Waching daily Dec 31 2018

Hello there!

Welcome back to my channel!

Today we are going to be talking about financial self-care.

Usually, when I speak about financial self-care I have people who are just shocked that financial,

or finances, or budgeting can be apart of self-care, but it can.

So I think this is a pretty important topic.

Financial self-care is actually pretty simple.

It's when you take a look at your finances and figure out how your money best fits into

your life.

But before we get started le's actually clarify that financial security, which is the peace

of mind that your income is going to cover all of your expenses and not having to worry

about that, that is a privilege that many do not have, especially in this economy.

However, regardless of your financial situation, you can benefit from practicing financial

self-care.

The first step to practicing financial self-care is documenting all of your expenses.

This can be things like rent, utility bills, phone bill, car note or bus fair depending

on your mode of transportation.

Basically, anything that you have to pay for in order to survive, is an expense.

Calculate food in there as well, even if you are getting some form of financial assistance

or government assistance, and that government assistance or financial assistance should

be counted as your income because it is apart of your income.

Once you have all your expenses totaled up, and you see that total, take a small break

if you need to.

Because I did, I needed to.

When I first did this I didn't realize just how much of my income went to like rent, gas,

and electric, I have a car note as well.

So I just needed to take a breather.

And just breathe for a second.

After you're done taking your break, write up your income.

Where is the money coming from and how much?

If it changes from month to month then make an estimate based off the previous months,

and what you got paid in the previous months.

Often times I like to take the lowest month and then estimate from there.

I don't like to start off with this really huge amount that I got one of the months.

You know, because it can be unrealistic.

So then you're going to take your income and subtract your expenses from that.

If you have nothing left over then you are living at your means, if you have some money

left over then you are living below your means, but if you have no money and you actually

have more expenses than coming in as income then you are living above your means.

For a long time, before I started budgeting, I was living above my means.

Because I didn't really have an understanding of where all my money was going to.

But once I actually started budgeting I learned that I had to cut back on certain things.

And it wasn't frivolous things, it was more or less like, my phone.

So what I ended up doing was I found out that my phone actually could be used on wifi, and

that there were apps that you could use to be able to make phone calls or text or whatever

it is that you need, through that app, through wifi.

So I canceled my phone service and only used wifi.

However, it may be hard for some people to know where to cut back in their life as far

as expenses.

I like to think, does this expense help me survive, or how can I get this thing at a

cheaper cost or free.

Financial self-care, like all other forms of self-care, is different for each person.

In later videos, we will discuss different types of budgeting,

and so maybe you'll find one that works best for you in those videos.

When I was in college budgeting for me was just putting coins in a jar whenever I could.

And what that ended up doing was that by the end of the year I ended up saving $20.

Considering that my rent was a paycheck and a half that was still good because I still

had to pay for my phone bill, I still had to pay for transportation for me to get to

and from places.

So it was pretty good that I saved the $20.

Do understand that even if you do the coin saving, there may be times where you save

that money and then have to use it the next month.

Because maybe you got less hours at work, or some emergency came up and you had to utilize

that money.

So do understand that even if you get to the end of the year and you don't have anything

in savings, know that there are life situations that happen and you just have to go with it.

It's kind of sad, it really is, but that is the nature of things.

Honestly, Financial self-care can be one of the harder versions of self-care to deal with.

So many people, including myself, still struggle when it comes to taking care of our finances.

Sometimes the smallest changes can add up and lead to the biggest impacts in our life

and our growth.

So that's it for this video.

Thank you for watching, I hope you learned something today.

Let me know in the comment section below what are some forms of self-care dealing with financial

self-care that you do.

Do you budget, what kind of budgeting do you do?

2019 is just around the corner, i.e. tomorrow so this makes a good thing to take into the

new year as a new habit... that you do...

consistently... for the whole year...

Don't forget to subscribe and hit the bell button so you can get notified when I upload

new videos, like this video and be sure to share it so others can benefit as well.

I hope to see you in my next video!

Bye!