Financial Wellness

Definition of Financial Wellness

Financial Wellness is 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 your health. Financial stress is 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 as soon as possible in life will help you feel prepared to handle potentially stressful financial situations in the future.

Why is Financial Wellness Important?

Keeping up with financial responsibilities can quickly become overwhelming, but ignoring them will only increase feelings of stress, anxiety, and fear. In addition, the stress that if causes often destroys relationships and prevents you from enjoying the other aspects of wellness.

The Way to Financial Wellness

Rest assured that many people are in the process of learning how to manage finances more efficiently. There is an array of resources that can guide you toward money-managing success. One great place to start is our discussion of money management in the Foundation Business Courses.  Since everyone?s financial situation is different, it is up to you to select the proper mix of resources that work best for your needs. The most important point to remember is that maximizing financial wellness is a process that takes time. Be proactive by seeking related resources and learning about money-managing strategies to build your financial wellness. Some Financial Wellness tips are:

  • Don?t put it off - identify and address any financial problems before they start.
  • Keep organized records of your finances.
  • Take advantage of discounts.
  • Plan ahead and set budget goals.
  • Balance your other dimensions of Wellness, they all tie into financial wellness as well.