Day 1: Taking Financial Inventory
The financial analysis of your current money situation is the first step towards making the correct improvements to your overall financial condition. You need to know exactly how much money you have, where it comes from, and where it goes. Your budget is the starting point.
Day 2: Returning to the Budget
The budget is not a fixed thing. Although your income may remain relatively consistent month to month, you may find yourself spending more or less at different points in time. By analyzing your spending against the budget, you can identify negative spending patterns and pinpoint areas where you can cut back.
Day 3: Paying Off Debt
Debt is an obstacle on the path to financial improvement. Household debt reached $16.51 trillion in the United States in the third quarter of 2022, according to the New York Federal Reserve. Whether it’s credit card debt, mortgage debt, or another loan, there are ways to pay off that debt.
Day 4: Building an Emergency Fund
An emergency fund can help secure you financially in case you face unexpected expenses or financial situations. Building an emergency fund takes time, so you should start building it as soon as possible with any amount. It is generally recommended to save the equivalent of three to six months’ worth of your expenses.
Day 5: Saving for Retirement
Although you may not track your retirement savings every week, it is still important for this step to be part of your financial self-care list. Knowing how much you are saving for retirement can help you determine if you are on track to meet your goal.
Day 6: Checking Your Credit Score and Report
Checking your credit score does not impact your credit report or scores, so it is a good idea to add this to your weekly financial care routine. Review your credit score and pay attention to how it changes over time. Then, you can look at your credit report and take note of what it includes to see how your scores have been affected.
Day 7: Achieving Your Financial Goals
Setting your financial goals is another important aspect of self-care when it comes to your money. Many elements of the financial care routine impact your current financial situation, but you should also keep future matters in your view.
Frequently Asked Questions
What is financial well-being?
Financial well-being is the feeling you have about your money and how that money helps you achieve security and freedom in your life. If you feel good about it, that means your financial well-being is high. If you feel like your money is out of control, you may need to return to financial health by following some steps.
How can you take control of your money?
You can take control of your money by taking inventory of your finances, debts, and bills. Then, you can create a budget and start paying off debt. Save for emergencies and retirement to set yourself up for future success. And make sure to check on achieving your financial goals carefully and actively.
Source: https://www.thebalancemoney.com/weekly-financial-self-care-checklist-5070275
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