“You can be young without money, but you can’t be old without it.” – Tennessee Williams
Financial wellness can be defined in a variety of ways. Because money is implicated as a major stressor in society, it plays a major role in influencing many individuals’ health and well-being. According to Junco (2019), financial wellness isn’t about how much money you make; it’s about money management, your attitude towards your financial status and your relationship with your money. A financially well person is someone who is the most organised with their money and the least stressed about it. Additionally, financial wellness involves being fully aware of your financial situation and budget, as well as managing your money to achieve realistic goals. When you analyse, plan well, and take control of your spending, you can make significant changes in how you save and ultimately how you feel.
According to Neale and Melnyk (2020), high levels of financial stress are linked to an increased risk of ulcers, migraines, heart attacks, depression, anxiety, and sleep disturbance, as well as unhealthy coping mechanisms such as binge drinking, smoking, and overeating. Financial stress also can affect your psychological and emotional well-being, distracting you at work and complicating your personal relationships.
Debt can be a looming challenge, especially with the rising costs of higher education, housing, bills, food, taking care of other dependents, and other basic expenses. Keeping up with these financial responsibilities can quickly become overwhelming, but ignoring them will only increase feelings of stress, anxiety, and fear. With so many things to juggle within a busy schedule, adding in some time every day to seek ways to improve financial wellness will help you feel less stress. Developing financially smart habits is a valuable investment to achieve your future goals.
Aside from income, debt is perhaps the greatest indicator of your financial health. To be financially well is to live within your means and plan for the future appropriately. When you’re in control of your finances, you reduce stress and worry.
Here are some financial wellness tips to get you started:
1. Look for ways to reduce spending to live within your means
2. Create a budget that works for you
3. Create a savings plan
4. Consider rolling your debts into one
5. Know the importance of interest
6. Try to save some money on a regular basis
7. Set aside some money for emergencies
8. Be willing to discuss money with your partner
9. Set yourself a financial goal for big-ticket items
10. Ask for professional help
These factors are instrumental in establishing habits that will put you on the right road to financial wellness.
Sources
Junco, A. (2019, June 05). Why financial wellness matters. Retrieved from https://thriveglobal.com/stories/why-financial-wellness-matters/
Marquette University. (n.d.). 8 DIMENSIONS OF WELLNESS. Retrieved from https://www.marquette.edu/student-wellness/dimensions-wellness.php
Melnyk, B. (2019, October 16). Wellness 101: 9 dimensions of wellness – American Nurse Today. Retrieved from https://www.myamericannurse.com/9-dimensions-wellness/
Neale, S., & Melnyk, B. (2020, January 06). Nine Dimensions of Wellness: Optimize Your Personal Health and Well-Being. Retrieved from https://dailynurse.com/nine-dimensions-of-wellness-optimize-your-personal-health-and-well-being/
The University of California. (n.d.). Intellectual Wellness. Retrieved from https://shcs.ucdavis.edu/wellness/intellectual/
Washington State University. (n.d.). Intellectual Wellness: Health and Wellness:
Washington State University. Retrieved from https://spokane.wsu.edu/wellness/intellectual-wellness/