Financial wellness means maintaining financial stability today while having the knowledge and confidence to do what you want tomorrow. It’s also an ongoing process of achieving and maintaining balance to ensure we are equipped to handle whatever life may throw our way.
Everyone’s journey to financial wellness is personal. Your relationship with money impacts your physical health, your stress levels and state of mind, your family and even your performance at work.
Just like getting physically healthy, there is no magic number that works for everyone. Financial wellness is about training ourselves to build good money habits that we can practice in support of our own personal goals and dreams. Financial wellness has the capacity to and in fact, should impact our lives as a whole.
When you’re constantly stressed out about money, your body feels its long-term effects. Chronic stress can significantly increase your risk of chronic conditions like heart disease and diabetes, and can negatively impact your overall mental health. In short, when you’re stressed, it is all over bad for you.
Fortunately, there are things that you can do to better your financial wellness. Here is a short list of ways you can better your financial wellness:
- Look for ways to make extra money: In some cases, this might mean going out and getting a second job. In other cases, this might mean looking for ways to make extra spending money on the side. You can do this through freelancing, taking surveys or even playing online casino games. The website netbet.co.uk is a reliable site where you can make real money by playing your favorite games.
- Save $5 of every $20 you withdraw. It seems simple, but it’s an effective way to save more money quickly.
- Create a budget and stick to it. Look at your income versus your recurring expenses. Then set a budget based on what you can feasibly spend each money. Don’t go over it.
But as has previously been mentioned, it isn’t a one size fits all. The ways that financial stress can affect a person depends on that individual. You should first identify what the exact point of your fear is. Is it trouble paying off a credit card debt? Or is the increasing concern about saving for your retirement? These are the types of questions you should consider before approaching how to deal with your anxiety or stress.
Most importantly you should become positive and create a motivated mindset to fix your problems. Instead of getting dragged down by the thought of never removing the debt, you should be thinking about the positive feelings that you will get once the debt gets smaller and smaller until it is eventually gone.
The small steps are the most vital part. This is what most people forget about; they think of the end goal and not how they are going to get there. Sticking to a budget isn’t easy, and it is easy to slip up, so it shouldn’t get you down should you falter. If this happens, then you need to remind yourself of how much you stand to gain by reaching your goal.
Honesty is critical, and that is mainly the case when telling partners or family members. These are important people in your life and can be trusted to lean on, and in turn, they will keep you on track.