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Monday

Welcome to another week of self-care! Today, we're chatting about:

• What a sinking fund is

• Discover financial boundaries and how to set them

• How to save time and money cooking at home

• Tips to eat out on a budget

What Is a Sinking Fund?

You may hear people talk about “sinking funds” in the realm of personal finance — but what does this mean?

Traditionally, the term “sinking funds” refers to money set aside to pay off a debt or bond. In the world of financial self-care, however, it’s taken on a slightly different one.

People often use a “sinking fund” account to pay for future expenses they know will be needed but aren’t necessarily required to pay yet.

For example, if a person pays their car insurance every 6 months, they may set aside $150 a month so that when that due date rolls around, they don’t have to panic and scramble for the cash or pull it from a different savings account. All the money would have been set aside ahead of time in that “sinking fund.”

Some different expenses people may set aside sinking funds for include:

• Utilities

• Insurance — car, home, renter’s, etc.

• A wedding

• Vacation

• Future home repairs

• Car maintenance

If you’re interested in setting up a sinking fund, you can budget out a set amount each month to toss in savings and watch the money grow toward your goal!

Discover Financial Boundaries and How to Set Them

Boundaries are crucial to keeping us safe and at peace across all areas of our lives — including our finances.

Financial boundaries may apply to our own behaviors and relationships with money, as well as how we talk about it with others.

The key to having healthy financial boundaries is to first identify what yours are.

Ask yourself what your ideal relationship with money looks like, including:

• How you talk about money and who you talk about it with

• How you handle your finances —including budgeting, bills, spending, saving, investing, and more

• How you navigate money with others, like contributing toward any mutual goals or expenses

Maybe your financial boundaries include:

• Budgeting and setting aside a set amount of money each month to save for a house

• Not lending friends or family money

• Only going out to eat with friends once a week

Once you have an idea of what your financial boundaries are, the next step is to communicate them. If those boundaries are with you, it can be helpful to write them down so you can come back to them. If those are with others, you’ll want to relay them in a way that’s straightforward but firm.

While it can be uncomfortable to both set boundaries and talk about money, remember that it’s for your emotional well-being. It will get easier over time, and it’s key to helping you reach your financial goals!

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Tips to Eat Out on a Budget

Eating out is a fun way to explore new restaurants, experience different cuisines, and spend time with friends and family. It can also be convenient when we simply don’t have time or energy to cook.

However, it can get expensive. Luckily, knowing some simple tips and tricks can make it much more affordable.

Here are a few of our favorite ways to make the most of eating out on a budget:

• Search for deals: This can include happy hours, specific meal deals, coupons, BOGO, you name it!

• Avoid add-ons: Appetizers, drinks, desserts, upgrades, extra sides, and so forth can all increase a bill quickly. Try sticking only to dinner.

• Take advantage of coupons and rewards: If you have certain restaurants you like to frequent, look for coupons and loyalty programs to stack those savings.

• Consider appetizers: Many appetizers are often less expensive than an entree course and may come with just as much (if not more) food!

• Try splitting: Many restaurants serve portions that may serve multiple people. This can be a great alternative to ordering two entrees.

It’s totally possible to still enjoy dining out on a budget — it’s all about being mindful!

Parting Thoughts

• ✅ True or False: False! Budgeting is a tool that can help you stay empowered about your finances!

• 🎁 Our Holiday Self-Care Picks: Don’t forget to check out our 2024 gift guide, a collection of thoughtful, wellness-focused products that help you feel your best, inside and out. Shop our gift guide here!

• 🙋🏼‍♀️ Snapshot Of The Day: We'd love to see moments from our readers lives that they are proud of! If you recently accomplished an achievement, experienced a joyful moment, or are proud of a picture you have taken, be sure to capture it on camera and send it to us for a chance to be featured next week! 

• 💭 Final Self-Care Thoughts for Today: Financial boundaries can be scary, but remember that they are for your well-being.

Enjoying Note to Self?

Know of a great self-care tip or article you'd love to share with the community? Want to send us pictures of you completing one of your self-care rituals? Email us at [email protected]!