Financial well-being is about much more than making money. A healthy budget means having the ability to reach your goals, maintaining a safety net for all of life’s ups and downs, and even improving your physical and mental health.
Reduced financial stress can even help:
- Heart health
- Reduce ulcers
- Lower your risk of diabetes
- Achieve better productivity at work
- Reduce rates of depression and anxiety
Tips for improving your finances
Just like any other aspect of wellness, managing your money takes persistence and practice. Consider these ideas as good places to start as you become better with money.
- Reduce debt as soon as possible. Student loans, credit card balances and other high-interest debt can quickly get out of control. Make a clear payoff plan before taking any new loans.
- Have an emergency fund. A good rule of thumb is to have enough funds to cover at least three months’ worth of expenses set aside for any unforeseen life events.
- Take advantage of programs through work. Whether it’s an employer-matching retirement fund, health plan or ancillary benefits, use them to the fullest to save money.
- Always continue learning. There are usually educational materials available through your bank or employer. Use them to stay up to date on the latest financial tools.
There are countless other things you can do to improve your financial situation. And not all of them are strictly about money. For instance, choosing to cook healthy foods at home is good for your body and your pocketbook. Better mental health can help improve spending decisions. These are just a couple of examples.
Altogether, it’s important to remember that one area of health can affect another – and vice versa. So, it’s best not to wait for one to fail, but rather, be mindful and proactive in every aspect of your health.
Reach out for help
If your financial health or other kind of issue is causing you worry or stress, check out Learn to Live’s Stress program. Use code BLUEND or the code provided by your employer to get started.
SOURCES: Forbes, Indeed, PwC, Academy to Innovate HR
