Effect of Finances on Your Well-Being

The subject of wellness includes many different topics. It can include physical well-being, emotional well-being and spiritual well-being. However, what is less talked about is the financial well-being aspect of the holistic pursuit of wellness. Yet, it should be an important topic to include in any wellness check.

Why is it included?

When you are in lot of debts or have overwhelming financial pressures, the emotional, physical and spiritual toll it can take is massive. Often, if you are struggling financially also may experience the symptoms of stress. These can include headaches, weight loss or gain, and anxiety. For this reason, it’s very important to include financial wellbeing as a portion of your wellness check.

What can you do?

Being financially fit does not mean you have to be rich or completely out of debt. Being financially fit means living within your means. If you can manage your money by living within your means, then finances no longer have to be a burden or a source of stress. There are so many books, spending tools and calculators that you can use. Although a lot of these are very helpful, let’s review some of the basic tips of achieving financial wellness.

Spend less than you make. This sounds so simple, but is one of the most difficult goals for some people to make. If you don’t know how much you spend per month on groceries, gas or utilities and are one of those who struggle financially, then it’s time to start keeping track of every penny that comes in and every penny that goes out. This gives you what’s known as a baseline and can help you find those purchases that can be eliminated without being damaging.

Have a plan for emergencies. Things happen – transmissions need replaced, medical incidents happen and air conditioners quit working. Have a plan for up to $5,000 worth of emergencies. If you aren’t a compulsive spender, then having a credit card side aside for emergencies may be enough to give you peace of mine. If not, start putting aside $50 to $100 per month in an Emergency Fund/Recurring Deposit scheme. Just knowing it’s there gives a sense of stability that might not otherwise be felt.

Recognize the financial priority. If you have the money to spend and just love that new Volvo, go ahead and purchase it. But – recognize that a material good should never define who you are. If you suddenly lose your job and have to switch to a ten year old Chevy, you still are the same person with the same great attributes. Keep the priority for material possessions low and you’ll be surprised at how much pressure you can eliminate.

Being stressed out over bills can cause you to be sick both physically and emotionally. Get some control and stability over what you spend and you’ll be truly amazed at how much better you feel.