Three Tips to Stay Grounded with Money (And More!)
Grounding is a funny concept. For kids (and airplanes), getting grounded sucks. But as adults we learn that grounding is a really good thing - and completely integral to our overall wellbeing. Merriam Webster defines "grounded" as mentally and emotionally stable. Throw in sensible, realistic and unpretentious too. Who doesn't want that?!
Mind-body experts like Michelle teach us tools and techniques to achieve a grounded physiological state. (More on that later!) But what does it mean to be grounded financially ... or legally? This is not some woo-woo, out-there concept. Just the opposite - it's all about being practical, rational and mindful in our approach to the traditionally "harder" subjects like budgeting, saving, investing, organizing and protecting the things and people we value most.
This is a time of serious unmooring. The US economy lost over 140,000 jobs in December. 100% were women. Women have been disproportionately impacted by the pandemic's economic wreckage, with Black and Latina women bearing the greatest brunt. It's never been harder - or more important - for us as women to find our footing. To do so amid turbulence, some sturdy tools are required.
Here are a few tips - from all three areas - to help you get grounded:
1. Stay in front of your numbers. Don’t run away from them (which is super easy to do when you feel fear around money!) Go online and look at:
Your current balances;
Your total spending the last month;
Your total net worth in investments (hopefully kept in just one or two places).
If the numbers are too low (balances) or too high (spending), think of ONE thing you can do differently to change that. For example, cut an expense or raise a rate.
2. Set an intention to root and ground, making time to acknowledge where you are in space and time with compassion and curiosity. Begin by taking in your surroundings - the colors, the shapes, the light, and any objects that draw your attention. Need help orienting? Try focusing on a particular color and look for objects of that color. What time of day is it? Is sunlight streaming in through the window? Or is your lamp is casting a shadow on the night time ceiling? How does this make you feel?
3. Get organized. Why not start by collecting everything you'll need to complete your tax returns? Gather documents including last year's returns (federal and state), W-2s, 1099s, retirement account contributions, education expenses, medical bills, property taxes, mortgage interest, charitable donations and state and local taxes. Two of the best ways to stay grounded are 1) being part of a connected and supportive community, and 2) staying present and focused on the foundational stuff - money, law and wellness. That's exactly what our program provides! Register now for Woman’s Compass Forum's next 3-month online course starting February 2!
Go ahead. Get grounded for life.