Financial Wellness

I mentioned in a previous post that Physical Wellness may be considered the most well-known dimension of wellness.  It is also my favorite since I am obsessed with fitness and healthy lifestyle habits.  If you were to venture to the complete opposite end of that spectrum, I would choose Financial Wellness as the least notable and most definitely my least favorite. 

Many people have anxiety about money, especially if they do not have the amount required to fund the type of lifestyle they would prefer to live.  Personally, I just don't like to budget my money.  In the words of singer/actress Ariana Grande, 💵 "I see it, I like it, I want it, I got it." 💵I know that it may come across as very superficial considering the state of the economy at the time of this writing.  I would challenge you to consider how Financial Wellness is linked to the other dimensions of wellness as it relates to your personal journey with your own money.  

In my journey, I had very limited access to money for the things I wanted as a child and into my young adulthood.  As my income grew, so did my desire to purchase things that made me feel successful.  For me, I know that Financial Wellness is linked very closely to Physical, Emotional and Social Wellness.  Physical as it relates to fitness and health, Emotional as it relates to my feelings about money and Social as it relates to how I interact with others.  I believe I could throw in Spiritual as well due to cultural practices around finances and Occupational as it relates to how I earn income.  

What about you?  As you are developing strategies to maintain or enhance your Financial Wellness, consider how money plays a role in all the Wellness Dimensions.  By doing this, you can determine if your current budget is adequate enough to allow you to succeed in your wellness journey.  You may need to consider ways to earn more income or reduce your current spending to fund the changes you are planning to make.       

Financial Wellness refers to how well a person manages their finances. Improving one's Financial Wellness involves practicing responsible habits around spending and saving money.  It also requires one to set S.M.A.R.T. financial goals and take the steps needed to achieve those goals.  

Practicing financial wellness is essential to improving your overall quality of life as it impacts many of your day-to-day activities such as affording basic necessities.  It also involves long-term projects like retirement. 

Financial wellness may include:

·       Maintaining consistent employment

·       Taking responsibility for your financial obligations

·       Use debt wisely toward a mortgage or car loan and reduce/eliminate credit card debt

·       Following a budget

·       Saving/investing money for the future

·       Building an emergency fund

Financial Wellness is an important part of building and maintaining a solid foundation for a healthy lifestyle. Financial Wellness may be a significant barrier for some people who struggle to develop wellness in other areas.  Seeking guidance from a financial expert is helpful for people with unhealthy attitudes or habits surrounding money.