We all know how important it is to nourish our body, mind and spirit but when was the last time your finances got some TLC?
Research reminds us time and time again that money is the biggest consistent source of stress and can have a major impact on our mental and physical health and cause tension in our relationships.
We need to incorporate money wellness into our daily self-care rituals and focus our energy on working with it, not fighting and struggling against it – like it or not money plays a pivotal role in all our lives.
- Understanding your Money Pot
It is essential that you gain clarity and awareness of where you are at financially – what you own and what you owe, what are your fixed costs, and lifestyle spending. This can be quite confronting at first but knowing where you are is extremely empowering – Money Love Clarity….and Clarity is Power!! This provides you with a starting point to be able to move forward – if you want to change your Money Pot (allocating money towards reducing debt/building wealth/holidays/school fees OR ALL THE ABOVE!) you need to know what it looks like first.
Practical Tip
- Download the ASIC MoneySmart TRackMySPEND App for free to track your lifestyle spending.
- What does Wealth mean to you?
Who heard the saying when they were growing up “Money doesn’t grow on trees” or “Money is the root of all evil”?? What sort of messages do you think that provided us as children about money? Our relationship with money is very complex and not just about the money – it impacts our motivation and behaviour in many aspects of our life and who we are. It is important to identify if you have any limiting beliefs around money (we all have them by the way!) and question whether they are serving us or even true. Then Challenge – Replace – Repeat!!
Practical Tip
- Have a think about how money was spoken about (or not!) growing up and the connection that has to your current relationship with money.
- Structure is King
Do you know if your current situation helps or hinders you to manage your money? It is important to review your current financial structure to see if it is working as efficiently as possible and you feel completely calm and in control of the money flow. This provides you with a very clear picture of what is available and prevents you from being in a constant state angst and stress around your finances. It enables you to develop a healthy positive relationship with your money. Which would you prefer – Budgeting versus Guilt Free Spending??
Practical Tip
- Work out your Fixed Cost for the entire year and divide that figure by twelve – move this every month into a “Bills Account”.
- Set Daily Habits
Many of us practice meditation, journaling and daily gratitude but do we include anything around developing a healthy relationship with our money? We are all wired to focus on the negative (so we didn’t get eaten by sabre tooth tigers in caveman times!) so you need to be continually mindful around shifting your thinking to one of positivity and joy. What is one self-care ritual you can include on a daily basis to help promote your financial well being? Perhaps set an intention every morning to give yourself the space to observe how you relate to money and what triggers you, and how you could bring more balance into your financial life. Where your focus goes, your energy flows so invite wealth and abundance into your life!
Practical Tip
- Every morning write down 25 “I am….” – for example “great with money”!
- Celebrate your Wins
Developing a positive relationship with your money is an ever evolving and continuous journey. A vital part of financial self-care is to celebrate your wins – however big or small they might be. YOU ARE ENOUGH – this is about defining what your own money success looks like – not what others or society tells you it should be. Embrace (and make peace) with your money story and actively engage with your money – this will enable you to face your financial reality with more confidence and clarity!
Practical Tip
- Always make sure there is money available for the little things that are important to you – don’t see them as luxuries.
If you would like to catch up for a chat please contact me on 0417 614 854 or melissa@talkingmoney.com.au
Take care and I look forward to hearing about what you have implemented as your financial self-care strategies.
Melissa