managing finances
Financial Planning

Here’s How Managing Finances is an Act of Self Care

Effectively managing your finances can have a positive impact on your mental and physical health!

What efforts do you take to practice self-care and look after your mental health? There are several habits to incorporate on a daily basis that can contribute to overall well-being. One of these is to be effectively managing finances.

Taking Care of Your Finances — and Yourself

The state of your finances can be a major trigger for stress. Effectively managing finances and avoiding debt can prevent days of feeling overwhelmed and anxious.

Here are a few tips to get you started:

Assess Your Insurance Needs

In most instances, insurance is a necessary expense. Medical insurance, life insurance, and household insurance can be the saving grace in a tragic situation. However, there are ways to cut down insurance costs based on the need.

There are various ways to make sure that you aren’t overpaying on insurance. For example, ask your provider for up-to-date estimates on the value of your belongings. You can also inquire about group insurance, bulk plans, or bundles.

Control Your Impulses

If you reflect on recent expenses, what percentage would be impulse purchases? A recent poll suggests that Americans spend an average of $182 on impulse purchases every month. Over the course of a year, this value can add up significantly. Rather than spend money without thinking, the finances could be used to pay off credit card debt or put into a savings account.

Refinancing Your Home

Due to the current interest rate environment, many people have looked into mortgage refinancing. This process involves taking out a new loan with a lower interest rate. The process allows homeowners to decrease the equity in the home, free up cash for spending elsewhere, and reduce monthly mortgage payments.

Self-Care and Mental Health

Practicing self-care is a foundational aspect of mental health. Without any doubt mental health and managing finances are connected. While life events can’t always be controlled, self-care gives individuals the power to look after themselves as needed. There are several benefits to practicing self-care, many of which overlap with one another.

For example:

  • Improved quality of sleep
  • Better mood and outlook
  • Strengthened immunity
  • Less risk of mental health challenges such as stress, depression, and anxiety
  • Healthier relationships with loved ones and community

Physical Health and Mental Health

As you can see, there’s also a close connection between mental health and physical health. Two of the most effective ways to improve physical health are through healthy eating and regular exercise. A healthy, balanced diet provides all of the nutrients needed for optimal physical performance and brain functioning. Other benefits include a reduced risk of disease and a better mood.

Some practical tips for incorporating self-care into your daily routine include the following:

  • Sleep for at least seven hours each night
  • Follow a healthy and balanced diet that is rich in nutrients
  • Take time to relax and avoid burnout
  • Reduce stress through hobbies such as meditation and journaling
  • Exercise on a regular basis
  • Lighten your load through professional services through sites like Angi

Not only are physical health and mental health connected, but financial health is also an important aspect to consider. When the stress of money is removed from the picture, mental health is improved. A little bit of effort in managing (and rearranging) finances and boosting your overall wellness can go a long way.

For more articles like this, be sure to visit the financial planning section of the site.

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