Let’s talk about #financialselfcare. Are we in favor, duh. How could it be otherwise with a company like Elfin where we help women become financially independent. Anyway, more happiness with financial self-care, how exactly does that work? Maybe you’ve seen this term come up before, or maybe you don’t have an image of it yet. Therefore, this article. In fact, we are happy to explain to you what it is and why it is wise to engage in it. That’s why we wrote this article to get you into the vibe! 5x good money habits, wanna read it?
5x good money habits, what are they?
- put an end to debt
- talk about your finances
- set a specific goal
- create a budget
- go invest
What is financial self-care?
Financial self-care is about taking good care of your finances. And we as women should not take this lightly. As our role model Sally Krawcheck beautifully says: only until we are financially equal to men, we are fully equal to men. And that’s just the way it is. We women are masters of caring for others. These days we are getting better at taking care of ourselves. And now is the time to prioritize financial self-care! Exercising, eating healthy food, healthy boundaries in all types of relationships we have, taking rest, time for ourselves – we are on the right track. But how are we going to make sure that, financially, we also give ourselves the best of the best?
5x good money habits
Many people leave their finances in a bit of a lurch, and that’s not crazy. Read this article, where we explain why it is difficult to make choices where you have to give up short-term satisfaction to create long-term ultimate freedom. Now that you are reading this, it is high time to take responsibility over your finances and build a more conscious relationship with your money. A new mindset or habit is not something you have mastered overnight; it takes about sixty days on average (although it can be faster if you try really hard and persevere). We’d like to give you a few tips and examples of financial self-care to get you started.
1. Put an end to debt
Debt unfortunately affects not only your wallet, but also on your health. In fact, in many cases they bring a lot of stress. So it is very important to address them as soon as possible.
2. Talk about finance like it’s your bestie
Be proud, be supportive. Be grateful and loving. Be happy that she is in your life helping you, supporting you in making your dreams come true. Money is often a subject that everyone wants to know about, but no one dares to ask about or talk about. There is a taboo on the subject and in Holland, and especially among women, we act as if talking about money is the same as telling what you did last night in bed with your lover. Although, on both topics we should talk nicely we think. Either way: those who talk about money learn about it. Ask yourself out loud what you find interesting about money and discuss with friends or family what you sometimes worry about. And do you have people around you who throw their small minded way of thinking in your face? Join the Elfin, because there we do nothing but talk about money!
3. Set a specific goal and stay motivated
World trip? Marriage? Job termination? Buying a new car? Starting your own business? Bye bye to that toxic lover? By setting an inspiring and good goal, you make putting money aside much easier for yourself. In addition, setting goals for your entire financial self-care journey is a good idea. This is because by taking small steps and achieving small goals each time, you will stay motivated. Learning new routines regarding saving and investing takes time, and you will only get there with a lot of patience, determination and by not setting the bar too high at the beginning. How we smash financial goals? Write down what we want to achieve, attach a concrete amount of money to it, visualize what our life is like when we reach this goal, and full dedication every day, week and month!
4. Keep track of expenses, income and savings
Once you know what your goal is, it’s a good time to keep track of your expenses and income. Next, you can start budgeting. For example, using the 50/30/20 rule. Or if you find that too big a step, you can also try to raise the bar a little higher every month or every six months. For example, consider trying to spend 5% less each month than the month before or trying to set aside 10% more every six months. This way you can gradually balance your expenses and income.
5. Dare to invest
Do you no longer have debt, your so-called f*ck it pot ready and keep money left over every month? It’s time to start investing darling! First, read up on the risks, key investment rules, how to get started and how to ensure that investing is a long-term success, and get that money working! Especially if you can spare your money for a longer period of time, investing can be a good idea and you can reap the benefits in the long run. Read more about investing and why it’s so tremendously smart here! As far as we are concerned, going into investment and thereby building wealth is the ultimate form of financial self-care!
Know that investing takes risk and you may lose (some of) your investments. Don’t have to. Gain knowledge, understand what you are doing and minimize risk!
