4 tips for financial self-care and why it's so important

Scheduling time for self-care is something that we’re all aware we should do. Sometimes, we’re pretty good at it, too. We’ll make an appointment for RMT, do yoga during our lunch break, or stick to a schedule of eight hours’ sleep per night.

But the concept of self-care doesn’t apply exclusively to health — it’s relevant to all aspects of your life, including your finances. Not everyone feels comfortable talking about their income and budget, but maintaining financial self-care has an impact on your overall happiness. And when you take a more holistic approach to money management, there’s less chance of financial stress.

It’s never too late to start taking action for your financial wellbeing. Here are four tips for financial self-care that you can get started with.

Start the conversation

We could all put a little more effort into understanding our money better. But how do we strike a balance between today and tomorrow? The Canadian Financial Capability Survey for 2019 revealed that while 65% are keeping up with bills and payments, a growing number of people are facing financial pressures. So, how do we learn how to talk about money? Speaking with a financial advisor is a good first step that can help alleviate some of this stress.

Know your weaknesses

Humans are creatures of habit, and we can easily fall into spending routines without even realizing it. Maybe coffee is your jam and visiting your local cafe is a ritual, or maybe kicks are your Achilles heel (pun intended).

Whatever your habits are, financial self-care involves becoming aware and actively reducing the impact this spending has on your finances. It doesn’t mean you have to completely give up the things you love; you can spend smarter, more thoughtfully, and invest more in future you. Which brings us to…

Save as much as possible

Putting away money into a savings account, whether on a weekly, bi-weekly, or monthly basis, allows you to stay in control of your finances and work towards your long-term saving goals. The best piece of advice most financially smart people give? Pay yourself first.

At G&F Financial Group, you can make the most of a protected savings option with a Bright Term Deposit. For a limited time, take advantage of our special rates on a 12-month term, which is redeemable in 180 days. This risk-free savings option involves a low minimum deposit of $500 — and all deposits are 100% guaranteed.

All you have to do is choose the type of account you want to invest in such as non-registered or registered (RRSP, RESP, RIF, or a TFSA).

Invest regularly

New to investing? Making regular contributions to your investments over time will help minimize any negative impacts market downturns have on achieving your ultimate financial goal.

Instead of trying to predict when to buy and sell based on market conditions, take a disciplined approach with a financial planner to make investments weekly, monthly, or quarterly.

If you keep investing through downturns, it won’t guarantee gains or that you will never experience a loss — but when prices do fall, you may actually benefit in the long run. When the market drops, the prices of investments fall and your regular contributions allow you to purchase more of the investment. It will also reduce the overall volatility you experience in your portfolio. Plus, some of the best periods of returns are after a crisis (remember the financial crisis in 2008?).

Knowing when a significant market upturn starts is impossible, but if you’re investing regularly, you can grow your investments to reach your financial goals.

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There’s no time like the present to focus on financial self-care. When you save with a Bright Term Deposit at G&F Financial Group, you’ll be automatically entered to win a $2,500 for your savings!

Earn additional entries by setting up a pre-authorized contribution into an investment, or by meeting with a Credential Wealth Management advisor at G&F (yes, by phone works too!). For more information and to sign up for a Bright Term Deposit, visit the G&F Financial Group website.

_{Mutual funds are offered through Credential Asset Management Inc. Mutual funds and other securities are offered through Credential Securities, a division of Credential Qtrade Securities Inc. Credential Securities is a registered mark owned by Aviso Wealth Inc.}