7 Steps To Be Financially Well
Money can be a stressor in life.
Our finances impact the jobs that we choose, where we live, what we drive, what leisure activities and vacations we enjoy and our level of stress in meeting financial responsibilities.
Money cannot buy you happiness (or love.) Money is a tool – not an end in itself. But having a healthy relationship with money can allow you to avoid financial stress and anxiety while also allowing you to pursue things that bring you happiness.
Your financial wellness is based upon your level of “satisfaction, independence and peace with your current and future financial situation.”
So let’s take stock. (Pun intended. )
Identify what financial wellness looks like to you. Practice mindfulness with your money.
Complete a financial assessment. Take a look at your income, expenses, debt, etc.
Create a budget. Identify areas of spending that can and should be changed.
Proactively decrease debt. Studies show that individuals with a high level of debt experience significant increases in anxiety, depression and other stress related health issues.
Identify goal-oriented savings. Are you saving for a new car? Setting aside money to redo the kitchen? This is a savings that you will eventually use for a specific purpose.
Identify safety net savings. This is a savings that is not directed at a specific future purchase, but one that you want to grow so that you have a safety net for unexpected financial needs. (Medical, change in employment, unforeseen expenses, etc.)
Save a little space in your budget for a splurge from time to time. Financial wellness is based on your CURRENT financial setting as well as your future position.
It’s not all about the Benjamins… but having a mindful and healthy relationship with your finances will undoubtedly increase your overall health and wellness.
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