Financial Wellness: A Key Ingredient To Whole Health
“Money can’t buy you happiness, but it can buy you spritzers, and spritzers make you happy.” We’re not sure who said that, but we agree that money can’t buy you happiness. Understanding how to be financially healthy, however, makes it easier to be happy. Don’t define your financial wellness by the average balance in your bank account. Measure it by your ability to understand how to make your finances work for you so you can achieve your life goals. Let’s be honest: Without a decent income or a cushion for savings or retirement, life goals are hard to achieve. And working toward them without a plan can be very stressful.
You Can’t Ignore Financial Wellness
The state of your financial wellness pillar will determine how strong or weak your other pillars of wellness are. It can also mean the difference between achieving all your wellness goals or obstructing your path to whole health.
Don’t Skimp On Professional Help
It’s never too early to seek the advice of professional financial planners. You may scoff at the idea because of the expected cost, but remember that one of the biggest concerns surrounding healthcare is the high cost of practitioners and care. Ignoring any one of the six pillars of wellness, especially the financial pillar, could turn a small problem that’s manageable today into a behemoth money pit in the future! It may even ruin us financially. So, let’s get prepared today.
Here’s a short list to gauge the state of your financial wellness. How prepared are you in these areas?
- Does your income support your lifestyle?
- Do you have an adequate amount tucked away in savings?
- Is your debt low or high?
- Are you planning for retirement?
- Have you planned for medical or healthcare expenses?
- Are you consistently budgeting to stay within your means?
- Do you use tracking tools to achieve financial goals?
- Are you planning for investments?
- Do you have adequate financial education?
- Have you secured privacy and identity fraud protection?
- Do you have a college savings account?
- Have you planned your family’s financial needs?
More Bang For Your Buck
Bankers, investment professionals, and accountants all specialize in maximizing the efficiency of your hard-earned dollars. Some of these services may be available through your bank and may be free to bank customers. Even a basic understanding of how to pay off your debt and reduce your interest rates could help you save for a home and balance your budget. Financial wellness starts here—and could get you on solid footing to build up your future.
Make A Timeline
Your goals here are simple: Think of your ideal lifestyle and do some research to find out what it takes to get there. Then create a timeline, a plan to move forward, including how much income you’ll need and how much to set aside for savings. Don’t forget about possible investments, the need for educational spending, and the type of career you’re best-suited for, in order to stick to your timeline.
Always Have A Backup Plan
No matter how hard you work to avoid foreseeable roadblocks, it doesn’t mean a hurdle can’t block your path from out of the blue. If it does, it doesn’t have to bankrupt you. Talk to financial planners about the best way to protect your earnings and assets. Shore up your financial wellness pillar and you may weather the storm relatively unscathed.
Eliminate A Huge Source of Stress
Grab the biggest source of stress by the horns by placing all your financial ducks in a row. This freedom will very likely improve your physical health, allow you peaceful sleep, an inclination toward careful nutrition and exercise—and help you afford access to proper professional care when you need it most. Emotional, social and educational wellness is improved also by reduced stress and anxiety as well as sleep, however, working towards financial wellness aides these pillars by giving you more self-esteem and confidence.
Wellness in this pillar boosts your other pillars, as well. And whole-person wellness is so much easier with that added self-esteem and self-confidence!
Take this quote to the bank:
“Permanence, perseverance and persistence in spite of all obstacles, discouragements, and impossibilities: It is this, that in all things distinguish the strong soul from the weak.” —Thomas Carlyle