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  • Your ultimate financial wellbeing pamper hamper

    Why financial wellness should be part of your self-care routine.

    Money is one of the biggest causes of stress in the UK – one in three adults feel worried about their financial situation. With everyday life getting more expensive with sky-high inflation, this number will likely rise.

    While there’s no quick fix to your financial worries, practicing financial self-care can really improve your overall wellbeing.

    This article isn't personal advice. If you're not sure if an action is right for you, ask for financial advice.

    What is financial self-care?

    ‘Self-care’ isn’t just about face masks and bubble baths, it’s much more. It’s the means of taking care of all your health and wellbeing needs to the best of your ability.

    Your financial wellbeing is a key part of this, and affects your overall happiness.

    Getting to grips with your money habits and improving your relationship with your finances is a great way to help wash away your longer-term anxieties. Plus, the best bit is it allows you to do more of what you love.

    Here are a few of our top tips to help you plan your next financial pamper session day.

    1. Create a budget

    Budgets tend to have negative connotations, but would you travel abroad without a plan? Unlikely and it would be both time consuming and costly.

    Budgeting uses that same ethos – it encourages smart spending.

    Having a plan for how you’re going to spend your money, means you’ll be less likely to overspend, allowing you to keep your savings on track for any long-term financial goals.

    2. Check your bank balance

    How many times have you avoided your bank balance for fear of what it shows?

    In reality, we should be doing the opposite. We tend to fear the unknown, so checking it is actually less stressful and helps you stay on track with your budget.

    If you do have budgeting on the brain, many bank apps now have handy dashboards that help break down your spending habits in easily digestible chunks. This is helpful for building and maintaining good spending habits.

    3. Get to know your money habits

    We form money habits from as young as seven years old, so much of what we know is typically learned from immediate family and friends. This can mean we pick up biases. Understanding your money mindset and any weaknesses will give you more control over your money.

    For instance, do you get tempted to spend when bored? Try implementing a 24 hour pause before committing to the purchase or work off that boredom feeling through exercise or a new hobby.

    4. Build an emergency fund

    Think of this as your independence fund.

    Start putting money aside for a rainy day. Three to six months’ worth of essential expenditure is a good amount if you’re still working. If you’re retired, you should have more cash – one to three years’ worth is sensible.

    You should hold your emergency cash in an account that’s easy to access quickly.

    How to save a penny for a rainy dayHow to save a penny for a rainy day

    5. Talk money

    Money quite literally makes the world go round, so it shouldn’t be a taboo topic of conversation.

    It’s especially important if you’re in a relationship to talk about finances with your partner. This doesn’t have to mean shared finances, but you should be aware of each other’s financial responsibilities and position. It’s also important to check you’re both on the same page when it comes to shared long-term goals.

    Everything you need to know about dating and debtEverything you need to know about dating and debt

    6. Set money intentions

    Think about your future money goals. This could be anything from paying off debt to saving for a holiday or increasing your pension contributions. Writing your goals down can help keep you motivated, making sure you stay on track and hold yourself accountable.

    7. Grow your financial knowledge

    The more we know about a subject, the more comfortable and confident we tend to feel. Why not build a financial podcast into your weekly routine?

    Start listening to our very own ‘Switch Your Money On’ podcast.

    If podcasts aren’t your thing, why not suggest a book about investing to your book club and discuss it with friends.

    Please note that investments fall as well as rise in value, so you could get back less than you invest.

    8. Pay your pension some attention

    Some of the anxiety we feel today could be caused by worrying about the future. Boost your long-term financial resilience and feel confident that you’ll be able to retire on your terms by maximising your pension contributions.

    Pay as much as you can afford and take advantage of what’s available to you through your employer. An extra percentage or two might not seem like a lot, but you’d be surprised how quickly your pension could grow.

    Just keep in mind that you can usually access your pension when you reach 55 (or 57 from 2028).

    9. Start today

    Getting to grips with your money can change your life. It’s important for both short-term and long-term financial resilience, giving you peace of mind for the future.

    As women, we’re likely to prioritise the needs of others before our own. However, financial self-care has the power to improve your wellbeing and those around you. So, why not start today?

    Join the Financially Fearless mailing list

    Financially Fearless is the first step in empowering women to improve their financial health and wealth. Take your first step today and sign up for weekly emails packed full of expert content using the form below. Or if you’re on Instagram follow us @FinanciallyFearless_hl.

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