It’s pretty amazing how many of us take the time to follow a healthy diet, visit the spa for some rest and relaxation, work out religiously and do all it takes to ensure our overall wellbeing while overlooking the importance and role our finances play when it comes to our mental state.
You may look well put together from the outside but if your spending is more than you’re earning chances are you are stressed.
Whether you choose to accept it or not, deep down you know your finances are in the doldrums and you need to do something about it asap.
And this is where good money management comes in and why you need to pay a closer attention to it as part of your self-care routine.
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It reduces stress: Stress hits different when you’re broke. You can’t think, focus or relax. The bills are piling up, you’re avoiding your landlord like a plague and you are constantly worried something may happen and you may not be financially prepared for it. Not too long thereafter you start developing headaches, ulcers, high blood pressure and other health complications that are stress related. Knowing how much you’re spending and earning helps you sleep better at night and make plans accordingly.
It helps you deal with debt: Whether you’re servicing a mortgage, student loan or car debt, you need to come up with a proper strategy to offset them as soon as possible. This is one of the best and fastest ways to financial freedom and self-care. If it means working overtime, starting a business or getting another job to conquer your debts, do so to accelerate the payment.
While at it, cutdown on your spending and avoid taking any other debts.
It will help you save: Many of us are living from pay cheque to pay cheque and it is scary. Since most of the money goes out on spending, there is little if anything left to save.
To jump start your saving plan, start budgeting the little you have. Even though your income is irregular, plan the money as it comes and cut down to fit your needs accordingly.
Make necessary adjustments and keep looking for more ways to set aside as much as you can.
It will help you achieve your goals: If you want to get that well paying job, that important certification or move to a much better neighborhood, use that as motivation.
Set some time aside and write down your goals and how you hope to achieve them. Be as descriptive as you can and spell out every detail that go into achieving it.
If you have to say them out aloud every day or read them every time you look at your bathroom mirror, that passion will file your desire and you will find yourself taking the necessary steps and actions towards achieving them.
You will enjoy money more: Spending on that bag or shoe you didn’t really need instead of buying groceries or paying some bills will eat up your conscience.
But when you plan and budget for your money the right way to cover the occasional indulgence, you will feel motivated and refreshed especially when you’ll need a pick me up.
There is nothing wrong with rewarding yourself once in a while so long as you do it within the set parameters.
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