12 Tips To Boost Your Financial Health
/According to the Financial Health Network, financial health is defined as “the dynamic relationship of one’s financial and economic resources as they are applied to or impact the state of physical, mental and social well-being.” There are three scores given to one’s financial health. They are vulnerable, coping, and healthy.
The Consumer Financial Protection Bureau expands upon this definition with the term financial well-being. Financial well-being is defined as “a state of being wherein a person can fully meet current and ongoing financial obligations, can feel secure in their financial future, and is able to make choices that allow them to enjoy life”.
It goes without saying that living well includes tending to one’s financial health. While the measure of your well-being is subjective around what you need to feel financially secure and what you need to be able to enjoy life, I will take the liberty to assume that incorporating healthy money habits into your routine will boost your financial health. Tending to your financial health not only supports your financial well-being, but it will also support your mental health.
Here are ways to boost your financial health.
12 Tips To Boost Your Financial Health
Practice money mindfulness. Money mindfulness is a practice of bringing awareness to financial decisions. It grounds you in the present moment to see how a financial transaction evokes sensations within the body. To practice money mindfulness, I recommend taking three deep breaths before making any financial decision. By becoming aware of the physical sensations that money can evoke within you, you are better equipped to make financial decisions that support your well-being by coming from a place of full self-awareness and self-knowledge.
Track your gratitude. As Oprah frequently states, having an attitude of gratitude is the key to a well-lived life. Regardless of how much money you have, or don’t have, spending five minutes to write down what you are grateful for will immediately elevate your financial health.
Have a weekly money date. The money date is a financial spiritual practice I recommend to all of my Money & Mimosas® readers and paid members. The consistency of this practice teaches you how to bring awareness to all financial decisions, take a pause to celebrate wins, and reflect on how to make a difference with your money.
Cultivate a financial spiritual practice. Whether it’s working with the new and full moon, incorporating ancestral traditions, and/or integrating a weekly money date into your routine, creating a spiritual approach to your finances will heal and elevate your relationship with money.
Practice financial self-forgiveness. In my experience, one of the biggest money blocks is self-resentment. This resentment stems from poor financial decisions made in the past that you are still punishing yourself for doing. As ancestor Maya Angelou stated, "Do the best you can until you know better. Then when you know better, do better.” And when you know better, forgive yourself for when you didn’t. Practicing self-forgiveness is one way of shifting from a scarcity to an abundant money mindset. Click here for a complimentary five-day exercise on how to shift from a scarcity to an abundant money mindset.
Build your self-confidence. My belief is that your self-worth drives your net-worth. The more you believe in yourself, the more confidence you have in your abilities and the more you will feel worthy of financial abundance. Don’t take my word for it? Well, the Consumer Financial Protection Bureau agrees. Their study found that one’s confidence directly impacts their financial well-being. One of my favorite practices for building self-confidence is through affirmations. The affirmation, “Everything is always working out for me” is one of my go-to favorites. Feel free to borrow this one and create your own.
Try something new for the sake of self-expression. Some people will say try something new to get out of your comfort zone. If that resonates with you, go for it. For me, self-expression is my core desire. So, I try new things for self-discovery purposes and to get more in touch with who Danetha is. Whether it’s a new art project or a new physical activity challenge, try something new to discover a deeper layer of who you are as an earthling in a human body.
Go for a walk in nature to reduce financial anxiety. Financial anxiety can feel debilitating and has a tremendously negative impact on your cognitive functions. If you are feeling anxious about your financial situation, give yourself the gift of being in nature. It could be a walk around the neighborhood, a bike ride to the park, or a hike in the woods. All that matters is you indulge in the love generously given by Mother Earth.
Journal out your financial stresses. Like pain, stress is bound to happen in life. However, suffering is optional. Financial stress may or may not be avoidable, so the focus needs to be on how to develop healthy coping mechanisms for when it does arise. One of these healthy coping mechanisms is journaling out your financial stresses. Your journal is a judgment-free zone where you can be vulnerable and pour your heart out without the fear of it being used against you.
Invest in yourself and in other vehicles. As Warren Buffett always states, the best investment is in yourself - followed by investing in other opportunities. Investing in yourself can include hiring a therapist, elevating your wardrobe, starting and building a business, or hiring an executive coach. Once you have cultivated a practice of investing in yourself, then you can look into traditional vehicles such as mutual funds, real estate, alternative investments, to name a short few.
Write yourself a thank you note. When was the last time you truly thanked yourself for everything you are? For many of us, it has been a long time. One of my secrets to creating and maintaining financial abundance is that I celebrate myself often. Spend five to ten minutes writing a thank you note to yourself acknowledging all the hard work that may go unnoticed by others.
Make time to be inspired. Beauty and financial abundance go hand in hand. The more we see the beauty in the world and in our own lives, the more we appreciate the abundance we have and are eager for the abundance that is to come. This is why Money & Mimosas® now creates a vibe video for each season. Be intentional about carving out time to be inspired and thus, open to seeing the beauty in life. This could be finding a new musician, looking at art, being in nature.
Bonus: Keep Yourself Legally Protected. When it comes to boosting financial health, one thing you’ll need to keep in mind is that unexpected expenses are going to happen. Even unexpected accidents where you’ll need a lawyer, like from Ritchie Law Firm, may very well happen. No one likes it when accidents happen, but sometimes, they’re just inevitable Sometimes, other things that are totally unexpected happen. So in general, just prepare for the unexpected because the unexpected can really destroy financial health.
