The Financial Dimension of Self-Care focuses on financial well-being. Your financial habits can have a dramatic impact on your life—both positive and negative. How you manage your finances ultimate determines how you live.
In this article, you’ll explore 11 financial strategies to create more abundance.
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The Financial Dimension of Self-Care
The Financial Dimension of Self-Care addresses how you allocate your resources—your habits around spending, saving, earning, and borrowing.
What is Abundance?
Some people equate abundance with wealth. Others see it as a state of being that goes far beyond a bank account balance.
At the heart of abundance is the feeling that you have enough. It’s the knowledge that you have what you need to support yourself. Financial abundance means that you have enough to pay your bills and support your lifestyle.
11 financial self-care strategies to help you save money
Here are 11 financial self-care strategies to experiment with:
1. Compare Rates
Review the current premiums of your auto insurance, health insurance, homeowner’s insurance, and credit cards. Then, compare them with competitors to see if you can find a lower rate. You may also be able to save money by bundling some of your policies or switching credit cards. Be sure to make a note in your Lifestyle Design Planner so you’ll remember to do this exercise regularly.
2. Ask for the “Cash Price”
If you take prescription medications, ask your pharmacist for the cash price the next time you pick up a prescription. Surprisingly, sometimes paying “cash” for a prescription is cheaper than using your insurance. (I’ve had this happen to me personally.) Get into the habit of asking about the cash price before you complete your purchase. You might be surprised.
3. Create a capsule wardrobe
Capsule wardrobes are small collections of clothing and accessories that are easy to mix and match. The main benefit is that you’ll have fewer items to replace (which can save you money in the long run), but you’ll also save time because it’s easier to get dressed when everything in your closet matches. To create a capsule, carefully select 3 to 5 colors to serve as your base. Then, scale down the number of items you own by keeping only what you absolutely love or need, and donating the rest.
4. Use an Instant Pot
If you don’t already have one, consider adding the Instant Pot to your must-have appliance list. Whether you’re cooking for one or many, the Instant Pot will allow you to prepare bigger batches so you can take advantage of leftovers to cut down on food costs. I highly recommend the 6-quart instead of the 3-quart, even if you’re only cooking for one. You’ll appreciate having the extra space. Kitchen gadgets like the Instant Pot do require an initial investment, but if you do a lot of cooking at home, it might save you some money in the long term.
5. Freeze your credit
Another way to protect your financial well-being is to put a freeze on your credit. Transunion, Equifax, and Experian are the big three credit reporting agencies that monitor your credit history. Freezing your account can help prevent someone from opening a credit card or taking out a loan in your name. This can protect you from identify theft. While credit monitoring services do offer some protection, you only get notified after there’s already an issue. A more proactive approach is to prevent someone from gaining access to your credit in the first place.
6. Cancel unused memberships
While many membership groups come with great perks, it’s a good idea to periodically assess your monthly subscriptions. Consider the costs vs benefits and cancel any memberships that you no longer need or use. Popular subscription-based products include Amazon, Netflix, Pandora, Sirius, and the list goes on and on.
7. Set limits on dining out
Compared to cooking at home, the cost of dining out can really add up over time. If you don’t already track your expenses, tally up your monthly expenses related to dining and entertainment. Some financial experts suggest total monthly food expenses should not exceed 10-15% of your monthly income. If it does, consider setting limits on how often you dine out.
8. Go multi-functional
Make sure most of your belongings serve more than one purpose. For example, perhaps a serving platter could also serve as a wall decoration. Minimize the number of possessions you own by carefully choosing items that are multi-functional.
9. Pick up a side gig
There are plenty of opportunities for side gigs these days. And it doesn’t necessarily have to involve a second job. Take advantage of the many web-based options that exist today: monetize a blog, start a YouTube channel, or investigate how to use your unique talents to generate revenue.
10. Pay bills online
Minimize the need for stamps, envelopes, and checks by opting into online billing. If you can, pay with a credit card that earns you points rather than using a debit card or linking directly to your checking account. Setting up automatic payments can also help ensure you pay on time to avoid late payment fees.
11. Request a property tax reassessment
Depending on where you live, you might be able to request a reassessment home’s property tax value. Some counties allow you to protest your home’s assessed value. In some cases, you might be able to get it reduced. (I’ve done this personally and it saved a LOT!)
If you’re not quite sure where to begin with your finances, start by creating a simple budget. This can help you see clearly how much money is coming in and how much is going out. The next step is to look for creative ways to tame your money habits.
Which financial self-care strategies work well for you? Share in the comments below.
Information on this website should not be interpreted as providing or replacing medical advice, diagnosis, or treatment. All content is intended for adults over the age of 18. LivingUpp is a participant in affiliate programs, which means we may earn a small commission from qualifying purchases on links to Amazon and other sites at no additional cost to you.