Definition of Financial Wellness
Financial Wellness involves the process of learning how to successfully manage financial expenses. Money plays a critical role in our lives and not having enough of it impacts health. Financial stress is repeatedly found to be a common source of stress, anxiety, and fear. Keeping track of expenses, making a budget, and sticking to it are important skills to have in order to be financially responsible and independent. Learning how to maximize your financial wellness now will help you feel prepared to handle potentially stressful financial situations in the future.
Why is it Important?
Throughout life are often subject to significant financial distress. 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.
The Route to Financial Wellness
Rest assured that you are not the only one in the process of learning how to manage finances more efficiently. There is an array of resources as well as workshops and programs that can guide you toward money-managing success. Everyone’s financial situation is different, so it is up to you to select the proper mix of resources that work best according to your needs. The most important point to remember is that maximizing this dimension is a process that does not occur immediately. Be proactive by seeking related resources and learning about money-managing strategies to build your financial wellness. Our tips:
- Don’t put it off – identify and address any financial problems before they start.
- Keep organized records of your finances.
- Take advantage of student discounts.
- Plan ahead and set budget goals.
- Balance your other dimensions of Wellness, they all tie into financial wellness as well.