Money on my Mind: Tips for Practicing Financial Self-Care

Written By Chante Gamby
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Many people tell me that it can be difficult to engage in self-care without money. However, self care can be many things, from taking a trip, to adhering to a budget. Megan Ford, a financial therapist at the University of Georgia states , "Just like it's important for our overall health to tend to our physical, emotional and social needs, our finances need attention and care, too.Financial self-care is both about behaving with and experiencing money in a more optimal and fulfilling way."

While some of us may know how create a budget, the world of finances and engaging in financial self care activities can be overwhelming without support, thus, I decided to go on a journey to find financial self care tools which lead me to Brown Girls Invest.

Brown Girls Invest, is a 501(c)3 organization whose mission is to empower and change the financial outlook for women through financial education.In a full auditorium at the DuSable Museum of African-American History, five financial experts entered the stage to impart knowledge on their audience for an empowering event sponsored by Brown Girls Invest.

While topics ranged from stock investments, to real estate, to cannabis market exploration, it was clear that each of these women knew the benefit of financial freedom and the power of financial self care.

Part of financial self care is knowing what gets in the way of such care, which the each panelist commented on at this even. When we leave negative beliefs unchecked, we threaten our capacity to fully experience financial self care.

Some common obstacles discussed include:

1) Feeling like you need to know everything. Florence Hardy Esq, Chief Executive Officer of truCrowd Illinois, the first registered intrastate equity crowdfunding platform in Illinois, and Chief Operating Officer of Fundanna, the only marijuana based crowdfunding platform in the country, states that "there is no such thing as a perfect investment. Start where you know.” You don't need to know everything about finance in order to get started. Perhaps that is why there are experts who have years of experience and knowledge to help you navigate. If you would like to engage in investing, first, think about where you like to shop. Most likely there are others who like to shop there as well and it may be a profitable investment for you in the long run. Reach out to the experts for support and if you don't know, ask!

2) Not speaking to a financial adviser. The process for gaining financial freedom starts with building the right habits and knowing where your money is going. Financial advisers work to help you complete a financial plan for your goals, both short and long-term. According to Delta F. Jones-Walker, founder of Atled Financial LLC and has been in the Financial Service Industry for 20 years, states that part of the plan should include having between 3-12 months income saved for "emergency reserves". Having such reserves can help manage the stress of emergencies knowing that you have planned ahead for them. Being prepared for emergencies can be a great way to practice self-care.

3) Not acknowledging one's cultural relationship with money. Everyone has some sort of relationship with money. It is important to challenge those negative thoughts and consider where those feelings that are not serving you are actually coming from. Also, pay attention to your typical behaviors in regards to money management. If you like your daily cup of Starbucks, include that in your budget. If you know that you tend to spend money as soon as it enters your account, schedule automatic savings transfers. Remember to pay yourself first so that you honor the fact that you worked hard for the money, and can also help lower impulsive spending. Finally, reflect on your beliefs about money. Joanna Jane, creator of JB Enterprises and Licensed Financial Coach, provided a few tools to help improve one’s relationship with money, such as praying or meditating, writing and saying affirmations, and checking in with supports.

4) Relying on one stream of income. Courtney Richardson, attorney and founder of The Ivy Investor, a resource for women seeking to navigate the maze of investment world in ways that make sense, states that each individual should include several streams of income as part of their financial plan. These can be earned income, business income, capital gains, rental income, dividends, interest, and royalties.

Although there were a lot of knowledge shared in regards to creating wealth at this event, a common theme was the need to start. Sometimes it is our own negative beliefs that keep us from getting started. And without getting started, we run the risk of not truly realizing our dreams and goals, which can lead to more distress in our daily lives. As with any endeavor, it is important to seek support-get an accountability partner (who is also like minded in regards to financial goals) and support one another in engaging in financial self care. If you don't have support that would support your financial goals, show up for networking events (even if they are at 7am or 5pm). You never know who you may run into that can invest in your financial goals. If you want to be a business owner, practice being comfortable with the uncomfortable. Most of all, remember that taking any step in financial self care is better than not taking any steps. Small steps count and can be something to build upon. Joanna Jane states, "It's not going to be easy and it shouldn't be." Reminding yourself of that daily can be a powerful way to comfort yourself as you work towards your financial goals. Also, remember to celebrate progress. Just as you may ask yourself, what are the barriers towards you engaging in financial self care, remember to also ask yourself what is working and continue to build upon that.

Financial self-care, just like any other form of self-care takes time and energy to discover what works for you. Financial self-care can look very different for each one of us. If you are unsure of where to start, check out the resources below and remember to reach out for support to help you achieve your financial self-care goals.

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Chante Gamby
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