|By Sarah Carlson, CFP®, CLU®, ChFC®|
Where does self-compassion fit into your financial future? It's no secret that money is a major source of stress for many people. And when we're stressed about money, it can be hard to make good decisions when it comes to spending and saving.
Self-compassion is a way of relating to ourselves with kindness and understanding, rather than judgment and criticism. When we're self-compassionate, we acknowledge our humanness and imperfections, and we treat ourselves with the same compassion and care that we would extend to others.
Studies have shown that self-compassion can reduce stress and improve our ability to cope with difficult situations. In my book, Facing Financial Fears, you'll learn how to make more positive financial decision-making by increasing mindfulness and decreasing impulsivity.
So if you're looking to get your finances on track, self-compassion may be the key. Here are 10 ways to start saving money with self-compassion.
1. Acknowledge Your Feelings about Money
If you're feeling stressed, anxious, or ashamed about your finances, give yourself permission to feel those emotions. Acknowledging and accepting our feelings is an important step in managing them effectively.
2. Treat Yourself with Kindness and Understanding
Remember that you're only human, and that making mistakes is part of being alive. Cut yourself some slack, and extend the same compassion and care to yourself that you would to others.
3. Be Mindful of Your Spending Patterns
Self-compassion can help you become more aware of your spending patterns and the underlying reasons for them. This mindfulness can lead to more conscious and thoughtful spending, rather than impulsive spending that you may later regret.
4. Make a Budget and Stick to It
Creating a budget is a great way to get a handle on your finances. But it's also important to be realistic about what you can actually stick to. If you're too restrictive with your budget, you're likely to end up feeling stressed and frustrated. So be kind to yourself as you create a budget that works for you and your lifestyle.
5. Invest in Yourself
One of the best things you can do for your finances is to invest in yourself. This includes things like taking courses, learning new skills, and building your financial literacy. When you invest in yourself, you're setting yourself up for success both now and in the future.
6. Live Below Your Means
One of the best ways to save money is to live below your means. That means spending less than you earn and saving the rest. It may not be easy, but it's worth it in the long run.
7. Automate Your Savings
One simple way to make sure you're saving money is to automate it. You can set up a direct deposit from your paycheck into your savings account, or have a certain amount transferred automatically each month. This way, you'll never even see the money and you'll be less likely to spend it.
8. Make a Plan for Your Money
When it comes to money, having a plan is key. Know what your goals are and what you need to do to reach them. This will help you make better financial decisions and stay on track.
9. Delay Gratification
One of the most difficult things to do when it comes to money is to delay gratification. But it's also one of the most important. When you're able to wait to buy something, you'll often find that you don't even want it anymore. And even if you do still want it, you may be able to get it at a cheaper price.
10. Seek Professional Help
If you're struggling to get a handle on your finances, don't be afraid to seek professional help. As a team of Spokane financial advisors, we can help you:
- Create a budget
- Make a plan
- Reach your financial goals
And if you're dealing with debt, there are organizations that can help you get out of it and on the path to financial freedom.
Self-compassion can be a powerful tool in saving money. By increasing mindfulness, lowering stress, and improving our ability to make positive financial decisions, it can help us achieve our goals. So if you're looking to get your finances on track, give self-compassion a shot. You may be surprised at how much it can help.
Transform Your Money-Fears into Money-Loves!
Unlock your patterns, gain clarity and focus, and become supremely confident with money using my simple 8-step approach to changing your financial future.
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All investing involves risk including loss of principal. No strategy assures success or protects against loss.