Financial Self-Care: 5 Tips to Increase Your Money Well-Being

In this episode of PennyWise, host Nat Cardona delves into the concept of financial self-care with NerdWallet financial expert Kim Palmer. Self-care is often associated with relaxing activities like reading a book or having a spa day, but financial self-care is about making sure your financial practices contribute to your overall well-being.

The discussion begins with the importance of reflecting on your past financial habits and understanding how your early money lessons influence your current financial behavior. Kim emphasizes the need to identify and change any negative patterns that may have been ingrained since childhood.

Next, they explore setting realistic and aspirational financial goals. Kim shares insights on how visualizing big dreams, like owning an expensive home, can motivate you to create actionable steps toward achieving those goals. This process involves regular checks and adjustments to your financial plans.

Tracking your expenses is another crucial aspect of financial self-care. With the help of budgeting apps, you can monitor your spending, get alerts when you exceed your spending limits, and make informed decisions about your purchases. This practice helps you keep your finances under control and reduces unnecessary spending.

The episode also tackles the challenge of saving money and building an emergency fund. Kim offers practical advice on prioritizing savings by cutting non-essential expenses such as subscriptions and take-out. Growing your savings can give you a sense of financial security and peace of mind.

Finally, they discuss the importance of maximizing employee benefits. Many jobs offer benefits that can significantly affect your financial health, such as flexible spending accounts, disability and life insurance, and childcare expenses. Kim advises listeners to check with their HR departments to make sure they are taking full advantage of these benefits.

Check out this episode of PennyWise for expert advice on practicing financial self-care and how to make your money work for you. By implementing these tips, you can achieve a more relaxed and contented financial life.