Three smart ways to indulge in some financial self-care

While you may be putting more focus into self-care pursuits that boost your physical and mental health, have you thought about a little self-care for your finances? Financial educator, Melissa Browne, shares her three top tips to boost your financial wellness.

The global wellness economy is worth a whopping $4.4 trillion, which means you’re probably indulging in some form of wellness throughout your life.

Maybe it’s practising yoga or meditation, listening to mindfulness apps, using jade rollers, buying scented candles, massages, face masks or booking an annual health retreat. Or maybe it’s going to bed at the same time every night, drinking enough water and moving your body.

Whatever you do, often when it comes to self-care it’s about the physical and the emotional.

Three smart ways to indulge in some financial self care

Boost your financial wellness

What I am often surprised by, however, is that included in all this self-care isn’t the one area that affects our emotional and physical states, often through stress and worry. The one neglected area in all that wellness? Our finances.

According to a recent Ellevest survey, in pre-COVID times, nearly two thirds of women counted money as their number one source of stress. While since COVID, nearly half of women said they believed that financial stress has taken a toll on their mental and emotional health.

Given the financial stress so many of us are under, it begs the question: Are you really practising self-care if you’re not including your finances?

I believe leaving money out of your self-care routines is like trying to meditate in a room full of mosquitos. If the noise of the mosquitos droning doesn’t push you out of your deep state, the itchiness of the many bites you’ll suffer very soon will. Neglecting your finances when it comes to self-care means you’re not treating the one area that can permeate the rest of your life and threaten to undo any peaceful state you might create.

If, like most people, you suspect you’ve been leaving your finances out in the cold when it comes to self-care, here are three easy things you can do.

1. Indulge in a financial detox

Decide on a length of time (I’m a fan of 30 days, but even seven days is better than nothing) and choose what you’re not going to spend on for that period. It might be clothes and shoes, or it might be lunches and eating out.

The idea is to stop spending on your wants during the detox period, and to be mindful about when you’re tempted to spend. This isn’t to say during life you can’t spend – instead, it’s to question the emotion behind your spending and to turn you back into a conscious consumer.

2. Swap, pause and cancel

During the detox, pull open your bank account and go through three months’ worth of expenses. As you do, ask what expenses you could swap for a cheaper option, what expenses you’re not using currently and can pause, and what expenses you should be cancelling.

These might be subscriptions to pay TV, memberships you’ve signed up to during lockdowns that are no longer relevant, or things you’ve moved on from.

3. Unfollow, unfriend, unsubscribe

Too many people grew up in an environment they had no control over. Yet, as adults, I see too many of us curating an environment which is either harmful at worst, or not beneficial at the very least to our finances.

Certainly, most of us are constantly carrying around a Mobile Shopping Device with us (also known as a mobile phone), and we’ve created online environments through our social media feeds where we’re being sold to 24 hours a day. This might be from brands that we follow, but it could also be influencers who are perpetually peddling products to us that they’re not paying for themselves.

Spend a morning and unfollow, unfriend and unsubscribe from anyone causing you to spend in way that isn’t how you’d choose (if you weren’t carrying your MSD around with you).

Chances are when you think of your finances, you feel overwhelmed or stressed, therefore you push it to one side and hope it will sort itself out. Instead, it’s about reframing financial self-care to be like a soft, supportive, calming bath for your finances.

What’s not to love about that? Contact us today if you need help managing your budget. Call us on 03 9553 0271.

Source: Flying Solo September 2022

This article by MELISSA BROWNE is reproduced with the permission of Flying Solo – Australia’s micro business community. Find out more and join over 100K others

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Interprac Financial Planning Pty Ltd 

Darryl Jopling

Senior Adviser

I have worked in the financial services industry since 1982 and as a Financial Adviser since 1999.

I have worked for large Financial Planning businesses, Membership based organisations and looked after the financial planning needs of clients within an Accounting Practice before starting my own business.

I am married, have 4 older children and a grandson and I am keen golfer with mixed results like many .

I have been through many of the strategies I talk with clients about myself and with my family.

I have been through the journey of seeing my parents move into Aged care and negotiated the difficulties and pitfalls of understanding the system for them and this gives me an excellent insight into what is required to assist families at this difficult time.

In a previous roll I used to run retirement seminars looking at Centrelink and Retirement Incomes and how to make these work for you. I have helped many of my clients with Aged Care advice when their parents needed to move into Nursing Homes. For many clients I assist them with superannuation, building wealth and protecting their loved ones with insurance.

I am supported by his, Licensee, Interprac Financial Planning’s in-house resources and ongoing technical, systems and training.

I am committed to understanding your needs and identifying strategies and products to help you achieve your goals.

My guiding principle as an Adviser is to design plans which help to provide my clients with clarity of purpose and the opportunity to build a solid financial foundation.
I will take the time to listen, explain things clearly and keep you informed throughout the advice process.

My experience is complemented by professional qualifications including:

  • Certified Financial PlannerTM Professional
  • Diploma of Financial Planning

At Choice Financial Advice we work with you along the way on life’s journey.

Whether you are getting married, starting a family, embarking on the trip of a lifetime, planning to enjoy your years after work or assisting elderly parents with Aged Care and Nursing Home placements, we can help.