Wellness is becoming more aware of the choices you make for a balanced life. Wellness is the pursuit of continued growth and balance in the seven dimensions of wellness. Today we are learning about Financial Wellness.
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Financial Wellness is a state of being in which you can meet current and future financial obligations, feel secure in your financial future and make choices that let you enjoy life. It is being in a situation where you control your day today or month to month finances while having the freedom and security to deal with financial emergencies and still stay on track to meet your longterm financial goals.
The four elements of financial wellness
Steps to Achieving Financial Wellness:
Develop a plan to live within your means
Creating an emergency cash reserve (and creating – in advance – your household definition of “emergency”)
Eliminating debt and build good credit
Understand the basics of debt, investing, risk retirement planning and taxes
Use a budget and stick with it / Use a spending tracker
Check your credit report annually for errors
Consider using cash to help with any budgeting issues
Keep credit usage below 30%
Rebalance your investment portfolio each year
Financial wellness at work
To examine your financial wellness, start with these considerations:
Are you prepared for an emergency?
What’s your attitude towards money? How does talking or thinking about money make you feel?
Do you have short-term and long-term financial goals?
Do you have a budget? Do you stick to it?
What’s your retirement plan?
What’s important and not important?
The benefits of financial wellness:
Less stress
Increased innovation and creativity
Harmony between work and life
Better performance at work
For more information
https://www.opploans.com/oppu/articles/what-is-financial-wellness/
Humble Soul 