When we think about self-care, our minds often jump to candlelit baths, dedicated skincare routines, and meditation apps. But there’s another form of self-care that doesn’t get nearly as much attention – financial freedom.
The numbers speak for themselves – 86% of people with mental health struggles say their financial situation made things worse. While an estimated one in five (18%) people with mental health problems are also in debt.
Ayesha Ofori, founder of Propelle, the UK’s first financial education and investment app designed specifically for women, believes that financial empowerment is just as vital to mental health as exercise or meditation.
Here’s how she recommends finding financial confidence.
© Yolande De VriesThe silent burden of money struggles
Financial confidence can mean different things for everyone. However, given that most would agree that money can be one of the biggest causes of stress in life, actually understanding what you’re doing with your finances and having a plan to follow (both of which are directly linked to financial confidence), can greatly reduce stress.
This is particularly true for women, who often suffer from lower pay, lower levels of wealth and stereotypically lower levels of knowledge when it comes to finances. This is why it’s so important to work on improving your financial knowledge, having a financial and investment plan in place and sticking to it.
Financial confidence can provide:
Security
Knowing you can cover expenses and handle the unexpected brings peace of mind. There’s nothing worse than feeling like you couldn’t handle an emergency or that you’re a few pounds away from being homeless or being worried about how you’re going to live in retirement.
Reduced friction in relationships
From experience of speaking to a lot of women, the more stressed they are about money, the more that their relationships suffer. I’m not just talking about romantic relationships either, but relationships with family and friends, too.
Quite a few women have told me that they couldn’t attend friends’ weddings because the cost of flights, accommodation, gifts etc were too much, but they were too embarrassed to be upfront about their financial situation and so they just said they couldn’t make it.
The more confident women feel in their finances, generally the healthier their relationships in life are.
© Getty ImagesFreedom to make life choices
When you take control of your money and wealth, you gain the freedom to make more intentional life choices. In my experience, this means actively shaping your life rather than simply reacting to circumstances.
At its core, financial confidence isn’t just about money, it’s about having the power to shape your own future and knowing that you have the backing to be able to do that.
Why should financial independence be considered an essential part of a self-care routine?
True self-care extends beyond the typical physical or mental wellness routines, it should include financial wellbeing too. Financial independence is the foundation of a secure, stress-free life, giving individuals the power to make choices that align with their values, aspirations, and personal happiness.
When you take control of your finances, you reduce financial anxiety, gain confidence, and create opportunities for personal growth. Just like maintaining good physical and mental health, cultivating financial independence requires consistent attention, education, and smart decision-making.
Three practical ways to take control of your finances and build long-term stability
© Getty ImagesAyesha Ofori, founder of Propelle, offers her tips on how to make smarter choices with money to fast-forward financial freedom.
Build an Emergency Fund: Aim to save 3-6 months’ worth of expenses. This safety net helps you cover unexpected costs without relying on debt.
Set clear financial goals: Define what you’re working towards and create a step-by-step investment plan to get there. Tools like Propelle can help simplify this process.
Invest for growth: Holding too much cash can limit wealth-building. While saving is crucial, investing is what drives long-term financial stability. Start small and stay consistent.
Join a financial community: Learning about investing doesn’t have to be overwhelming. Seek out supportive communities that provide education and guidance, like Propelle and others.
