Modern life comes with plenty of stressors, and money is the most common. But a state of stress actually makes financial discipline harder. It can even lead to a cycle in which stress makes poor money choices more likely, and those mistakes create more stress.
This underlines the importance of self-care to financial health. Applying self-care ideas can alleviate stress and improve well-being. “When fear decreases, the brain can start working more effectively and begin creating a reasonable plan to manage the problem,” says Lisa Bahar, a licensed marriage and family therapist practicing in Newport Beach, Calif.
Here are some self-care ideas that will make you healthier mentally, emotionally, physically — and financially.
Self-care ideas for better financial discipline
First, what is self-care? “The term self-care describes the actions that an individual might take in order to reach optimal physical and mental health,” according to therapist directory site GoodTherapy.org. They can be small, simple actions that help you maintain your well-being.
This state of well-being will often boost your ability to make positive financial choices.
“Reducing stress may provide someone with more time and energy to concentrate on their finances and not add to the stress,” says money coach Lisa Chastain.
1. Budget for self-care
Money is a resource, and sometimes it can be used to trade for other resources you lack, like time or energy. Carve out some room in your budget for self-care. Use this fund as a guilt-free way to nurture and care for yourself.
Even a small amount can allow you to treat yourself to inexpensive pleasures. If can afford to, you might budget more to invest in building a skill through cooking classes. Or you can pay to offload a chore you hate, like hiring a pet poop scooper.
2. Carefully time financial decisions
You want to time your financial decisions and tasks for times when you’re feeling good instead of running on fumes. People who are stressed typically “lack clarity on what they are creating financially for themselves versus making a decision to ease the stress,” says Chastain. It’s similar to the advice not to grocery shop when hungry.
Check in with yourself before you sit down to work on your finances. Physically, check that you’re fed, hydrated and well-rested. Make sure you feel well emotionally — confident, empowered and encouraged. Take stock of your mental resources, like willpower and brainpower. If something’s amiss, take a break and address your needs before tackling your money problems.
3. Maintain your physical health
Sufficient sleep, a healthy diet, and regular exercise are cornerstones of a self-care regimen. “Exercise gives people a great outlet for stress relief, and helps you think clearly,” says Stefan Taylor, founder of mental health site ADHD Boss.
As investing titan Warren Buffett said, “You only get one mind and one body — and it’s got to last a lifetime.” When you care for your body, you lower stress and sharpen your mind — your most valuable financial tool.
4. Ground yourself in the present
“People under stress usually avoid and find ways to numb,” Chastain says. If you tend to vacillate between manic money panic or dead-inside despair, try taking a moment to ground yourself.
Deep breathing is a simple but effective tool to increase oxygen and stay present in the moment, suggests Taylor. “And, since thinking about the future is a constant source of anxiety, staying mindful or present to the moment can help people make smarter financial decisions,” he adds.
5. Set and maintain boundaries
An important principle of self-care is creating and enforcing healthy social boundaries. These boundaries help you keep other people’s choices, opinions or lifestyles from influencing your financial choices. And they ensure your well-being, including your financial health, is not sacrificed for others.
Setting these financial boundaries can be hard but important. You might decline to lend money to a family member. Maybe you renegotiate how you split expenses with your significant other, if it’s become a bit one-sided. Or it could be smaller and simpler, like unfollowing a big spender on social media to whom you’re always comparing yourself.
6. Enlist a financial mentor
When you’re working on your finances, having a point person to talk things through and brainstorm money solutions can be invaluable. Pick someone whom you trust and who has sound financial judgment and ask if they’re willing to be your sounding board for money management. It can make financial decisions less daunting, lessen the mental load on you and give you some much-needed support.
7. Invest in professional help
In addition to getting support from a friend or family member, think about investing in professional help. If your finances are a mess, meeting with a financial planner can help you offload some of your money labor and find clever solutions you might not otherwise know about.
For some people, mental health issues can be the main issue affecting both their well-being and their finances. If you struggle with mood or mental disorders from depression to ADHD, there’s really no substitute for professional help.
Working with a therapist, Bahar says, you can get help making “a step-by-step strategy for short- and long-term goals,” creating and following a self-care plan. It also gives you safe place to work through “the feelings including anger, fear, and shame.” And you can get evaluated for any medications or other therapies.
By implementing self-care ideas, you’ll improve your well-being and lower stress. And soon enough, it’ll probably pay off. “People who are calm and in charge of their life ultimately make smarter choices with their money,” Chastain says.
Interested in refinancing student loans?
Here are the top 5 lenders of 2020!| Lender | Variable APR | Eligible Degrees | |
|---|---|---|---|
| Check out the testimonials and our in-depth reviews! 1 Important Disclosures for Laurel Road. Laurel Road DisclosuresLaurel Road is a brand of KeyBank National Association offering online lending products in all 50 U.S. states, Washington, D.C., and Puerto Rico. Mortgage lending is not offered in Puerto Rico. All loans are provided by KeyBank National Association. ANNUAL PERCENTAGE RATE (“APR”) FEE INFORMATION There are no origination fees or prepayment penalties associated with the loan. Lender may assess a late fee if any part of a payment is not received within 15 days of the payment due date. Any late fee assessed shall not exceed 5% of the late payment or $28, whichever is less. A borrower may be charged $20 for any payment (including a check or an electronic payment) that is returned unpaid due to non-sufficient funds (NSF) or a closed account. LOAN AMOUNT For bachelor’s degrees and higher, up to 100% of outstanding private and federal student loans (minimum $5,000) are eligible for refinancing. If you are refinancing greater than $300,000 in student loan debt, Lender may refinance the loans into 2 or more new loans. ELIGIBILITY & ELIGIBLE LOANS Borrower, and Co-signer if applicable, must be a U.S. Citizen or Permanent Resident with a valid I-551 card (which must show a minimum of 10 years between “Resident Since” date and “Card Expires” date or has no expiration date); state that they are of at least borrowing age in the state of residence at the time of application; and meet Lender underwriting criteria (including, for example, employment, debt-to-income, disposable income, and credit history requirements). Graduates may refinance any unsubsidized or subsidized Federal or private student loan that was used exclusively for qualified higher education expenses (as defined in 26 USC Section 221) at an accredited U.S. undergraduate or graduate school. Any federal loans refinanced with Lender are private loans and do not have the same repayment options that federal loan program offers such as Income Based Repayment or Income Contingent Repayment. All loans must be in grace or repayment status and cannot be in default. Borrower must have graduated or be enrolled in good standing in the final term preceding graduation from an accredited Title IV U.S. school and must be employed, or have an eligible offer of employment. Parents looking to refinance loans taken out on behalf of a child should refer to https://www.laurelroad.com/refinance-student-loans/refinance-parent-plus-loans/ for applicable terms and conditions. For Associates Degrees: Only associates degrees earned in one of the following are eligible for refinancing: Cardiovascular Technologist (CVT); Dental Hygiene; Diagnostic Medical Sonography; EMT/Paramedics; Nuclear Technician; Nursing; Occupational Therapy Assistant; Pharmacy Technician; Physical Therapy Assistant; Radiation Therapy; Radiologic/MRI Technologist; Respiratory Therapy; or Surgical Technologist. To refinance an Associates degree, a borrower must also either be currently enrolled and in the final term of an associate degree program at a Title IV eligible school with an offer of employment in the same field in which they will receive an eligible associate degree OR have graduated from a school that is Title IV eligible with an eligible associate and have been employed, for a minimum of 12 months, in the same field of study of the associate degree earned. INTEREST RATES The interest rate you are offered will depend on your credit profile, income, and total debt payments as well as your choice of fixed or variable and choice of term. For applicants who are currently medical or dental residents, your rate offer may also vary depending on whether you have secured employment for after residency. DISBURSEMENT OPTIONS The repayment of any refinanced student loan will commence (1) immediately after disbursement by us, or (2) after any grace or in-school deferment period, existing prior to refinancing and/or consolidation with us, has expired. POSTPONING OR REDUCING PAYMENTS After loan disbursement, if a borrower documents a qualifying economic hardship, we may agree in our discretion to allow for full or partial forbearance of payments for one or more 3-month time periods (not to exceed 12 months in the aggregate during the term of your loan), provided that we receive acceptable documentation (including updating documentation) of the nature and expected duration of the borrower’s economic hardship. We may agree under certain circumstances to allow a borrower to make $100/month payments for a period of time immediately after loan disbursement if the borrower is employed full-time as an intern, resident, or similar postgraduate trainee at the time of loan disbursement. These payments may not be enough to cover all of the interest that accrues on the loan. Unpaid accrued interest will be added to your loan and monthly payments of principal and interest will begin when the post-graduate training program ends. We may agree under certain circumstances to allow postponement (deferral) of monthly payments of principal and interest for a period of time immediately following loan disbursement (not to exceed 6 months after the borrower’s graduation with an eligible degree), if the borrower is an eligible student in the borrower’s final term at the time of loan disbursement or graduated less than 6 months before loan disbursement, and has accepted an offer of (or has already begun) full-time employment. If Lender agrees (in its sole discretion) to postpone or reduce any monthly payment(s) for a period of time, interest on the loan will continue to accrue for each day principal is owed. Although the borrower might not be required to make payments during such a period, the borrower may continue to make payments during such a period. Making payments, or paying some of the interest, will reduce the total amount that will be required to be paid over the life of the loan. Interest not paid during any period when Lender has agreed to postpone or reduce any monthly payment will be added to the principal balance through capitalization (compounding) at the end of such a period, one month before the borrower is required to resume making regular monthly payments. KEYBANK NATIONAL ASSOCIATION RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. This information is current as of March 4, 2020 and is subject to change. 2 Important Disclosures for Splash Financial. Splash Financial DisclosuresSplash Financial loans are available through arrangements with lending partners. Your loan application will be submitted to the lending partner and be evaluated at their sole discretion. For loans where a credit union is the lender, or a purchaser of the loan, in order to refinance your loans, you will need to become a credit union member. The Splash Student Loan Refinance Program is not offered or endorsed by any college or university. Neither Splash Financial nor the lending partner are affiliated with or endorse any college or university listed on this website. You should review the benefits of your federal student loan; it may offer specific benefits that a private refinance/consolidation loan may not offer. If you work in the public sector, are in the military or taking advantage of a federal department of relief program, such as income based repayment or public service forgiveness, you may not want to refinance, as these benefits do not transfer to private refinance/consolidation loans. Splash Financial and our lending partners reserve the right to modify or discontinue products and benefits at any time without notice. To qualify, a borrower must be a U.S. citizen and meet our lending partner’s underwriting requirements. Lowest rates are reserved for the highest qualified borrowers. This information is current as of May 1, 2020. Fixed APR: Annual Percentage Rate [APR] is the cost of credit calculating the interest rate, loan amount, repayment term and the timing of payments. Fixed Rate options range from 2.88% (without autopay) to 7.27% (without autopay) and will vary based on application terms, level of degree and presence of a co-signer. Rates are subject to change without notice. Fixed rate options without an autopay discount consist of a range from 2.88% per year to 6.21% per year for a 5-year term, 3.40% per year to 6.25% per year for a 7-year term, 3.45% to 5.08% for a 8-year term, 3.89% per year to 6.65% per year for a 10-year term, 4.18% per year to 5.11% per year for a 12-year term, 4.20% per year to 7.05% per year for a 15-year term, or 4.51% per year to 7.27% per year for a 20-year term, with no origination fees. The fixed interest rate will apply until the loan is paid in full (whether before or after default, and whether before or after the scheduled maturity date of the loan). Variable APR: Annual Percentage Rate [APR] is the cost of credit calculating the interest rate, loan amount, repayment term and the timing of payments. Variable rate options range from 1.99% (with autopay) to 7.10% (without autopay) and will vary based on application terms, level of degree and presence of a co-signer. Our lowest rate option is shown with a 0.25% autopay discount. Our highest rate option does not include an autopay discount. The variable rates are based on the Variable rate index, is based on the one-month London Interbank Offered Rate (“LIBOR”) published in The Wall Street Journal on the twenty-fifth day, or the next business day, of the preceding calendar month. As of April 27, 2020, the one-month LIBOR rate is 0.43763%. The interest rate on a variable rate loan is comprised of an index and margin added together. The margin is a fixed amount (disclosed at the time of your loan application) added each month to the index to determine the next month’s variable rate. Variable rate options without an autopay discount consist of a range from 2.01% per year to 6.30% per year for a 5-year term, 4.00% per year to 6.35% per year for a 7-year term, 2.09% per year to 3.92% per year for a 8-year term, 4.25% per year to 6.40% per year for a 10-year term, 2.67% per year to 4.56% per year for a 12-year term, 3.44% per year to 6.65% per year for a 15-year term, 4.75% per year to 6.93% per year for a 20-year term, or 5.14% per year to 7.10% for a 25-year term, with no origination fees. APR is subject to increase after consummation. Variable interest rates will fluctuate over the term of the borrower’s loan with changes in the LIBOR rate, and will vary based on applicable terms, level of degree earned and presence of a co-signer. The maximum variable rate may be between 9.00% and 16.00%, depending on loan term. The floor rate may be between 0.54% and 4.21%, depending on loan term. These rates are subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change.
3 Important Disclosures for SoFi. SoFi Disclosures
4 Important Disclosures for Earnest. Earnest DisclosuresTo qualify, you must be a U.S. citizen or possess a 10-year (non-conditional) Permanent Resident Card, reside in a state Earnest lends in, and satisfy our minimum eligibility criteria. You may find more information on loan eligibility here: https://www.earnest.com/eligibility. Not all applicants will be approved for a loan, and not all applicants will qualify for the lowest rate. Approval and interest rate depend on the review of a complete application. Earnest fixed rate loan rates range from 3.21% APR (with Auto Pay) to 6.67% APR (with Auto Pay). Variable rate loan rates range from 3.21% APR (with Auto Pay) to 6.67% APR (with Auto Pay). For variable rate loans, although the interest rate will vary after you are approved, the interest rate will never exceed 8.95% for loan terms 10 years or less. For loan terms of 10 years to 15 years, the interest rate will never exceed 9.95%. For loan terms over 15 years, the interest rate will never exceed 11.95% (the maximum rates for these loans). Earnest variable interest rate loans are based on a publicly available index, the one month London Interbank Offered Rate (LIBOR). Your rate will be calculated each month by adding a margin between 1.82% and 5.50% to the one month LIBOR. The rate will not increase more than once per month. Earnest rate ranges are current as of May 22, 2020, and are subject to change based on market conditions and borrower eligibility. Auto Pay discount: If you make monthly principal and interest payments by an automatic, monthly deduction from a savings or checking account, your rate will be reduced by one quarter of one percent (0.25%) for so long as you continue to make automatic, electronic monthly payments. This benefit is suspended during periods of deferment and forbearance. The information provided on this page is updated as of 5/022/2020. Earnest reserves the right to change, pause, or terminate product offerings at any time without notice. Earnest loans are originated by Earnest Operations LLC. California Finance Lender License 6054788. NMLS # 1204917. Earnest Operations LLC is located at 302 2nd Street, Suite 401N, San Francisco, CA 94107. Terms and Conditions apply. Visit https://www.earnest.com/terms-of-service, email us at [email protected], or call 888-601-2801 for more information on our student loan refinance product. © 2018 Earnest LLC. All rights reserved. Earnest LLC and its subsidiaries, including Earnest Operations LLC, are not sponsored by or agencies of the United States of America. 5 Important Disclosures for CommonBond. CommonBond DisclosuresOffered terms are subject to change. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900). If you are approved for a loan, the interest rate offered will depend on your credit profile, your application, the loan term selected and will be within the ranges of rates shown. All Annual Percentage Rates (APRs) displayed assume borrowers enroll in auto pay and account for the 0.25% reduction in interest rate. All variable rates are based on a 1-month LIBOR assumption of 0.8100000000000002% effective April 10, 2020. |
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 | 1.99% – 6.65%1 | Undergrad & Graduate | |
 | 1.99% – 7.10%2 | Undergrad & Graduate | |
 | 3.21% – 6.67%3 | Undergrad & Graduate | |
 | 3.21% – 6.67%4 | Undergrad & Graduate | |
 | 3.22% – 6.25%5 | Undergrad & Graduate | |
