Getting all your ducks in a row is as important for your finances as it is in other areas of your life. In this article, you will discover how you can practise “financial self care” to ensure you feel good about where you are at with your finances.
Practising self care does not only mean taking care of your body, mind, and soul. You can also practise financial self care to ensure your finances are in a good place or at least, on their way there. In this article, you will learn how can do that.
By accessing your finances, you'll know where to start to improve your financial situation.
Take a snapshot of your finances
The first thing you can do is take a snapshot of your finances, which means checking where you are at financially without judging yourself. Once you have asserted how much you have, how much you owe and how much money is coming in and flowing out each month, you will know exactly where to start to improve your financial situation.
Create a budget
Now that you know where you stand with your finances, it’s time to set up a budget. Having a budget will help you to stay on course with your financial goals as you know exactly how much you can spend and on what.
Also, having a budget will give you insight into where you overspend and where you aren’t spending as much as you think.
Once you have set up a budget and you know how much you will be able to put aside each month, you should start setting yourself financial goals. These can be savings goals, investing goals or any other type of money-related goals such as cutting back on spending on certain luxuries.
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Having financial goals enables you to work towards something, which, in turn, will keep you motivated to stick to your budget to attain your goals.
Don’t be afraid to get help
There is no shame in getting help when it comes to your finances. Talking to a financial advisor can be an excellent way of getting just the help you need to get your financial ducks in order.
Financial advisors usually charge per hour and will be able to answer any question you may have about money management and investing.
Set up a fun fund
Finally, you should set up a so-called “fun fund” that you can spend on little treats and fun activities that are outside of your normal budget but won’t steer you off the road towards your financial goals.
This information is provided by DPN Pty Ltd ABN: 94 630 700 186, Australian Credit Licence 514759. DPN Finance Pty Ltd is an authorised credit representative 504129 and a related entity of DPN Pty Ltd. Casa Capace Operations Pty Ltd ABN: 79 624 981 184, NDIS provider Number 4050038018 trading as Casa Capace.