Financial Dimension
What is financial wellness? Simply defined, it is your relationship with money. It also includes the plan you have in place to deal with variables that could impact your finances. Improving your financial wellness means improving your relationship with money.
Financial Wellness Tips:
Live on less to improve your financial wellness - Living on less is one of the best financial wellness tips you can do. This means focusing on getting your essentials in place, specifically your housing, food, core utilities, transportation, and any medications. This also means cutting back on any non-essential spending until things get back to normal.
Make sure to have emergency savings before investing - One of the most important things you can have in place is an emergency fund. This money can help you weather difficult times.
Perform a financial health check - Do you know how you have a routine physical with your doctor to ensure you are healthy? It's the same for your finances. You need to consistently check in to ensure you are on track with your goals, are sticking with your budget, and saving enough money. Click here to conduct a financial health check.
Become debt-free - Debt is a huge burden. Being debt-free can make your life much less stressful. You will also save tons of money in interest and have a tight reign on your finances. Click here to create your debt reduction strategy.
Use a budget that works for you - Not every budget works for everyone, which is why you need to find the right budgeting method that fits you best. There are so many methods to pick from! The 80/20 budget is a percentage breakout method. You save 20% and use the remaining 80% for your wants and needs. The budget by paycheck method is creating a new budget for each pay period.
Financial Wellness Resources:
Empower Retirement Budget Calculators
Empower retirement has a variety of budget tools for personal use.Consumer Financial Protection Bureau
Consumer resources to help you prepare for big financial decisions such as buying a home, paying for college, and money management.