Is financial wellness a new or unfamiliar term to you? If so you are not alone many since the pandemic followed by 41-year high inflation and costs of goods continuing to rise. Many are stressed about money.
Financial wellness has been defined as your ability to live within your means and manage your money in a way that gives you peace of mind. It includes balancing your income and expenses, staying out of debt, saving for the future, and understanding your emotions as they relate to money.
Let’s get personal about financial wellness
- Are you prepared for an emergency?
- What’s your attitude towards money? How does talking or thinking about money make you feel?
- Do you have short-term and long-term financial goals?
- Do you have a budget? Do you stick to it?
- What’s your retirement plan?
Just like every other aspect of life, everyone’s financial journey is different. But one thing is undeniable: everyone desires to feel financially secure.
Why is financial wellness important?
Attaining financial wellness provides a sense of financial security and freedom.
It means that financially speaking you do not have to worry about a sudden emergency, job loss, or career change that might impact your finances in the short term. It might mean less stress, more time with family and loved ones, and more meaning and purpose in your life.
The benefits of financial wellness
Achieving financial wellness delivers vast benefits. The importance of living a financially empowered life and experiencing true financial wellness is beyond expression as you can imagine. Here are just Three benefits of financial wellness.
1. Less stress
Money can be stressful. Financial stress has only increased since the onset of 40 plus year high inflation. With financial health and wellness, you can reduce your overall stress levels.
The reason why this is so important is that money stress can bleed into other areas of your life, like family, relationships, and career planning. Investing in your financial wellness can help you reduce your stress.
2. Increased creativity
One of the interesting benefits of financial wellness will be your increased creativity. The reason behind this is when your not stressed about money you are empowered to be more innovative and creative.
3. Money success
Financial wellness sets you on the path to reaching your money goals. Financial wellness is the place of new beginings when it comes to money. Everything in life has to start somewhere and your money success story begins with financial wellnes.