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The Art of Financial Self-Care: Creating a Stress-Free Money Routine

The Art of Financial Self-Care: Creating a Stress-Free Money Routine

Everyone at some time or another may experience financial stress, whether it’s from worrying about bills being paid on time, to not investing enough for retirement. Whatever it is, stressing over our finances is common for many of us, often without realising the toll it takes on our overall well-being. This is where the idea of financial self-care can offer a more positive perspective on managing money, helping us take a proactive and mindful approach to our finances.

By developing a money routine, you can begin to take back control and have an organised, stress-free approach to handling any financial matters. The idea is your relationship with money will change and be less of a source of anxiety and more about achieving your dreams.

Below, you will find out more about creating a stress-free money routine and how to break free of some of the common bad money habits we have all been guilty of. If your finances need a Spring clean, these tips could help you start a simple routine to pave the way for peace of mind and financial freedom.Top of Form

What is a Money Routine & Do I Need One?

Whilst it may seem similar, a money routine is more than just a budget. It’s about getting into good money habits and managing your finances with a clear goal in mind.

A good money routine means everything from checking your finances regularly, to setting and reviewing financial goals, tracking your spending, and planning for both short-term needs and long-term aspirations. The idea is it will help you make more informed decisions with your money, ones that align with your values and life goals.

So, is a money routine necessary? Well, it can bring clarity to your financial situation, helping you understand where your money is going. According to the Money & Pensions Service (MaPS), as many as 9 million people in the UK currently have no savings with 43% anxious about how much they owe. Being able to get into a good routine can help start to take back control and feel more positive.

As financial planning isn’t always the most fun task, it may help to make it less about numbers and more about your life’s journey and its various stages. With a money routine, you’re less likely to be caught off guard by unexpected expenses, and you’re more prepared to make the most of your income and savings.

Once you have got into a good money routine it can significantly reduce financial stress. Knowing you have a plan in place will provide a sense of security and control over your financial future. Whether you’re living paycheck to paycheck or aiming for financial independence, having a money routine will put you on the right path.

How To Break Bad Money Habits

Do you have any bad money habits? Don’t worry, many of us do, but with a bit of willpower, many can be overcome by getting into a good routine. Things like impulsive spending, neglecting to save, using credit unwisely, and not planning for the future can all contribute to feeling less in control of our finances. So, what is the first step in breaking these habits? That all comes down to awareness:

  • Track your spending for a month to see where your money is actually going.

This will often reveal surprising patterns of unnecessary expenditure. Once identified, you can then set specific, achievable goals to reduce this type of spending.

For example, if impulsive shopping is a challenge for you, try and wait at least 24 to 48 hours before making any non-essential purchases. This thinking period allows you to decide whether it’s absolutely necessary and how it will impact your expenditure. You may find you actually don’t need it as much as you first thought.

  • Automate your savings to avoid not saving regularly.

Creating automatic payments that transfer some of your income into savings can ensure that you avoid neglecting your savings. Think of it as paying yourself first (after your essential bills) and this will make saving a priority rather than an afterthought.

This habit ensures that you’re consistently building your financial future, regardless of other spending.

  • Create a budget that includes allowances for leisure and personal enjoyment.

You don’t want to completely avoid enjoying yourself if you can help it, so having allowances in your plan for small bits of pleasure can help avoid any feeling of missing out. You may think cutting out any spending on little luxuries is the best thing to do, however, that might actually sabotage your financial plans – it may cause you to suddenly overspend if deprived for too long.

It’s about finding a balance that allows you to enjoy life while steadily improving your financial situation.

  • Check utility bills and see if you can switch to save.

It is very easy to get into the habit of sticking with suppliers as it is the easier option. Many have automatic renewals in place and before you know it, years have gone by. Be sure to regularly review your options with energy and insurance companies and any subscriptions you pay for such as streaming services or the internet – you could potentially shave off £££s from your monthly outgoings in this way.

 

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