We talk a lot about finances on this website, but we’ve never dug into financial wellness. More specifically your financial wellness, how you’d go about figuring it out, and the steps you should take.
Here’s Five Fast Facts About Personal Financial Wellness:
- 🏦 What Is It? - Financial wellness comes down to having a healthy and balanced relationship with money. It involves aligning your financial situation with goals, values, and overall well-being. It’s also specific to you.
- 🧮 Square One - The first step? Put together a budget, stick to it, and gradually grow your income. Live within your means. Don’t hesitate to consult a financial professional. It’s a great way to head in the right direction.
- ☔ Rainy Day - You’ll also want to save and invest for the future and emergencies (like when your hot water heater poops the bed on Christmas Eve...no, I’m not bitter about that). Retirement or the need for high-ticket purchases (especially in this economy) will get here sooner than you realize.
- 🧾 I Owe, I Owe - You’ll want to understand your debt and make a plan on paying it back. How soon is entirely up to you, but should be a part of your plan. Similarly, it’s also important that you maintain good credit because bad credit only buys you crappy cars advertised in the afternoon during Divorce Court.
- 💵 Check In - This isn’t a “set it and forget it” type of plan (RIP Mr. Popeil). You need to regularly review your goals and track your progress. If things aren’t working out, adjust your plan accordingly.
🔥Bottom line: There’s no magic formula to “fix” your finances, but being aware of them and your responsibilities is the most important part. Again, check with a financial professional if you have any questions or difficulties.
How would you rate your financial wellness?
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