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April is Financial Literacy Awareness Month
Financial Wellness: What it is, Benefits, and 10 Ways to Get There
Learn what financial wellness is, why it's important, and how it can improve your overall well-being. Plus, get 10 tips to guide and improve your financial wellness.
We often focus on physical health, mental clarity, or emotional stability when we think about our well-being. But there's another area that's also important, and that’s financial wellness. No matter the size of your savings account, the relationship you have with money can affect every facet of your life.
Financial wellness is about understanding and managing your financial situation effectively and making informed decisions that align with your personal goals and values. When you know you’re in control of your finances, you can find a sense of security and even peace. Financial wellness is important because financial stability can contribute to overall life satisfaction and security. Financial concerns don’t need to control you.
Achieving financial wellness is a unique journey for everyone, but there are several steps that can guide you:
Understand your budget
Have an “emergencies only” fund
Protect yourself and your belongings with insurance
Build savings and invest wisely
Reduce debt
Plan for retirement
Explore your beliefs around money
Seek support
Stay informed
Practice mindful spending
Financial wellness is a holistic term that encompasses your relationship with money and how it impacts your life. It's not just about how much you earn but how you manage and think about your finances. Achieving financial wellness means you're not constantly stressed about money. Instead, you have a clear understanding and a sound plan for managing it.
The ultimate goal of financial wellness is when you have enough resources to maintain your lifestyle in the future, especially post-retirement. Knowing you won’t be financially dependent on others in the future can provide peace of mind. By understanding and striving for financial wellness, you make a commitment to your overall well-being that can bring a more balanced and fulfilling life.
For more information on financial wellness, read here.
