Financial well-being is about much more than making money. A healthy budget means having the ability to reach your goals while also maintaining a safety net for all of life’s ups and downs.
No matter the size of your paycheck, there are things you can do to transform finances from a source of stress into a force for positivity.
Reduced financial stress can even contribute to:
- Better heart health
- Fewer ulcers
- Lower risk of diabetes
- Better productivity at work
- Reduced 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 more financially literate.
- 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 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 your 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, buying healthier foods in the grocery store is good for your body and your pocketbook. Better mental health will lead to better spending decisions. The list goes on and on.
Reach out for help
If you’re stressed or worried about your financial health, 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