Set goals for future spending habits
Try out the 50/20/30 budgeting rule. It’s a great way to map out your expenses and track your finances. According to the rule, 50% of your take-home pay will go to needs, 30% will go to wants, and 20% toward Future You.
However, if you’re just starting out on budgeting, these percentages might not be realistic, which is why it needs to be a part of your self-care checklist.
Pay down debt
Debt can be a roadblock on the way to financial wellness. The quickest way to pay off your debt is to regularly pay the minimum required payments. Debt is the silent killer, the longer you take to pay off debt, the more interest you’ll owe.
Start an emergency fund
An emergency fund can help bail you out financially when you run into expensive financial situations. It can cover you until things get back to normal. Financial experts recommend saving between three and six months’ worth of your take-home pay.
Start investing toward your goals
Now that you’ve finished the above steps in your self-care checklist, it’s time to step up your game and invest toward your long-term goals, such as retirement contributions, or buying a home.
Making regular money check-ins a part of your self-care routine is the key to achieving the financial wellness you’ve been striving for.
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