Five Steps to Financial Wellbeing (by a financial coach)
Five Steps to Financial Wellbeing is a highly-reviewed book that looks at how to change your relatinoship with money, which is the best way to get out of debt, and never get back into it.
Money is not the most important thing on earth. But financial stability lets you life in line with your values, as you are no longer slave to big banks and can spend a little more on ethical brands you support. Rather than just ‘working any job’ in order to keep you financially above water.
The book digs into how building self-worth is as important as number-crunching. This helps you to enjoy life without ‘buying things’, avoid debt and invest for the future. The author used these methods to get herself out of £27K of debt, and now can help you!
If you are in debt, call StepChange for free confidential help.
Why read this book?
Clare writes that the modern age is an issue, where you just go online and ‘press a button’ to send yourself into debt. Then feel bad if you made a mistake, which leads to a vicious circle of unhealthy thinking about money.
Some financial coaches call this ‘sunk fallacy’ syndrome. Where if you bought something expensive and regret it, you keep using it (or have it stashed away) rather than admitting it was a mistake.
This can be from small things (sell the expensive clothing you never wear on a second-hand site or even donate to local non-animal testing charity shop).
To big things (you may have bought a house too big for you, a failing business from a small independent shop to a big hotel you can’t afford to run). But sticking your head in the sand and keep trying to keep things going against a failing tide, is often the worst thing to do, as it gets you deeper into trouble.
This book goes far deeper than most financial wellbeing books. Inspiring you to look a life dreams, and aim for them instead. If your idea of bliss is to live in a little cabin by the sea and create a small income from crafting/woodwork or giving walking trips, you may end up having less money. But you’ll likely be debt-free and a lot happier for it!
Clare’s five steps to financial wellbeing
- Overcoming your financial baggage
- Separating net worth from self worth
- Creating money habits and rituals
- Learning to spend mindfully
- Planning and preparing for the future
It’s perfectly possible to live a happy life without abundant wealth. And to live a miserable life with millions in the bank. But it is difficult to live a happy life, if you are locked in a constant battle with your finances.
Who wrote this book?
Clare Seal is a financial coach who was diagnosed with ADHD. So her book also helps people avoid paying the ‘ADHD tax’ . Which can give money problems for people who are indecisive which can lead to bad decisions like not paying fees on time, and impulsive spending.
