When it comes to self-care, what comes to mind? Taking time to focus on your own personal needs can be challenging to prioritize. Busy schedules and taking care of the needs of others can be consuming. The idea of self-care is to be intentional about focusing on your own needs. Personal finances can impact many aspects of your well-being. Consider practicing financial self-care to improve your financial well-being. Dedicate time to intentionally focus on your financial wellness. 

Once you have set aside time to focus on your financial wellness, think about your financial goals. You likely have both short-term and long-term ideas of where you want to be personally and financially. Take time to write down your goals and financial priorities as research shows written goals are related to higher achievement rates (Matthews, 2007). After you decide what goals you are aiming to achieve, create a realistic plan of how to work toward your goals. 

While some goals may take many years to achieve, the decisions made in the present can affect your financial future. According to the Bureau of Labor Statistics, the three biggest household expenses in the United States are housing, transportation, and food (BLS, 2024). Being aware of what purchases are necessary and what purchases are things you want is important when making financial decisions. Sometimes, the things you want may not be part of what you value and prioritize long-term, so take the time to decide what is necessary and what needs to be given further consideration before making a financial commitment (Mahlandt, 2023).

After you have gained a better understanding of how much your basic needs cost, you can see how much you are able to spend on things you value or save toward other goals. Look through your recent spending and see if your purchases are in line with the goals and priorities you have set for your future. If you have some expenses that are not helping you achieve your goals, you may give this more consideration the next time a similar purchasing opportunity arises. Are there any recurring expenses that may no longer benefit you, such as subscription services, that could be cancelled? Reflect on how you are spending money to see if you could make positive changes, even if they seem small. Small changes can add up over time to make a big difference. 

References

Bureau of Labor Statistics (BLS). (2024, September 25). Consumer Expenditures – 2023. U.S. Department of Labor. 

Mahlandt, J. (April 12, 2023). Let’s find your financial balance. Finding Financial Balance – University of Illinois Extension. 

Matthews, Gail. (2007). The Impact of Commitment, Accountability, and Written Goals on Goal Achievement. Psychology | Faculty Presentations. 3.