Why You Need a Financial Health Day
We all know you should take a sick day, a mental health day, or even a personal day. But a financial health day is just as important.
You deserve to take time to get your life in order when you aren’t on edge and under pressure. And employers, if you’re reading this, you should also think about giving your employees a financial health day.
Throughout this series, I’ve shared ways you can change your environment so you can spend less and save more. But the secret ingredient for each tip has always been time:
- Calling your credit card company to change your interest rate takes time.
- Deleting an app off your phone takes time.
If you haven’t had the time to put these changes into action, this is your chance.
👉 Mark a day on your calendar right now to devote to reorganizing your finances. Really commit to this day and make it as productive as possible.
Here are the big headlines to cover, both from earlier episodes and beyond:
1. Focus on Your Fixed Expenses
Take the day to evaluate your bills.
- Can you truly afford your housing payment?
- Is it time to start looking for a cheaper place?
- Do you need to switch to a low-cost cell phone provider?
- Do you need to trade in your car for something more affordable?
This is the day to think about those large fixed expenses and make one time changes.
2. Sign Up for the Boring but Necessary Stuff
- Do you have life insurance? If not, sign up now.
- Are you enrolled in your company’s 401(k)? If not, sign up now.
- Are you contributing enough to that 401(k)? If not, adjust your contribution rate today.
3. Talk to Your Significant Other About Money
If you haven’t already, get on the same page. It matters.
4. Create a Singular Savings Goal
Pick one goal and start building toward it.
👉 You can set up an automatic plan so that a portion of every paycheck goes directly into your savings account.
5. Start Paying Off Debt Every Week
Don’t just pay once a month. Whether it’s your credit card debt, mortgage debt, or something else, paying weekly will help you reduce more debt over the course of a year.
6. Renegotiate Your Credit Card Terms
Call your credit card company and:
- Ask to lower your interest rate
- Change your payment due date
Make your credit card company work for you.
7. Use Technology to Your Advantage
- Unsubscribe from all shopping newsletters.
- Install an ad blocker.
👉 Remember: You can’t spend on what you can’t see.
8. Delete Distracting Delivery Apps
Remove the temptation to spend on convenience you don’t need.
9. Spend on Things That Increase Your Happiness
My tips are not all about cutting back. Spend wisely on what truly brings you joy:
- Experiences
- Quality time with others
- Expenditures that save you time (like hiring someone to clean your house or mow your lawn)
These will save you time and boost your happiness.
10. Schedule Another Financial Health Day
Set aside time a few weeks later to revisit what you started. Chances are, you’ll need to continue working on some of these changes.
Summary
I know all of this may seem tedious or boring, but it’s better to make these vital changes when you have time to think, not under stressful conditions when we usually make big financial decisions.
Not every day can be a spa day, but a financial health day will leave you feeling just as soothed and pampered.
