Holistic Wellbeing Series- Financial Wellness

To kick off our Holistic Wellbeing Series, this month we are focusing on financial wellness. This one can seem a little daunting and something that many people put off for another day, but taking charge of your finances can have such a positive flow-on effect to our overall wellbeing, and ease some of the financial anxiety that can come from feeling like you don’t have complete control over your money and where it’s going.

Being mindful of your spending so that it is appropriately proportioned to your income will increase your sense of financial security so that it is something you are mindful of, but not stressed about.

Feeling a sense of financial security has a lot to do with your mindset around money and setting realistic budget goals to work towards. If you are guilty of buying every new thing that pops into your inbox, it may be time to unsubscribe from tempting promotional emails for a while (or maybe limiting how many you subscribe to).

Due to COVID-19, many started experiencing an increase in impulse buying and online shopping, because it gives us an initial rush of excitement, makes us feel good in the moment, and is a way of avoiding negative emotions. And everything you could want is at your fingertips- just a click of a buy button and it can be sent to you within days. This can play havoc with your bank balance and self-esteem shortly after though, when buyer’s remorse and guilt or stress about money kick in.

This month, if you aren’t already mindful of your finances, or you feel stressed living from paycheck to paycheck, try being a little more conscious of where your money is going, and how you might make some tweaks to ensure you feel financially secure into the future.

These are our top tips for women wanting to take more control of their finances;

  1. You need to really want to do it – find your why. Do you want to be debt-free and have financial freedom by the time you’re 40? Are you tired of the stress that comes from living paycheck to paycheck? Do you have a financial goal you want to work towards, like buying a new car or house?
  2. Really get to know your money- figure out exactly how much comes in and out each week and month. This will make it easier to see what you can cut back on, where you need to plan for certain expenses, and empower you to create a realistic budget and be able to stick to it.
  3. Learn- explore financial podcasts, books, and Instagram accounts that focus on budgeting and being debt-free for inspiration and understanding.
  4. Book a consultation with a financial planner to help you look at your individual situation and where you can create more financial stability and freedom. Many banks offer this as a free service when you hold an account with them.
  5. Set up automated transfers every payday into your savings account before anything else. If you don’t have regular paydays, commit to saving a portion of any money coming in so that you can grow a solid savings/emergency fund. Having this security goes a long way to easing any financial anxiety you may experience, especially when life happens, and unexpected expenses pop up.
  6. If you score a great deal on a purchase, put the money you saved into your savings account. Actually saving that money instead of funnelling it somewhere else is key to having financial security sooner.
  7. How about for this month, try to resist buying anything new that is not actually required and see how it feels and what impact it has. Do you really need another black skirt? Being more mindful of what we are spending our money on, WHY we are spending if it’s not required, and what we are bringing into our spaces, can have a huge impact on not only our financial health, but other areas of wellbeing too.

Lastly, our top go-to ideas to save money are;

⁃ Make a coffee at home and take out with you to have on the way to work or whilst running errands.

⁃ Meal plan, only buy what you will use, and have leftovers for lunches or dinner another night instead of buying takeaway or ordering UberEATS. Online grocery shopping is also a great way to avoid buying things you didn’t intend to and staying on budget.

⁃ Borrow a book from a friend or the library rather than buying, and think about how to still have fun with clothes without spending a fortune. Maybe have a regular clothes swap party with your close girlfriends, where everyone brings a few items they no longer want to swap for something they do.

⁃ Before buying something that isn’t a necessity, wait 24 hrs. You may find you don’t really want or need it when you haven’t impulse bought on the spot. Make sure the things you purchase bring you joy and will add value to your life in some way.

Leave a Reply

Your email address will not be published. Required fields are marked *