Have you ever noticed there is a powerful connection between your financial and physical health?
When you have money flowing in your life, many other things flow too. Conversely, financial stress can take a huge toll on your physical body. It’s also one of the top stressors in relationships and marriages.
The state of your finances is often a reflection of your inner self-worth or confidence. The higher your self-worth, the more attention you pay to how you treat both your body and bank account. The lower your self-worth, the more your body or bank account get ignored or abused.
The good news is neither holds grudges, meaning you can change your reality beginning today. As you empower a new relationship with money, you can bring tremendous peace and healing into your body.
Let’s get started with 5 simple steps to boost your financial health.
STEP 1: Track Your Spending
For the next two weeks, track everything you spend. Write down the item and amount in a small book you take everywhere. Capture every purchase – from the latte and muffin, to groceries, gifts, utilities and more. Total the amount to identify your daily spending. Then circle items that you didn’t need and add them up daily as well.
After two weeks, reflect on your spending. Are you surprised how much you spend? Did you purchase things you didn’t need or value? Are you spending money you don’t have? Or are you pleased and empowered with your purchases?
STEP 2: Align Your Spending with Your Values
Using the information gained from Step 1, get clear on how you want to spend your money going forward. Often times we are spending money to fill voids in our lives instead of using money to create more peace, fun and freedom.
Remember, you likely worked hard for your money. Align your spending with your top values – whatever is most important to you.
First ensure your basic needs are met. After that, address any debt repayments and begin saving (see Steps 3 and 4). Then the fun begins. What passions do you have? Maybe travel is important or creative self-expression. How about extra money for your wellness, including nourishing organic food? As you invest in what’s important, something magical happens. More abundance flows your way.
STEP 3: Build a Debt Repayment Plan
Some people have shame around their debt. Yet, debt simply reflects past spending habits. It says nothing about what’s possible going forward. You choose that!
Begin repaying your debt immediately, even if it’s $50 or $100 a month. The amount is not as important as the conscious choice to begin. Choose a repayment amount that feels do-able and start paying down the debt that has the highest interest rate. Increase the repayment amount over time as you get a better handle on your spending. I recommend setting up an automatic monthly payment so you aren’t tempted to skip a payment. With every payment, acknowledge yourself for taking control of your finances.
STEP 4: Empower Your Savings
Even if you have debt to repay, also begin saving for the future. The amount will depend on your income, basic expenses and debt levels. That’s okay. You are strengthening your savings habit and saying, “I am worthy of consciously building my wealth.” So begin today, with even a small monthly amount. You’ll be surprised at how quickly small amounts add up.
There are many savings vehicles – saving accounts, mutual funds, stocks, bonds and more – each with a different rate of return. If all the options overwhelm you, ask a financial advisor, or start with an online savings account that you can set up at no cost. The point is, start saving and keep saving.
STEP 5: Claim Your Worth
Whether you are self-employed or contribute as an employee, I invite you to claim and grow your sense of worth. Your soul came here to expand and live the riches this life has to offer. And you have gifts that are incredibly valuable to others. Don’t sell yourself short. Perhaps it’s time to raise your rates or, if you are an employee, ask for a raise.
Imagine the good you can do in your life and the world with more money.
The more money flow coming in, the sooner you can care for your basic needs, repay debt, grow your savings, and fuel your passions.
And that is a beautiful world to live in.
