05 October 2022
We are all aware of the significance of self-care. But did you know that there are barriers to self-care that affect your happiness, finances, and mental and physical health?
Knowing the common barriers to self-care that affect your finances can help you live a better and more financially secure life.
1. Excessive spending
We’ve all done it, haven’t we?
Spending money you don’t have is usually the result of impulse buying. It’s a common impediment to self-care that may make you feel better in the short term but will harm your financial health in the long run.
Every year, Americans make 12 impulse purchases, which cost an average of $276 per month. If you want to focus on one aspect of your finances, here are some great ways to help you stop spending money. Make a shopping list to help you plan your purchases. Use cash instead of credit cards. Open a savings account that does not permit early withdrawals. Wait 24 hours before making major purchases.
2. Making emotional decisions
A bad mood or a stressful day at work can lead to poor financial decisions made to try to lift your spirits. You may believe that retail therapy is harmless, but the rush of satisfaction that comes from buying something on impulse will quickly wear off, leaving you feeling pretty lousy. Add to that the stress and worry of debt if you’re overspending, and you’re in a worse financial situation than you were before.
Instead, as part of your financial self-care routine, look for alternative ways to spend your time. Going for a walk, reading a book, listening to music, or doing something else that you enjoy are all examples. Avoiding spending temptation is the most effective way to break the cycle of overspending. There are numerous ways to avoid shopping that do not involve spending your hard-earned money.
3. Setting unattainable goals
Setting unrealistic goals causes boredom and stress. Achievable financial goals are essential for a successful financial self-care routine and good financial health. Did you know that simply writing down a goal increases our chances of meeting it by 42%? Writing down your goals can help you overcome obstacles to self-care and finances.
Taking ten minutes out of your busy weekly routine can focus your mind and motivate you to smash your goals, whether you want to lower your student debt, save for a down payment on a home, or top up your emergency fund. Don’t forget to check that your objectives are meaningful and attainable.
4. Inadequate social interaction
Social interaction is as essential to your mental health as it is to your financial health. And self-care barriers, such as not having enough money conversations with loved ones, can have a significant impact on how you feel about your finances. Talking about our finances with others has been shown in studies to improve our financial well-being and reduce money worries.
Relationships can also have an impact on how you spend your money. Assume you have one financially careless friend and one financially successful friend. It is possible that the person with whom you spend the most time will influence your spending decisions.
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*Be sure to look out for a continuation on Self-Care Barriers next week.
Yours in Business,