‘Me’ time, self care and self reliance…
These are the three core topics that we focus on in this group. We covered the overview of ‘me’ time and self-care the last two Mondays so be sure to go back and read them again.
You may question why self reliance is in this group but did you know that financial stress is one of the top conditions that can impact your physical and mental health? Financial stress is one of the conditions that can impact your health and can cause relationship issues. Being self reliant will improve your overall health. A few examples of how it impacts your health are listed below.
Blood pressure problems
Over the last 30 years, I have spoken to so many women who are at a loss when it comes to their own finances. Not because they are being lazy but because they either rely or relied on their partner to ‘take care of all of that’ or they feel overwhelmed about how to get the financial information that they need.
One of the many things that 2020 showed us was that we cannot rely on one stream of income. Things beyond our control can impact that one paycheck. We have also seen how relying on the government to bail us out is NOT an option.
I am going to ask that you take a hard look at where you are financially. Do you have a consistent stream of income? Do you have multiple streams of income? Do you know how much debt you are in? Do you have a plan for how you are going to reduce and eliminate your debt? Do you know how to access all of your accounts? The list of questions is a long one but we will cover them in January.
I feel that it is crucial for all of you to become financially literate and financially independent so that you can be in a position to walk away from a toxic work environment or a toxic relationship. You should NEVER stay in either situation because you cannot afford to leave.
Let’s flip the situation. Are you the person in your family who is in charge of the finances? Are you responsible for overseeing your parent’s finances? If so, do others know where you keep all of your information so that if something happens to you, they will know where to look?
So I have a homework assignment for you for this next month. Gather all of your banking account information, pay stubs, and all of your bills. Yes, the holiday damage will take a month to sort through if you put your purchases on a credit card.
Put it all in one stack and we will begin working our way through a simple process so that you can organize the information and make a plan for how to ensure that you fully understand what is in front of you.
If your partner usually does this in your family, explain what you are doing and why. Ask them to teach you what they know. This may a tough conversation to have so prepare for some pushback.
My goal? Develop one more stream of income that brings in $1000/month.
What does one financial goal for 2021 look like for you?