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5 Tips to Achieve Financial Wellness

5 Tips to Achieve Financial Wellness

Holistic wellness refers to working on your body, mind, and soul, so you can achieve success, happiness, health, and fulfillment in all areas of life (not just one). And recently, financial wellness has become an integral part of the overall wellness conversation. 

According to Everyday Health’s United States of Stress survey, finances are the most common source of stress among men and women. Managing that stress can have real benefits for a person’s health. Also, in a recent survey, 87 percent of American respondents said nothing makes them happier or more confident than healthy finances. 

Managing your financial wellness has a huge impact on your personal health but it’s more than budgeting, it’s also about developing a healthy relationship with money. We asked Tia Chambers, a local Certified Financial Education Instructor and founder of Financially Fit & Fab to share her top 5 tips on how to achieve financial wellness: 

 

Change your Mindset.  

The first step starts with changing your mindset. If you say you are broke, then you will stay that way.  Focus on changing your mindset to one of abundance. Check out her list of 40 money affirmations here.

Track Your Spending

The next step is to track your spending – EVERY PENNY! The only way to make adjustments and to get ahead is to know how you are currently spending your money.  You can use an excel spreadsheet or an app like mint.com.

Save for an emergency fund.  

The next step is to ensure that you have an emergency fund.  An emergency fund is money saved for a financial emergency like job loss, health issues, or automobile issues.  Even if you think your job is consistent and stable, one thing we all learned during the extended government shutdown is that it is important to be prepared for the unexpected.  Depending on your industry, your emergency fund should be 3-6 months of your expenses saved.

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Set money goals.  

Setting money goals are super important to your financial wellness.  It is easy to say that you want to save more money but there is no accountability with that statement.  Ensure your money goals are smart, specific, measurable, attainable, realistic and timebound. For example, instead of saying you want to save more money, say that you want to save $5,000 in 2020.

Find an accountability partner. 

The last step is to find someone that will hold you accountable for your financial goals.  You don’t necessarily need to share your salary or mortgage amount with that person. However, you can share smaller goals like cutting back on shopping or eating out less. Those people can help hold you accountable for reaching your goals.

It’s time to get to work! Evaluate your expenses, put in the over-time, start that side hustle, cut back on the Starbucks — do whatever you have to; your financial health is at stake.

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