We all have an image of self-care shaped by Pinterest: bubble baths, candles, mood lighting, face masks, and a good romance novel. Talk about an ideal Saturday night!
But self-care is so much more than that. It also means making sure you get enough sleep at night, limiting the amount of time you spend staring at screens, and calling a trusted friend when you’re feeling down.
It’s taking care of yourself in every way – physically, emotionally, spiritually, and mentally. I actually like to think of self care kind of like self-parenting. It’s like telling yourself to go to bed when it’s getting late.
At Dow Janes, we believe taking care of your finances is one of the highest forms of self-care you can do.
Why? Because managing your finances is not only crucial to relieving financial stress, but it also ensures that you have money to afford things that keep you happy and healthy.
What is financial self-care?
Financial self-care starts with a weekly money ritual.
A weekly money ritual is an hour that you set aside every week to manage your money.
And if you’re not used to spending time on your finances, that probably sounds like a lot of time - what could you possibly do with that hour?
Well, in this article, I’m going to give you 10 different ideas for what you can do with your weekly money ritual, because c'mon - your money deserves a little TLC!
So let’s get on with it! Here are 10 ways to take care of yourself by taking care of your finances:
1. Review your bank statements and credit accounts each week
It’s important to know how much money is coming in and out of your account each week, especially if you’ve had a tendency to overspend in the past or not look at your accounts. This helps you stay accountable and within your boundaries.
And if this doesn’t sound like fun, let me tell you - when you spot a duplicate charge or remember that dinner you bought that your friend owes you money for - it’s absolutely worth it!
This is the first step of getting on top of your finances - it actually means paying attention to the little details and knowing what’s going on in your accounts.
2. Review your subscriptions and cancel ones you aren’t using
A huge advantage of setting up automatic payments is that you never have to worry about late fees. But one of the dangers is that sometimes we forget or don’t realize where our money is going.
Maybe you signed up for a “free trial” and forgot to cancel. Or you signed up for a subscription you don’t use anymore and didn’t realize that the money is still coming out of your account.
Set aside some time during your weekly money ritual to look for recurring payments and think about whether they’re actually worth the price. If not, cancel them.
Similar to that…
3. Return or sell things you won’t use
How many clothes are hanging in your closet that you’ve only worn once or twice – or not at all?
We’ve all done it. We’ve bought something thinking that it would be perfect for date night, but then it gets pushed to the back of our closets. Or we get excited about picking up a new hobby, like watercoloring, but we never make the time to actually learn it.
If that sounds like you, it may be time to do a closet and junk drawer purge and try to redeem some of the money you spent.
Find things you don’t use and if you can return them for your money back – do that! Otherwise, see if you can sell them to a local consignment store or on an online resale store, like Depop or Poshmark.
4. Align your values and financial goals
Take some time to think through your three to five core values in life. Maybe you value security, freedom, adventure, spirituality, or fun.
Then set financial goals that align with those values. If you value security, maybe you want to focus on maxing out your retirement savings. If you value fun, maybe you’re saving up to take you and your bestie to a concert.
When you align your values with your financial goals, it becomes much easier – even enjoyable – to stick to your savings and spending plan.
5. Throw a money party
This is actually how Dow Janes got started. I had friends who wanted to start investing but didn’t know how. They knew I’d been investing for a long time, so they started asking me questions. Eventually I started gathering friends in my living room and talking about money.
See if you have friends who are also interested in learning more about finance, why not make financial education a group activity? Start a finance related book club with friends, or meet up and binge-watch the Dow Janes YouTube channel!
This might sound super nerdy, but it can really help to feel like you’re part of a community when you’re starting to do something new, hard, or different from the norm. Having accountability will help you stay on track. Plus, you can help your friends improve their financial literacy and wellness at the same time.
6. Contribute to your retirement every month
If you’re still a ways out from retirement, it’s easy to think that there’s no rush; you have plenty of time to save.
And that’s partially true. But because the money you invest for retirement grows every year, the more time you give it to grow, the more money you’ll have. In fact, investing a small amount of money each month is way better than investing a large amount of money years from now. So get started - with whatever you have.
6 financial strategies for a successful retirement!
7. Talk to your boss about a raise or promotion
If it’s been a while since you’ve received a raise or promotion, then start that conversation with your boss. If you’re not sure how to approach that conversation, we have some tips!
Or if you’re self-employed, it may be time to give yourself a raise.
8. Use your PTO
Americans especially have a problem with taking a break. On average, people in the US take off about 14 days per year, while Europeans typically take 24 days. In fact, Americans give up about $66 billion in lost benefits every year.
Taking breaks from work is crucial for your self-care. Vacation has been linked to higher job satisfaction, better personal relationships, and overall improved mental health.
And there’s no financial loss in taking a few days off, so go for it! Use that PTO.
9. Donate to a cause you care about
One of the reasons why having money is important is because it empowers you to form the world you want. You have the power to make a difference, to donate to causes you care about, to support organizations that are doing good work in the world. You get to vote with your dollar.
Plus, giving often makes you feel good, and it’s actually linked to life satisfaction, self-worth, happiness, lower rates of depression, and it will even make you live longer.
Find a cause you believe in and make a donation, even as little as $10, this week.
10. Invest in financial education
Once you begin to understand the ins and outs of personal finance, you’ll begin to feel much more confident when you make financial decisions. Instead of wondering, should I pay off my credit card debt or save an emergency fund? you’ll know exactly what to do and in what order, and you’ll feel proud of yourself for taking those steps.
Here are a few ways you can invest in your financial education:
- Subscribe to our YouTube channel. This is free and easy! Just hit the subscribe button below. We publish videos on topics ranging from improving your money mindset to investing, saving, and living debt-free.
- Sign up for our newsletter. Every Friday, we send out emails filled with the latest personal finance news and advice for building wealth and improving your money mindset.
- Check out Million Dollar Year, our 12-step program for taking total control of your finances. This is our premium program for women looking to change the way they approach money and start building a life they never thought was possible. We provide financial coaching so you can ask questions and get answers as well as bonus trainings on every financial topic possible, from negotiating bills to paying off credit card debt to managing money as a couple. (And if you join our masterclass, we'll give you a special offer!)
Download our free checklist!
I know it may not seem glamorous or Insta-worthy, but if you don’t maintain your financial wellbeing, every other area of wellness in your life will suffer.
If you need some help creating a weekly money ritual, download our free weekly money ritual checklist!
And remember… Managing your money is self-love and creating a weekly money ritual is one of the highest forms of self-care, so if you do nothing else - just start spending an hour with your finances this week.
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