At TWiCE, we’ve previously talked about overspending and splurging, and how these can affect your long-term financial outcomes. These kinds of splurges can be a case of pure impulse, or as a means of coping with the stresses of life. Either way, the long-term impact on your finances can be one of the main sources of stress for people in this country. The kind of spending that could be labelled as ‘splurges’ are often a type of emotional coping and stress management, which is sometimes described as ‘self-care’. Self-care isn’t just for people with a mental illness, it’s important for every person’s well-being. Self-care is about doing the things you enjoy to keep you in good spirits, and doing things that are good for you in the long-term.
However, we often mistake the immediate rush and satisfaction we feel when we get something new as ‘self care’. That short term splurge gives you that sense of contentment or fulfilment that you want, but only for a time. That kind of self-care isn’t beneficial in the long-term, for you or your wallet. Having your finances in order can give you that sense of fulfilment that you might be seeking, one of our main goals here at TWiCE. Finding things that you enjoy, that have a low cost to you is a good way to take time out, escaping from your stresses. Turning to things like alcohol and comfort food is a common solution for people, but as we’ve talked about previously, are not sustainable.
Instead of spending your way to a healthy well-being, look for affordable forms of escapism. Nearly everyone would happily welcome a holiday as a type of self-care, but that may not be necessarily achievable. It has been found that, at least 20 million Britons listen to music or read a book as a form of self-care. This is a relatively low-cost activity that can give you a little bit of an escape from your day-to-day stress. One TWiCE member juggled full-time study alongside full-time work, and despite their demanding schedule, they made sure to put aside a half hour to an hour each day for self-care, which was generally time dedicated to reading a novel, or going for a run. Having that time to yourself can end up being really helpful for your overall mind-set. Most importantly, something like reading a book (on whatever topic you find most interesting) is an activity that is actively using your brain, rather than a more passive activity like watching TV. Even when you’re taking some time for self-care, you’re still gaining something from that time as well.
What does this have to do with your finances though? Well a couple of things actually. TWiCE is a firm believer in helping provide greater support to everyone, not just in terms of people’s financial wellbeing, but their personal wellbeing too. Without the right help, support, and mind-set, even the best of us can fall short. We desire to take a better, well-rounded approach to empowering people with their finances. If you would like to find out what exactly that means here at TWiCE, check out what we aim to achieve here.
- Tom L
Disclaimer: The above information does not replace financial advice. Please ensure you seek independent financial advice before making any decisions regarding your finances. We also recommend that you carry out your own research to ensure that this is right for your own unique circumstances. Please note that we sometimes link to other websites but we cannot be held responsible for their content.