We all know how important self care is. But did you realise that obstacles to self care can also impact your finances, emotional and physical health, and overall well-being?
Living a better and more stable financial life can be achieved by being aware of the common obstacles to self care that affect your finances. This article outlines simple ways to incorporate financial self care into your daily well-being routine! Let’s tackle the obstacles first, though!
8 Obstacles to Self Care That Could Impact Your Finances
Before you start taking better care of your finances, it’s important to identify the obstacles to self care that most directly affect you.
It’s acceptable for some people to relate to just one or two of the hurdles we address in this article, while others may encounter all of them. Let’s begin by examining the obstacles to self care that might be preventing you from managing your finances sensibly.
1. Excessive Expenditure
I assume we’ve all done it. Irrational spending is usually the result of impulse buying. It’s a common obstacle to self care that might improve your mood temporarily but negatively impact your long-term financial stability.
Here are some excellent methods to help you stop spending money if you want to focus on improving this aspect of your budget.
- Organise your shopping with a shopping list.
- Use cash instead of cards.
- Open a savings account where you cannot make early withdrawals.
- Wait a whole day before making major purchases.
2. Making Decisions Based on Emotions
Poor financial decisions can result from a bad day at work or a negative attitude in an attempt to lift your spirits.
Retail therapy may seem harmless, but the short-lived high you get from making impulsive purchases eventually wears off and leaves you feeling quite miserable. If you’re overspending and your financial situation is worse than it was before, add the stress and anxiety of debt to the mix.
Seek alternative activities to occupy your time as part of your financial self care routine. This could include activities you enjoy, such as taking a walk, reading a book, listening to music, or engaging in other hobbies.
The best strategy for breaking spending habits is to resist the temptation to spend. There are several alternatives to wasting your hard-earned money that you can use to avoid shopping.
3. Setting Unrealistic Goals
Setting realistic financial goals is essential to a successful financial self care routine and good financial health. Did you know that writing down your goals increases the likelihood of meeting them by 42 percent?
Writing down your goals can help you overcome obstacles to self care, whether your aim is to reduce your student debt, save for a deposit on a home, or increase your emergency fund.
Taking ten minutes out of your busy weekly schedule can help you stay focused and inspired to reach your goals. Ensure your goals are meaningful and attainable.
4. Insufficient Social Engagement
Your mental health depends on social interaction just as much as on your financial situation. Additionally, obstacles to self care, such as not having enough financial interactions with loved ones, can significantly impact how you feel about your money.
Studies have shown that discussing money matters with others can enhance financial well-being and reduce financial anxiety. Your financial decisions might also be influenced by your relationships.
Suppose you have two friends: one who is financially prosperous and another who is irresponsible with money. It is likely that your spending choices will be influenced by the person you spend the most time with.
5. Not Being Aware of Your Needs
Living a fulfilling life is all about recognising and meeting our needs. Our financial situation is strongly related to our basic requirements. For instance, we need a house for shelter. So, how do we determine what we need?
Consider making a list of the activities you enjoy, such as working out and spending time with friends and family, which meet your personal and physical needs. Note any costs related to these needs so that you can account for them in your budget.
6. Putting Other People First
As a caregiver or parent, it’s natural to prioritise everyone else’s needs above your own. However, this can take its toll on your well-being and your finances.
While putting a dependent’s needs first is non-negotiable, it’s still important to take time for yourself so you can meet your own financial goals.
This could be as simple as treating yourself to that top you’ve wanted for ages or saving diligently for that well-earned holiday. The essential thing is to take the time to meet your own financial needs.
7. An Excessive Number of Obligations
Examine your calendar to identify obstacles to self care and financial outflows that you cannot afford. You have limited time and resources, so avoid overstressing yourself by trying to do everything.
It could be a recurring monthly subscription that keeps appearing in your mailbox or frequent dinners with friends or family. Remind yourself that it’s acceptable to decline requests.
8. Overspending on Purchases
You might be surprised to learn that people frequently overpay for items in their daily lives. This greatly impacts your financial situation and emotional health.
You’re undoubtedly overpaying for things like cars, food, clothes, holidays, and subscription services. To help free up cash, it’s a good idea to keep track of what you’re spending and what you’re buying.
How to Take Care of Your Finances Effectively
Now that you are aware of potential obstacles to self care, let’s examine financial self care strategies. You undoubtedly know how to take care of yourself—we’re talking about the nice things like chocolates, candles, and hot baths—both physically and mentally.
However, engaging in financial self care can give you a sense of empowerment and control over your future. Here are a few simple ways you can take care of your finances right now!
Establish Attainable, Relevant Goals
Setting financial objectives will provide you with a target to work towards, which is a proven self care strategy that enables you to successfully manage and organise your life.
Having a goal will also motivate you to save more or stop overspending in other areas.
Ask yourself the following questions when setting your goals:
- What are your short-term goals?
- Do you need a new car or want to go on holiday?
- What are your intermediate-term goals? For example, buying a house.
- What are your long-term goals? Think about funding your children’s education or a retirement account.
Regularly Check Your Bank Balance
You may think that keeping a close eye on your bank balance is stressful. But is it more stressful than not checking your balance?
Absolutely not.
Checking frequently has the advantage of allowing you to identify any unexpected charges or unusual activity. It might also give you a greater sense of financial control. Include a little time in your Sunday night self care routine to review your outgoings. You might be surprised at how enjoyable and effective it can be!
Allocate Money Wisely to Prevent Obstacles to Self-care
Everyone knows that creating a budget is essential for managing finances well. But how can you budget your money most effectively? Essentially, you must be aware of every expense and every source of income.
Depending on your preferences, you can use a spreadsheet, an app, or a simple pen-and-paper budget. Try not to lose heart if you discover that you are spending more money than you are bringing in.
Only Take Out Loans When You Can Afford Them
Many people will need to borrow money at some point in their lives. As long as you use the right credit and can make the monthly payments, it’s not always a negative thing. Bad debt arises when we want something and can’t wait to save for it.
However, it’s crucial to consider the negative effects of borrowing money, such as a poorer credit score, increased expenses, and loan interest.
So, before you reach for that credit card next time, consider whether you can truly afford it without borrowing.
Discuss Money Issues and Obstacles to Taking Care of Yourself
By having a conversation about your finances, you can overcome one of the most common obstacles to self care and make better financial decisions. Talk to anyone you trust and have a positive relationship with, such as a family member, close friend, or even a pet!
They would appreciate learning about your obstacles to self care and how they can support you. It is important to talk openly about your financial concerns so that you can start making plans to regain control.
Acknowledge Your Progress
All achievements should be celebrated. Treating yourself occasionally won’t break the bank, even if you’re trying to save money, and your self care routine will benefit from it. So, go ahead and buy that fancy coffee from your favourite coffee shop or that new top.
You deserve it. These tips can help you overcome financial and self care obstacles! Financial self care promotes long-term wellness regardless of income level.
To assist you in reaching both your financial and self care goals, utilise the guidance in this article to formulate a long-term plan for financial self care. Just like any other form of self care, you’ll feel fantastic after doing it.
So, draw yourself a bath, light some candles, and start taking care of both your money and yourself. Remember, taking care of oneself is not selfish. Moreover, there are numerous fantastic strategies to begin practising self-care, such as making blogging a habit or incorporating positive affirmations.
