Worrying about how to stretch your monthly income in today’s unstable market can negatively affect your mental health. It doesn’t have to be this way. Discover how to improve your mental and your money together.
First thing’s first . . .
Write It Down!
Create a budget and write out all of your monthly expenses. Include not only your debts, but also daily or weekly living expenses like groceries, gas, etc. You can tailor your budget to whether you get paid weekly, biweekly, or even monthly. Moreover, make sure you include two key additional bits of information–the amount you want to save and the amount you want to impulsively spend per pay period. I call the latter “blow money.” It’s nothing to get upset about or even feel shame over. Including your blow money on your budget acknowledges the fact that you spend money in ways that are unconscious to you.
Check, Check and Check!
Next, get a checking account and only deposit the money that you’ve budgeted into it. Do not spend from any other accounts, and make sure you keep track of it. For example, if you’ve just paid all of your utilities, make sure it’s already been withdrawn, and then cross it off your budget. This will give you an estimate of what is and isn’t currently in your checking account. You will also build more awareness about what can and cannot be bought in real time. Pay your bills first like utilities, mortgage, and credit cards making sure those debts have been cleared first before leisurely spending.
Save and Stay Focused!
If you haven’t already done so, make sure you open up a high yielding savings account. This isn’t a Certificate of Deposit. This is an actual account to deposit and withdraw money from. This kind of savings account will give you more return for the money you’ve already placed into your account. Give it a name like “emergency expenses,” “new car,” or “rainy day fund.” Giving your accounts a name will help you remain focused on your goal, which could be to be fiscally responsible or learn how to save more per month.
Create Consciousness!
Talk to yourself. Yep, I said it. Talk! To! Yourself! I see the eyebrows curled so let me explain. If you want to improve anything about yourself, you’re going to have to develop some serious self-awareness. It’s time to increase your consciousness in who you are now and who you’re becoming. It means examining patterns, behaviors, and why you do what you do, when you spend. Whenever you want to spend leisurely, pause and ask yourself the following questions. “What’s going on with me right now? What has just happened to perpetuate this desire to spend? Will this spending help me achieve my goals or make it harder for me to reach it?” Check in with yourself and what you are feeling before you spend, when you spend, and after you spend? Are you feeling sad, fearful, angry, vengeful, hungry, unsafe, shame, out of control, controlled, insecure, invalidated, elated, or powerlessness? Self-awareness is the best way to not only be conscious and honest with yourself, but kind to yourself as well.
The Power of Journaling
Keep a spending journal. This spending journal won’t be a regular written record of everything you spend. That is your budget. This journal records what you spend and why you’ve spent it. Not only will this increase your awareness, but also it will help you identify patterns, establish further goals and boundaries, and help you take more conscious and healthy steps towards your goals. Whether you’re an impulsive spender or a spendthrift, it’s all emotional and can negatively or positively affect your mental health.
If you’re committed to improving your financial habits and learning more about the behaviors that perpetuate unhealthy financial habits, it helps to talk to a non-judgmental confidant about your concerns. Invest in yourself by getting a therapist, who would be happy to walk with you as you sift through your behaviors and celebrate with you as you become mentally fit and financially well.
Don’t search for part 2 of this blog. Click here: How to Achieve Less Mood, a Restful Mind, and More Money Part 2 – Embrace Life Consulting & Wellness (embracelifeconsultingwellnessinc.com)
