Financial health is a form of self-care

I got to thinking about finances because it’s tax season, and prices have been rising for the last year, and it makes everything feel a little less stable. It’s all over the news, and people in the shops and restaurants are talking about it (I legit overheard one person talking about “tariffs” and another talking about “the market” when I checked out at the grocery store today.)

I got to thinking about how stressful money issues are and can be, and how much they are often front of mind for people. Lately, it’s been a white-knuckle ride resulting in nausea for most people I know, as they watch their 401K savings rise and fall with the market. (This is especially true if you are within 5-10 years of retirement age.)

Here’s the thing:

Financial health is a form of self-care

This is true whether you are living paycheck to paycheck, have only the smallest of emergency funds or nest eggs, or have an investment portfolio.

Copyright Wolfgang Hasselmann, via Shutterstock

Whether you are worried about the economics of dealing with a new job (or loss of a job), or how to make ends meet when prices keep rising faster than paychecks, or whether you are planning your escape from a job or relationship, getting a handle on things will help your mental health. Yes, even if the answers that you get aren’t what you’d like them to be.

If you are worried about money, or about your financial future, may I suggest that sticking your head in the ground like an ostrich isn’t really going to help in any way?

The part of you that is stressed will still feel stressed. Just as refusing to look at your bank balance doesn’t miraculously result in you having more money than you expected, refusing to assess what’s going on right now and making a plan to deal with it isn’t helpful, either.

Last year, I was reminded by therapist and life coach, Rachel Jamison, that financial health requires its own form of healthcare. She said that “Financial Health is Mental Health”, and that making smart financial choices is a way of helping to lower your anxiety.

Here are a few things you can do to feel a bit more stable, even if your financial situation isn’t as great as it could be at the moment.

1. Figure out how much money you have on hand (or have easy access to). I’m talking about money in savings and checking, money in a healthcare savings account (HSA) at work, money you stuffed in a drawer or pocket or sock, loose coins you’ve collected in a giant jar, etc. Sometimes, just collecting or counting it all up can be enough to quell your panic (or remind you to submit receipts to that HSA for reimbursement).

2. Assess your monthly discretionary spending: where might you be able to cut back? Do you even know how many subscriptions you have (to magazines, podcasts, streaming services, games, memberships)? If you subscribe to multiple streaming services, maybe you can cut it back? Are you paying for a gym you don’t go to or massages you don’t bother to get? When is the last time you checked your phone plan to see if you qualify for something less expensive?

3. When it comes to shopping, ask yourself if the shopping itself is necessary. Lots of folks I know stopped shopping at Target in the last year, and have found that not only has it saved them some money, but they aren’t actually missing the dopamine hit they used to crave. When it comes to shopping online, can you put the thing in your cart today, then delay checking out until tomorrow (if it’s something that is a want, not a true need)? Can you borrow that book or audiobook from your local library instead of purchasing it?

4. Put some small amount aside today or this week. It doesn’t have to be a lot to start to build a cushion. (Note: If you are working toward leaving a relationship, set up a savings account in your own name at a different bank than you usually use.) If you save $3.32 at the grocery store in discounts, can you pay that amount to yourself to put in savings? Or can you put aside every $5 bill you get in change? Some months that $5 bill trick nets me zero, other months it means I have $20 to add to my savings account. It’s a smallish thing, but it can add up to having just a bit more cushion for a rainy day.

5. If you are person who likes to budget, can you create a budget for yourself? If you DO have a budget, can you make sure that there’s some discretionary spending in there, so you can buy a little treat, or a present, on days when they are most needed? Depriving yourself of all good things in life is not going to help your mental health. Whether it is a latte, or a pack of gum, a box of brownie mix, or a small bunch of flowers for your space, please be sure to allow room in your spending plan for things that are necessary to your thriving.

The tl; dr of it all:

Financial health care is a form of health care: it helps you to decrease your anxiety by knowing the facts, instead spiraling based on speculation.

Health care is a form of self-care.

Ergo, taking steps to help your financial health is a form of self-care.