Elevate Your Financial Health for Self-Improvement Month
Susan Diamond, MSW, CFSW
Financial Coach /Medicare Specialist/ CEO & Founder Herfinance Club | Speaker | Author | Money Mindset | Money Story | Personal Finance | Financial Freedom | Financial Wellbeing | Health & Wealth | Medicare Mastery.
"Everything is within your power, and your power is within you." - Janice Trachtman
Did you know Self Improvement Month is an annual designation observed in September?
This month is a time to make yourself better at anything you please. There are many avenues for self-improvement, including emotional, spiritual, and physical well-being, but today, I have one focus: your financial wellness.
Yes, your finances can play a role in your self-improvement process; when your finances are in order you can have more time to focus on the things that matter most to you, which is why I want to help you through every step of the process.
Most important money habits are built over time: Saving, investing, and cutting back spending, among others. Those aren’t short-term goals but rather long-term solutions. Still, plenty of things can be accomplished quickly that can make a major difference in your life.
Here are 7 simple ways you can start to improve your finances:
Track and log your spending for one month
Reevaluate your monthly expenses and look for places where you can cut back. Ask yourself if these purchases are necessary or simply habits that have become ingrained in your lifestyle and don’t necessarily bring value to your life.
Understanding where your money is being spent is crucial. Once you have a clearer picture of your spending habits, it becomes easier to prioritize saving over unnecessary purchases.
Identify a financial goal/s
Take a moment to think about something you want. Do you have a dream?
Open a separate savings account just for your deposits toward this goal. Then, make regular deposits toward that goal. By doing this, you practice:
Money serves as a mere currency, a means to obtain something more significant in your life. Whether it's a car, a house, or a family vacation, the intangible value behind these material possessions truly matters. By bearing this in mind, you can effectively prioritize your purchases and investments with clarity and purpose.
Create a budget
Knowing how much you can spend on what is essential to having financial stability. Creating a budget will help you keep track and stay in control. Identify your sources of income, record all expenses, and allocate money to each category accordingly.
An easy way to stay on track with budgeting is by setting up a separate savings account for every major monthly expense you must pay. Pay yourself first so the funds are available when it comes time to make payments.
Check your credit score
Your credit score indicates how reliable you are when borrowing money and paying it back. Checking your credit report regularly can help you stay on top of any fraudulent activity, errors, or incorrect information affecting your score.
You’re entitled to one free copy of your annual credit report from each of the three credit bureaus: Experian, Equifax, and TransUnion. Review each report individually for accuracy and take action if needed.
Remember, improving your credit takes a little time, so start building better financial habits now.
Read up on financial literacy
Gaining knowledge is key to understanding how the economy works, as well as your finances. Many great books are available (suggested reading list ) that provide helpful information about budgeting, investing, and more.
It’s also important to stay updated on the news so you know what’s going on in the world around you. This will give you an idea of how economic trends may affect your financial situation and allow you to make better decisions moving forward.
Automate your savings /or debt payments
You can make your savings easier. By setting up automatic deposits into a savings or retirement account, you can have peace of mind that even if life gets busy, your contributions to your future self are still being made.
You should also consider setting up automated payments for bills and other expenses. This will ensure all your bills are paid on time without worrying about forgetting a payment or being charged late fees.
Research investments
If you want to make sure that your money will grow in the future, investing is the way to go.
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It doesn’t have to be a lot, but even small contributions can add up over time and give you some financial security when the time comes.
Don’t forget to research different types of investments so that you are comfortable with your decisions. Taking the time to educate yourself could save you from making costly mistakes in the long run.
Self-Improvement Month is a great time to reassess our finances and take control of our financial future. It’s never too late to start making better financial decisions - so don't be afraid to take the first step. With a little knowledge and effort, you can be well on your way to financial wellness!
I challenge YOU to do one thing that will improve your financial situation.
It doesn't have to be big; it just has to be something that hasn't been done yet or done in a while.
Here are a few Bonus resources to help inform and inspire future financial security:
????Check out our Money Mastery Playbook . Like Maslow's hierarchy of needs, The Money Mastery Playbook offers a well-defined pathway to financial success. This comprehensive playbook will expertly guide you through four essential steps in attaining financial well-being.
????Check out the Free Personal Spending Spreadsheet to help you create a budget. Planning for your money is important; otherwise, it typically ends up in someone else’s pockets.
????Check out the Herfinance Club Private Facebook Group . Access to resources, events, and a community of fabulous women focused on the future!
????If you want to improve your finances and make your dreams a reality… Take our 2-Minute Quiz and Find Out Your Money Personality.
Remember that self-improvement is about making small daily changes over several months and years. You don’t have to change your life overnight, but taking the steps you can every day helps you continuously move toward a better financial future.
At the end of the day, committing to self-improvement is one of the best investments you can make in yourself. It doesn’t take much to get started, and even the small steps can have a lasting impact on your life. ??
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If you've made it this far but still feel overwhelmed or don't know where to start, don't worry!?Have you read my book??It’s called?The Money belief Formula: Mindset + Behavior = Financial Success.?Get your copy now by clicking?here .
Sue Diamond, M.S.W is a Certified Financial Social Worker and Founder of The Herfinance Club, a virtual platform that provides financial coaching and resources for women to secure their future for years ahead.
Susan is the author of The Money Belief Formula: Mindset + Behavior = Financial Success. She can be found at herfinanceclub.com . To find out more about Susan visit here !
As a Speaker and author, Susan is on a mission to?socialize the idea that it’s OK for women to talk candidly about money and?inspire ONE MILLION women to start the money conversation with spouses, friends, or colleagues because when women are stronger financially, everyone’s better off.
Whenever you’re ready …
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