The concept of wellness is used often, generally when referring to a balanced and fulfilling life overall. But what does it mean when someone refers to their financial wellness? Financial wellness encompasses all aspects of an individual’s financial life, involving the goals, resources and decisions that create financial security and peace of mind.
Budgeting is a common practice to improve your overall financial wellness. Whether this is short-term or long-term, creating and following a budget can help align your financial goals, track your expenses, and manage your spending habits. The short-term finances that are included can help prep for the larger goals that are months, or years away. Consistently assessing your assets and your liabilities can enhance your overall financial wellness.
While budgeting seems to be a simple equation to financial wellness, it’s not the only aspect that should be considered. Investing and saving seemingly go hand in hand, but it’s hard for individuals to determine what they should be spending more time, and money, on. Finding a good balance between practicing both will secure a nest egg for unforeseen or emergency expenses, as well as build your assets to help you reach those long-term goals.
Practicing habits like budgeting, saving, and investing will get you to the goal of financial freedom both in the present, and in the future. Accomplishing both short and long-term goals can help you feel like your finances are under control. Retirement planning is a key part of achieving financial freedom, specifically for you and your family’s future. The peace of mind that comes along with retirement planning will set you up for a secure retirement, where your finances don’t need to be worried about.
Working on your financial wellness means incorporating these strategies, plus some, in your day to day life. It’s never too early or too late to start working on your financial wellness. Employing skills of financial literacy will provide you and your family with the life you want to live and strengthen your overall financial wellness now, and for the future.
By clicking on these links, you'll leave our server, as they're located on another server. We haven't independently verified the information available through this link. The link is provided to you as a matter of interest. Please click on the links below to leave and proceed to the selected site.
This document is for educational purposes only and should not be construed as legal or tax advice. One should consult a legal or tax professional regarding their own personal situation. Any comments regarding safe and secure investments and guaranteed income streams refer only to fixed insurance products offered by an insurance company. They do not refer in any way to securities or investment advisory products. Insurance policy applications are vetted through an underwriting process set forth by the issuing insurance company. Some applications may not be accepted based upon adverse underwriting results. Death benefit payouts are based upon the claims paying ability ofthe issuing insurance company. The firm providing this document is not affiliated with the Social Security Administration or any other government entity.