and practical skills. Check our monthly webinar schedule! Look for courses that cover topics relevant to your financial situation. Investing in financial education equips you with the knowledge and confidence to manage your finances effectively. A proactive approach reduces anxiety about money and contributes to a sense of empowerment and control over your financial future.

BPAS University has hundreds of FREE resources. Whether you’re interested in financial planning, investing, or saving for retirement, there’s something for everyone.

This National Self-Care Day, take the first step towards financial wellness and experience the peace of mind that comes with being in control of your finances.