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While terms like work-life balance and self-care Sundays are common, “financial wellness” is a crucial yet often overlooked aspect of self-care. Recent surveys show that more companies are embracing financial wellness programs, and educational institutions like UCLA are implementing such initiatives for their students.
Financial wellness is not exclusive to corporate jargon or finance professionals. In a recent episode of The Everygirl Podcast, we discussed with personal finance expert Monique White how anyone can integrate financial wellness into their self-care routine. Discover more about this essential component of overall well-being by delving into this week’s podcast episode.
What is financial wellness?
Financial wellness boils down to having healthy finances. It means being equipped to handle financial challenges, managing debt effectively, understanding your financial inflows and outflows, and feeling at ease with your financial situation, regardless of your income level. Unlike financial literacy, which focuses on understanding money and its management, financial wellness emphasizes that money serves as a tool to lead our best and happiest lives. It involves addressing the psychological aspects of managing money to achieve financial security and confidence.
Money essentially represents a trade system where you exchange your life’s energy for things that improve your well-being. Your financial decisions reflect the value you place on your experiences, passion, and time. How you handle, invest, and spend your money not only impacts your future financial status but also sends a message to yourself about the worth of your life’s energy.
Why is financial wellness important?
Considering bubble baths and wellness rituals as separate from financial matters is a common but detrimental oversight. Just as nutrition, fitness, and stress-relief contribute to your well-being, financial stability is also a crucial piece of the well-being puzzle. Financial stress ranks high as a common stress factor, and chronic stress linked to financial concerns can adversely affect both physical and mental health.
Besides alleviating stress, strong financial wellness is a means to enhance your life. It enables you to utilize your money effectively for your well-being and personal growth, facilitating the pursuit of happiness, whether through creating a home, caring for loved ones, having enriching experiences, or investing in your health. Financial wellness transcends mere financial management; it reshapes our relationship with money, viewing it as a tool to foster our health and happiness. The positive news is that integrating financial wellness into your self-care regimen is feasible regardless of your income level or financial circumstances.
Tips to increase financial wellness:
Budget based on what brings you joy
Align your spending with activities that bring genuine joy. Prioritize expenses that enrich your life and eliminate spending on things that do not contribute to your happiness. This approach can minimize stress associated with financial decisions and allow you to focus on what truly matters to you.
Educate yourself
Empower yourself by gaining financial knowledge. Understanding various financial concepts can alleviate stress, enhance your financial growth, and help you determine your financial worth. Explore available resources like financial literacy programs, online courses, or platforms dedicated to educating individuals on financial management.
Invest in yourself
Invest your money not just in expenses but in self-enhancement. Whether it’s investing in education, health, or personal development, allocating funds to areas that align with your goals can be a rewarding investment in your well-being.
Make tracking your money part of your routine
Regularly monitor your financial transactions and accounts to stay informed about your financial status. Cultivate a habit of reviewing your financial records weekly to set goals, identify any discrepancies, and maintain control over your finances.
Keep communication about money open
Foster open discussions about money with peers and loved ones to build a supportive network for financial matters. Sharing insights, tips, and concerns related to finances can enrich your understanding and contribute to your financial wellness journey.
Automate savings
Automate your savings to prioritize allocating funds for both present and future needs. Setting up automatic deposits or transfers can streamline your saving process and ensure consistent progress toward your financial goals.
Spend money to make you happier
Allocate funds toward experiences or items that genuinely enhance your well-being. By adjusting your budget to prioritize meaningful expenses, you can achieve a more fulfilling and less stressful lifestyle, irrespective of your income level.
