We live in a time when self-care is as familiar to us as waking up and checking Instagram instantly. It started with sheet masks while watching Netflix, eating our favourite food, and other activities that simply pleased us. Then came the idea of taking care of ourselves even if it meant doing things that didn’t satisfy us as much. Waking up early, eating healthy, setting boundaries and so on. Be it emotional or physical, self-care is ultimately about taking care of various aspects of your life. Enter financial self-care.
But what exactly is financial self-care?
Your financial self-care journey begins when you start taking steps that don’t just help you survive but thrive financially. Some aspects of self-care may seem hard to adopt but it gets easy once you think of the benefits in the long run. Money matters are the same.
It may seem overwhelming at first, but it’s not rocket science, especially for women. If we can run businesses, build our careers, take care of families and run households we can take charge of our money.
How to get started on my financial self-care journey?
- Analyse your income and expenditure
- Look for spending habits that may be a red flag (Too much shopping!)
- Automate savings and investments
- Negotiate a better salary
- Start saving as much as possible
- Start building an emergency fund
- Identify short-term and long-term goals and start investing in them
- Research and buy adequate insurance plan as per your needs
- Start planning for your retirement
Why do women need it?
Women often put others’ needs first and equate self-care as a selfish act, and even if some of us do adopt it, taking care of our finances is rarely a part of it. We’re usually guilty of handing it over to the male members of our family as we’ve been conditioned that they’re better with money. Perhaps this is why women have one-tenth the financial corpus of men at retirement, and it’s absolutely alarming. It’s about time that we give our financial well-being the same importance as our emotional and physical well-being so that not only can we live more boldly but also be prepared for emergencies and assured for a secure future.
How do we get started?
By educating ourselves about money matters and engaging with communities who can share insights and expertise to help us grow not just intellectually but also financially.
LXME, India’s first financial platform, was created by women; for women like you and me, who find finance overwhelming and need a little help to sort it all out. LXME helps you earn, plan, discuss, learn, save, get insured and start investing with just Rs.100 Yes for Real! All of this in one single app along with a community of financially fearless women to support you through the journey.