40 Ways to Practice Financial Self-Care in 2024
As a financial therapist, financial self-care is on the top of my focus list in 2024. And it should be on yours, too.
Yeah, sex is great, but have you felt financially secure, lived an abundant life, and retired comfortably? (Please tell me you understand the trend.) Anyway…
Financial self-care is one of the truest and best ways to care for yourself. Think about it this way: Health and money (and kids – if you have them) are the only things that impact nearly every decision you make.
Seriously, one of the most thought about things in life is your money. So shouldn’t you take a little time caring about it?
What is Financial Self-Care
Financial self-care is what you do to create a life well lived for today and tomorrow. It’s correcting past mistakes and making a plan to engage with your money in the here and now.
Financial self-care is so much more than money. We have to stop treating personal finances as though it’s just a math problem. Money is never a simple equation.
It’s about understanding your mindset and behavioral approaches to spending, saving, and investing. Financial self-care is an all-encompassing way to do right by you and your relationship with money.
40 Ways to Practice Financial Self-Care
As we’ve discussed, there are plenty of reasons why you need to be practicing financial self-care. Here are 40 ways to do so:
1. Start with Balances
Looking at your financial balances can be so intimidating. Especially if you’re like the average American with almost $6,500 in credit card debt. But you gotta start somewhere and that somewhere is here.
In order to practice financial self-care, you must know how much money you have in checking accounts, savings accounts, credit card debt, investments, and loans.
2. Wants vs. Needs
A less intimidating way to view your expenses is classifying them as needs and wants. You should spend on both! I’m not some crazy lady who doesn’t want you to buy Starbucks. (Grande Vanilla Sweet Cream Nitro Cold Brew for me, please!)
But it does give your mind a better understanding that you don’t need everything under the sun. Only some things. The rest are “wants.”
Related read: How to Set SMARTer Financial Goals + Examples
3. Wait 48-Hours
The 48-hour rule is one of my favorite ways to practical financial self-care. We are constantly battling impulse, particularly impulsive purchases.
The 48-hour rule stops impulse purchases in their tracks because you have to wait 48-hours before making the purchase. It gives you time to slow down and really think whether or not you want that item.
4. Cash or Stuff
The Cash or Stuff principle is another way to combat impulsive purchases. The Cash or Stuff principle says:
Before going to the register, look in your cart. Add up the general cost of the want items you’re about to buy. Then, imagine the store clerk holds up that same dollar amount in cash. Do you want the cash or stuff?
5. Know Your Money Story
Your money story is one of the most powerful tools to transform your relationship with money. A money story is your personal experience with money, and it’s unique to you. It affects your thoughts, emotions, and behavior around personal finances.
Start by thinking how money was talked about and taught (if at all) in your childhood home. Did it bring stress and arguments? Were there certain spending patterns you noticed?
Once you know your money story, you can have more self-awareness around how you feel about money.
6. Stop Telling Negative Stories
It’s time to notice the negative stories you’ve been telling yourself. Have you always thought money is the root of all evil? News flash: It’s not.
Maybe for years you’ve been saying, “I’m bad with money.” And now, you’ve let that become a self-fulfilling prophecy.
A sure way to practice financial self-care is to stop the negative stories and start telling positive ones. Things like, “I’m excited to learn about money” and “Money can help me reach my goals.” are both great!
7. Tell Others About Financial Self-Care Journey
Once you know about the benefits of financial self-care, you immediately want to pass the wisdom on to family, friends, or anyone with ears. And you should!
Not in like an icky self-righteous way, but in a hey-I’m-doing-this-really-cool-thing-to-take-care-of-myself way. Want to learn together? (This is the part where you tell them about Lindsey, the friendly financial therapist.)
8. Say “No” or Suggest an Alternative
Have you noticed that almost every outing is accompanied by food and a bill? Coffee out, Happy Hour, brunch, dinner, etc.
If you’re really trying to cut back on spending as a way to practice financial self-care, then there are two things you can do:
- Say, “Not this time, but thanks for the invite.” That’s it. Keep it short and simple. (Over-explanation is often our demise.)
- Try, “Oh, I’d love to do something, but I’m really focusing on my personal finance journey. Could we go for a walk, instead?” This still tells your people that you want time and connection with them AND lets them know you value yourself and your priorities. Win-win.
9. Have an Accountability Partner
Anytime you’re trying to make a change, it’s helpful to have an accountability partner. This can be a spouse, friend, colleague, or coach. Some things you can do together:
- Check in with each other daily, weekly, or every other week.
- Make SMARTer Goals together.
- Discuss money in a non-judgmental and shame-free way.
- Text them when you almost make an impulse purchase.
- Tell them your financial wins, big and small.
10. Decide What’s Important to You (and What’s Not)
As a society, we tend to get caught up in what everyone else is doing, thinking, and having. I challenge you to take a step back and think about what’s really important to you.
For example, my family of four lives in a 1,200 square foot home. It’s not big and extravagant. But our mortgage payment is low and it give us the time and financial freedom to go on more vacations, which is important to us.
So, I’ll ask: What are the things or experiences that are important to you?
Is it designer handbags? Fancy dinners? Great tickets to sporting events or concerts? Roadtrips? International travel? A nice vacuum? (I’m not ashamed to admit, my vacuum brings me so much joy.)
Decide for yourself what brings you complete and utter joy, and splurge on that. While cutting costs on things that don’t matter to you.
11. Read Finance Books
I love to read, or rather, I love to listen to finances books on audiobook. It’s how I have been able to start controlling my finances rather than letting finances control me.
Here are my favorite finances book that have help me change my money habits:
- I Will Teach You to Be Rich by Ramit Sethi
- Know Yourself, Know Your Money by Rachel Cruze
- Money Hacks by Lisa Rowan
12. Stop Blaming
Your Money Story might make you feel all sorts of ways. Frustrated that you didn’t learn about personal finance in school. Angry that your parents didn’t have their financial sh*t together. Annoyed that no one talks about money.
And while all those feelings are true and valid, nothing is going to change the past and you can’t live your life blaming the world.
13. Focus on the Future
Your past is already determined. There’s nothing you can do to change it, so there is no reason to dwell on it.
Instead, focus on the future. Your future is completely unwritten. It holds opportunities and possibilities. And the best part is, you can start focusing on how you want your financial future to be better.
14. Associate All Goals with Money
Goals are exciting and motivating. Personally, I recommend making SMARTer goals to really crush your dreams. You can read about SMARTer goals in my book, I Got 99 Coping Skills and Being a B*tch Ain’t One.
Any goal you set for yourself takes three things: time, energy, and money. For example, if your goal is to get stronger, you need money to buy equipment, workout clothes, and healthy food.
Start reframing your money mindset as a way to accomplish your goals, and you’ll be much more likely to want to improve your financial self-care.
15. Cancel Amazon Prime
Bezos might not agree with this one, but I will die on the hill that Amazon Prime is a waste of money. Why are you paying for two-day shipping? Target does that for free.
Plus, “1-click to Buy” options are the demise of self-control. With Amazon Prime, you’re not only wasting $150 per year on the subscription, you’re also wasting money on impulse purchases. Cancel it.
16. Listen to Finance Podcasts
I know this sounds like the most boring use of your time, but I promise, it’s not. The three finance podcasts at the top of my list are not only educational, they’re funny and relevant.
Three finances podcasts I suggest:
- Money with Katie
- How to Money
- I Will Teach Your to Be Rich
17. Stop Comparing
You cannot compare your financial journey to anyone else’s. It would be like comparing apples to gorillas.
Everyone on this planet has had different experiences, opportunities, education, and insights about money. Comparing yourself is a waste of time and resources.
18. Forgive Your Past Self
Once you jump on the financial self-care train, it’s easy to bum yourself out with not climbing aboard sooner. But the truth is, you didn’t know what you didn’t know.
There’s a reason you’re learning about financial self-care now, so take advantage of doing the right things for yourself now.
19. Focus on Your Wealth
It’s common to want to set your kids up for financial wellness. But before you do that, remember that the greatest gift you can give your adult children is not to be a (financial) burden on them.
Yes, buying them a car would be cool and paying their way through college would put their starting line miles ahead.
But it’s not going to be worth it if you can’t retire at a reasonable age or if your kids will just have to turn around and pay for your exorbitant health care costs in your 70s.
20. Create a Debt Pay-Off Plan
In Financial Social Work, we refer to a debt pay-off plan as a Get Out Of Debt (GOOD) Plan. And I love that because it is good to get out of debt.
If you have any high-interest debt (debt that has an interest rate of more than 7%), make a plan to get out of it. You can use the snowball method or the avalanche method. Either way just get the ball rolling.
21. Identify Spending Triggers
A spending trigger is the temptation that occurs before spending money. It could be an event, feeling, place, or person. Here are a few common spending triggers:
- Having a bad day at work
- A casual trip to Target (with time to wander)
- Feeling bored
- A girlfriend that loves the “Eff It” mentality
When we spend money it’s usually to satisfy a feeling or desire. Maybe you feel sad and want to feel better. You feel bored and want to be entertained. Figure out your triggers and avoid them.
22. Review Expenses
Let me ask you a question: Do you know where your money is going? Many of us go through life swiping cards, not really knowing where our money goes.
You check your account, see the balance, and think, “Sh*t, someone must have stolen my credit card.” Just to click into the transaction record and realize all those purchases were actually you.
If you’re feeling called out, it’s time to improve your financial self-care and review your expenses.
23. Make a Spending Plan
People hate the word budget. Myself included. It just leaves an icky taste in my mouth. Like after eating onions. The good news in, one excellent way to practice financial self-care is to make a spending plan.
A spending plan tells your money where to go before you actually have it. Say your paycheck is $2,000. On your spending plan, you’ll divvy that money up between all your wants and needs. And, boom, you’re done.
24. Allow Yourself Guilt-Free Discretionary Purchases
You work hard for your money and spending it shouldn’t be accompanied by shame, embarrassment, or guilt. It should be associated with accomplishment and freedom.
Stop spending your money on impulsive junk purchases. Rather, practice financial self-care by spending your money on fewer things and experiences you really love.
25. Identify Your Money Pillars
Another awesome way to practice financial self-care is to identify your money pillars. Money pillars are like your North Star, your guiding light. Start with four of them, and as you practice more, you can adjust as needed.
For me, my money pillars are:
- Convinence
- Travel
- Generosity
- #Non-Toxic
Make your own money pillars, things that really are valuable to you. Then, when making purchases decide if it falls into one of your money pillars. If not, forego the expense.
26. Practice Intentional Spending
Like in the example of Review Expenses, we often spend without putting much thought into what we’re buying. Tbh, this isn’t completely your fault.
Retail stores are designed to make you spend money. One of the ways they do this is by putting essentials in the back of the store. That way, you have to walk pass the tempting “wants” to get to the essential “needs.”
Combat this by putting into practice intentional spending. You can do this by making and sticking to a grocery list! (Especially while walking through Target.) You can also refer back to your money pillars for guidance.
27. Get Out of the Spreadsheet
Once you become aware of the importance finances play in your every day life, it’s easy to get wrapped up in the spreadsheet. But life doesn’t happen in the computer. Or rather, life does keep happening, you’re just missing it.
Yes, it’s important to know your numbers and have a spending plan. But then it’s time to stop obsessing over the your spending plan. Get it mostly right and move on.
You can make minor tweaks and adjustments once a month and as needed, of course. But wasting hours in the spreadsheet isn’t doing you any good.
28. Celebrate Your Wins
So often we get caught up in the grind, moving through life as fast as we can. But taking a moment to stop and celebrate is important. I encourage you to celebrate your financial wins, both big and small.
And celebrate them often. This can be as simple as taking an intentional moment to toast your spouse for paying down debt or making your favorite dinner in honor of bumping up for savings rate.
29. Equate Money with Values
In his book The Opposite of Spoiled, Ron Lieber writes about how money and values are one in the same. Your values show up in how you save, spend, and relate to money.
Typically, your personal values often translate into money values. For example, I value my time, independence, and family. All of those show up in my spending plan.
- I buy time with my husband by spending money on a babysitter.
- We focus on independence by heavily saving and investing for retirement.
- We spend money on and make memories during fun family activities.
30. Cancel Unused Subscriptions
Okay, this one has two-fold benefits. First, subscriptions add up. You don’t really think about how $10 here or $15 there matters. Except that it’s a recurring monthly expense.
Secondly, canceling unused subscriptions gives you a small boost of intrinsic motivation. It’s one of the easiest ways to start taking control of your finances and move the needle.
31. Buy Your Time
A great way to practice financial self-care is to use your hard earned money to buy more time. Time and money are the two currencies we live on.
I love to ask people: Do you currently value time or money more? Answers change in different seasons on life.
In my early and mid twenties, I valued money more. I worked two full-time jobs and was doing everything I could to pay down debt and save. Now, in my early thirties with a young family, I value time more.
32. Plan a Raise
I specifically say “Plan a Raise” rather than “Ask for a Raise” because you can’t just willy-nilly walk into your bosses office and ask for a raise. It takes time and planning to properly execute.
This is a brief overview of how you can do that:
- Start by showing your manager how you’re adding value to the company.
- Then, at your next one-on-one, tell you boss that you’re hoping to earn a raise in the next few months.
- Outline the ways in which you plan to crush goals and expectations.
- Ask your boss what else you can do to earn an increase.
- Execute.
33. Don’t Buy, Walk (Briskly)
I mean this in the literal sense. Next time you feel the impulse to buy something, workout instead.
The reason you’re going to make that purchase is because your body is wanting a hit of dopamine. Instead of getting your dopamine hit from an impulse purchase, get it from short workout.
Not only will you avoid making that purchase, but you’ll get some physical activity, too. This is a two birds, one stone situation.
34. Plan Your Influxes
Throughout the year you may get an additional influx of money. This could be from a tax return, a bonus, or the third paycheck in a month on a biweekly pay schedule.
You know you’re going to have these influxes, so plan for them. If you’re in debt, put extra towards the balance. Or use the money to take a well-deserved vacation and add money to your investments.
35. Keep Money in Your Retirement Accounts
When we need some extra cash, it can be tempting to take from a retirement account. DO NOT DO THIS.
Time is your biggest asset when investing. And taking money out of a retirement account leaves less room for compounding interest to do its thing and you may have to pay penalties. Overall, it’s just not good financial self-care.
36. Automate as Much as Possible
We live in 2024. The digital age is here. We need to take advantage of the conveniences it offers us. One of these conveniences is automation.
Automation eases our mental load by not having to remember nuances. Here are a few ways to automate finances for self-care:
- Divvy up paychecks to investment, savings, and checking accounts
- Pay utility bills, credit cards, and other expenses
- Add money to a brokerage account
37. Use PTO and Sick Days
Americans love the grind and hustle. We even pride ourselves on being busy. (Cringe.) But the real flex is taking time to slow down and do the things you want to do.
Companies factor in PTO and sick days into your pay and benefits programs. And still, Americans left 768 million vacation days on the table in 2017. Schedule your next day off, like right now.
38. Ditch Perfectionism
Winston Churchill said: “Perfectionism is the enemy of progress.” It applies to your financial self-care, too.
Sometimes it’s because the tax code changed. Other times it’s because we made a whoopsies in our calculations. And most of the time, circumstances come up that are simply out of our control.
You’re not going to get everything right all the time. That’s okay. Don’t let perfectionism puncture your progress.
39. Leave Room for Change
Think back to when you were in middle school. Did you have the same goals then as you do now? Maybe some, but definitely not all. The same is true for your finances.
You may think you know exactly what you want to do for the next 30 years, but it’s likely your dreams, desires, motivations, and goals will change.
It’s possible you’ll want a simpler, slower lifestyle. Or maybe you’ll want to rev up the luxuries. At the end of the day, we just don’t know, so leave room for change.
40. Consider Working with a Professional
The bottom line is, finances can be difficult. We were taught this stuff in school and most of us didn’t have great financial role models.
If you’re struggling to understand and crush the finance game, it’s time to work with a professional. (Hi, it’s me.) The interesting thing is, finances aren’t just a math problem. Your personal finances are just that, personal and unique to you.
Working with a financial therapist can be the push you need to work towards financial freedom and other goals you have. It’ll pay off dividends in the long-term. (See what I did there.)
Financial Self-Care: Q&A
Here are the commonly asked questions about financial self-care:
What are the benefits of financial self-care?
The main benefit is reducing overall stress. When you’re in control of your finances (and continue to maintain and expand financial literacy), stress plummets.
Other benefits include:
- Conquering goals
- Feeling empowered
- More generosity
- Identifying and prioritizing your values
Does money impact mental health?
Undoubtably, yes. And that’s not just speculation. There is research to support how money impacts your mental health.
According to health.com, those who experience financial issues are 20 times more likely to attempt suicide. This is a sad, but true statistic. And one that reveals just how important financial self-care is.
If you’re experiencing suicidal ideation, please contact the 988 Suicide and Crisis Lifeline by dialing 9-8-8.
How do I cope with money anxiety?
This is my favorite question of all because, hello, I’m a financial therapist. Coping with money stress is my life.
Like investing, financial stress compounds. One thing builds on another and so on and so forth. Coping with financial stress takes time. Make small, but impactful steps towards your goals.
Here are some more ways to cope with financial stress:
- Talk to a trusted partner or friend about your anxiety
- Make a Get Out of Debt (GOOD) Plan
- Make a spending plan to feel in control
- Work with a professional
The Wrap Up: 40 Ways to Practice Financial Self-Care
Whole body wellness is seen through a range of facets including: mental health, physical health, spiritual health, social health, intellectual health, sexual health, and of course, financial health.
Financial self-care has amazing benefits. Not just for you wallet, but for all of the other six facets listed above.
Whether your knee deep in debt or completely out of the weeds, financial self-care will help you feel confident and competent in your personal finance journey.