Donna Summers belted out a song about working hard for the money back in the days of Disco Divas and Macho Men, and in this modern world we live in now with the price of fuel soaring and worldwide recession---it seems even more important than ever to be savvy about financial wellness.
When we think of wellness, we tend to focus on the physical aspect of well being, such as good health. But the fact is that for most of us, financial wellness is crucial to our overall level of wellness and plays a large contributing part in our health and well being all the way around.
Here are some tips to help you achieve and maintain financial wellness:
- Recognize the reality of the role money plays in your life! Not having enough money to pay bills and buy the basic necessities can be exceedingly stressful. Stress kills! There are a host of illnesses that are a direct result of stress, so understanding that failure to manage your money can literally make you sick is critical to every aspect of your wellness.
- Limit debt! There are some things that most of us will not have enough disposable cash to outright buy and must therefore go into debt for; such as a new car or house. But don’t get carried away with credit and spend money like a drunken sailor. Be judicious in your use of credit cards and loans. It’s easy to get into debt and hard to get out! What does excessive debts you can’t pay lead to? You guessed it: more stress.
- Want what you have instead of trying to have what you want! Forget trying to keep up with the Joneses. They’re probably developing ulcers and battling insomnia every night due to the mountain of debts they’ve incurred in the process of seeming affluent, anyway. Money is nothing but a tool to help you get the things you need. The things you truly want like love, good health and happiness aren’t for sale and if you were as rich as Donald Trump, you still wouldn’t be able to buy those things!
- Have a budget! It is impossible to stress too soundly the importance of having a financial budget. A good, well planned budget will give you a track to run on and help you live within your means while keeping up with expenses and furnishing a birds eye view of where your money goes. Without this, you may end up in the red by the end of the month and have no idea whatsoever what happened to your money. It’s like carrying all of your money around in a leaky bucket and not realizing it’s disappearing through the holes. So, work at making a great budget and stick to it!
- Be sure to save some money! Even if it’s only a few dollars a week---save! Put some money aside for emergencies and unexpected expenses. It’s a sure bet that these things will happen and when they do, you won’t be caught with your britches down if you have socked away a Rainy Day Fund. Put that money aside before you pay any bills, buy groceries or spend your paycheck on anything else and it will be there when you need it!
Financial wellness is part and parcel of your overall wellness, good health and well being. So work on achieving financial wellness for a happier, healthier life!