Here’s What You Should Know About Financial Wellness, the Latest Self-Care Trend

I’m sure you’ve heard the popular words such as  self-care sundays, work-life balance, positive affirmations, and financial wellness. What we don’t talk about enough is how important it is to treat our money with the same amount of care. Because it’s just as essential to your overall well-being as everything else in this world. 

What is financial wellness?

Financial wellness is healthy finances. It’s you feeling prepared to handle any financial crisis, you’re in control of paying debt, know what’s coming in and going out, and don’t feel stressed over your financial situation (no matter what income you make).

But financial well-being does not end at having “enough” money and knowing what to do with it. The difference between financial wellness and financial literacy is that financial wellness recognizes that money is not an end destination or the end goal isn’t just to make a lot of it.  Rather, money is a tool we use to live our happiest, healthiest, best lives possible.

Anyone can get there, no matter where you are in your financial journey or how much money you have or you don’t have… Everyone deserves to feel confident and in control of their finances 

The practice of financial wellness is adaptable and attainable for everyone.

Think about it: and experience you put into your life.

Financial Foundation

This your good everyday habits like checking your balances and spending less than what you earn, or your eforts towards it. Your steps  toward stability, a strong financial foundation is the sturdy ground on which you’ll be able to design the kind of life you want to live.

If you view your brunch and cafe lattes entirely separate from tax season and your IRA, it’s time to see things from a different perspective. Think of your well-being as a pie chart.  Finance is also a slice of your well-being pie, as it’s such a huge part of our lives. 

Financial anxiety not only affects your bank account or spending habits, but it can also bleed into other areas of your life as well such as the stress and strain it can bring upon a family or relationship.

Building Blocks

The way you do money and the way you live your life is unique to you, which is why it’s up to you to learn how your money moves, both in and out of your accounts.

  • Double-check that you’re spending less than you make 
  • Understand how much you have left to make progress on your goals
  • Start your emergency fund by aiming to save up one month’s take-home pay as soon as you can
  • Getting high-interest debt off the board ASAP is key to financial security
  • Once you’ve tackled your most urgent, high-interest debt, it’s time to level up that emergency fund.

Budget, budget, budget. A budget built with your values in mind gives you permission to spend your money the way you want, all with the confidence that comes from knowing you’re on track for your goals.

Mindset

Maybe your current situation feels more like financial un-wellness, like everything in this plan so far seems built for someone with a lot more money.

 Thinking about your money situation as a personal failure is a negative feedback loop that holds you back.

Be thoughtful about how you want to spend your life’s energy. Does it really bring you joy to grab drinks with that friend you don’t have fun with or to buy the top you’ll never end up wearing?

Managing your money based on what does and doesn’t bring you joy will reduce the stress that comes with spending money on vacations, items, and experiences that you truly love.

Financial Literacy Courses

Learn about financial literacy and understand how to make better money decisions moving forward. Learn about personal finance, financial concepts, and financial planning from top institutions and schools.

According To Forbes

On top of credit cards, approximately 42.9 million Americans with federal student loan debt each owe an average $37,105 for their federal loans.

 

These statistics are not meant to scare you, but meant to show how vital financial education is to living a financially healthy life.

Richard Latham, CEO of the mental health app provider Wellmind Health said the mental health challenges of bad financial health is a ticking time bomb that will have a severe and long-term impact for generations to come – and without financial literacy, there’s no way we can stem the crisis.

The Conclusion

Quick tip:

  • Buy the Right Insurance.
  • Use Your Credit Card Wisely.
  • Don’t Forget Your Taxes.
  • Keep Track of Interest Rates.
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