Tip of the Month: Taking Care of Your Financial Health
All of us, at some point in our lives, feel like we are not exactly where we want to be with our financial health or that we don’t even know what financial health means. Here are three tips for getting through financial stress which might also increase your confidence, comfort, and capability to flourish financially.
Tips for Taking Care of Your Financial Health
Talk about it.
When you’re feeling stressed about money, the last thing you want to do is tell someone about it, right? Talking about how much you spend and earn can feel awkward. You may feel ashamed of any mistakes you feel you’ve made. Maybe you’re embarrassed about your financial situation. Just remember that talking with a trusted friend or loved one is often a go-to strategy for relief from stress of any kind. Plus, being open about your financial challenges can also help put things in perspective. The person you talk to doesn’t have to be able to fix your problems or give you advice. They just need to be willing to listen without judgment or criticism.
Make a plan.
Another way to cope with overwhelming financial stress is to make a plan to feel more in control of your current financial situation. This plan does not need to include every step you need to take to be financially secure and free, now and in the future. Start with simply making a plan to pay attention to how you are spending your money, in other words, to spend mindfully. Mindful spending requires that you get really clear about your financial goals and life desires. Ask yourself: What do I want to do, be, and have? What do I love to spend money on and why? How much do I need for fixed expenses, monthly and quarterly? How much do I want to habitually set aside for “guilt-free” spending? Get as specific as you can when answering these questions so that you can get excited about the things you care about and live in alignment with that.
Meet with a financial coach who can help you make a plan.
A financial coach’s role is to educate, inspire, and guide you through your financial goals. There is not a one-size-fits-all approach to financial decisions, so meeting with a Mind Over Money Financial Coach can propel you in the direction that is right for you.
Remember - you are not alone on your financial journey!
Written by: Angela Amarillas, ‘97, ‘01, Associate Director of Financial Wellness, Student Services
Resources
Stanford Resources
- Mind Over Money: An in-class program at Stanford that aims to increase all students’ engagement in their financial well-being with impactful, relevant, and research-informed programming and resources.
- Financial Coaching: FREE 1:1 counseling for students, postdocs, and recent alumni who wish to develop skills and behaviors to improve upon independently over time.
- Check out the Financial Education Library to equip yourself with personal finance knowledge and skills. Enroll in personal finance courses, complete self-paced learning modules, or browse a collection of recorded workshops.