Maybe you’ve heard of a mental wellness day, or maybe you’ve taken one yourself! It’s an intentional break for work, school, or regular commitments to unplug from the world and take a breath. We know that it is impossible to be hustling and grinding every minute of every day. It’s nice to set aside time every once in a while just to relax—and remind us what we are working so hard for.
What if we incorporated the idea of a mental wellness day into a day of financial planning? Why not schedule yourself a financial wellness day?
Instead of looking at a review as just another chore, we can make a day of it! We can get our minds right and get our plans in order. We could take some time away from work, grab breakfast at our favorite spot, and get some perspective on our financial lives. For those with kids at home, maybe trade some babysitting with another family to buy a few weekend hours of focus. For partners, consider scheduling a financial wellness date!
No matter how you make it happen, focusing on financial wellness doesn’t have to be intimidating. You could work your way into reflection by asking a few questions:
- What’s the current state of things? This first step is all about getting the lay of the land, no fancy tools required.
You could start with a list or spreadsheet that includes a sketch of your monthly inflows (income) and outflows (spending). Jot down your current account types and their balances, as well as any other assets. If they’re weighing on your mind, you can also include any major outlays or projects coming up.
You can go as deep as you’d like: review the last 3 months or the last 12. Choose whatever level of detail will help you get the major parts of your financial life on the table. What kind of snapshot do you want to review?
- How well are things working? Once you’ve got all these different parts in front of you, this step is your chance to take stock. Is anything surprising you so far? What are you feeling, now that you’ve got a sense of the state of things?
You may notice that there are things that “don’t add up,” places where how things have been going is not lining up with your values or your goals. Maybe you’re spending more in one area than you would’ve guessed—and would much rather have those resources going somewhere else. Maybe you’ve been focused on the long-term more than you need to and can loosen up in some areas; maybe you’ve been thinking about the short-term more than you’d like.
So, what’s working well? What could use some more thought? This is a great time to get perspective on the big picture and start dreaming up any bigger plans that will take some runway.
- What’s next? Take this step in whatever direction makes sense for you. It could be time to do some research, to see what opportunities might be out there—different types of accounts, new goals or plans or changes you’re imagining. It might be time to call in some support. Whether it’s a trusted confidant, a tax professional, or an investment adviser, think of who might be able to help you keep things moving.
For any list-lovers out there, this could be the time to collect any tasks that have popped up during the process: double-checking an employer’s retirement plan match or other benefits, naming beneficiaries or working on legacy planning, or canceling any subscriptions or services you’re no longer using.
Or consider giving yourself just one follow-up action. It could be as simple as a calendar reminder, set for a week or two after your financial wellness day, that says “call a friend to tell them about what I’m learning from my financial planning day.” The key is to plant a seed for yourself.
We know that these topics sometimes bring a little apprehension, so it pays to set yourself up for success. Figure out what will help you get into the right headspace—and where you might start.
We can also take heart that tending to our finances is one of the ways we take care of ourselves and the people we love. Time spent like this can pay dividends.
Have questions before or after your financial wellness day? Reach out, any time.
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