Definition of Financial Wellness – Financial Wellness involves the process of learning how to successfully manage financial expenses. Money plays a critical role in our lives and not having enough of it impacts health as well as academic performance. Financial wellness refers to the “overall financial health of an individual” and is sometimes used interchangeably with financial well-being.
“Don’t tell me where your priorities are. Show me where you spend your money and I’ll tell you what they are” James W.Frick
Your current Financial wellness
Employee financial wellness programs are work-placed programs that both “access and support” the financial wellness of employees. A financially healthy employee is likely to be healthier overall since they stay on top of preventive care and budget for medical emergencies. This balance enables them to catch problems early on and therefore spend less on treatment.
Better financial planning leads to many benefits, including improved physical health. Oftentimes, people delay going to the doctor because they’re afraid of the expense; others avoid taking preventive measures like annual physicals, smoking cessation classes, weight-loss programs or monitoring a chronic health problem like diabetes.
Money is a tool that helps you achieve your goals and allows you to meet basic needs.
One way of keeping Money in perspective is to manage and apply contentment. Determine when enough is enough. Financial wellness can be a journey because it takes time to get good with money. It is not necessarily that you need to earn more money but rather about managing your money wiser.
Financial wellness can be viewed as being financially free, which in turn means you have the opportunity to choose what you do with your time and money. Manage your spending and do not let spending manage you. Your value system is an important aspect to your attitude about money.
Money does not purchase happiness. It can give us a feeling of wellbeing when we have sufficient funds in our bank account, but beyond a modest point, more money has only a limited effect on our happiness.
We quickly adjust to what increased wealth can do for us. Our new financial status starts to feel ordinary — or even inadequate. This creates stress to then improve on that level and the spiral quickly envelops one into a focus on finances and not the real value of our life.
There is no shame if you ask for help, you will be surprised at the amount of support groups are available to you and answer your financial questions.
We run a Financial Freedom course with one of our Collaborative subject matter experts. For more information visit our website.
Beliefs and Values
The financial Continuum – we are all on a financial continuum it all depends on how aware we are of our financial continuum It ranges from severe financial stress to being highly satisfied with one’s financial situation, not strictly aligned with income level.
That is because some people may feel that they have achieved a high level of financial well-being even if they are not affluent, while others with higher incomes may not be satisfied with their level of financial well-being.
You are not alone however to tame this beast. There are several support groups that can help and want to advise you on managing – instead of being managed by – the financial aspect of your life.
We came into this world with nothing and we will leave with nothing. Consider the true value of your life and management of this tool – Money.
Knowing your values and beliefs will help you budget. No budget should be started without understanding your values and beliefs towards money and life. So what are your values?
Determine your goals in this regard and re-evaluate what is good enough? Knowing your values and beliefs will help you budget. No budget should be started without understanding your values and beliefs towards money and life.
“Goals communicate, to ourselves and others, the belief that we are capable of overcoming obstacles. When we commit to that belief, we demonstrate faith in ourselves.”
Tal Ben-Shahar, PhD
When money is not working for you, it can cause a lot of stress and you can lose sight of the true value of life, family, and friends.There is always a solution to managing your financial well-being. Talk to someone about where you are at , what your concerns are regarding your financial wellness. You can contact us on our website for further help if you are experiencing stress anxiety or depression or your financial concerns.
The future is unknown to us all and any events that may come our way from a personal perspective. Having a solid financial grounding and plan can make it easier to deal with the ups and downs, twists and turns that life throws our way. Even if your finances are in a good place you should consider ways to future proof your finances. After all you worked hard to establish your financial wellbeing.
Having knowledge about making the right and informed decisions about your finances will assist you in managing your debt. Credit cards are a great and easy way to fill that unforeseen event or issue. However, it is also the most interest hungry facility that you can have as it drains your financial wellbeing rather quickly if not settled.
The principle of it is better to have a hen tomorrow than an egg today will help in reviewing your spending attitude.
Manage your investments wisely and determine what the best return on any investment you make is. Your money sitting in the bank is inactive and not working for you. Invest in different portfolios and spread your investments. Monitor them regularly to gain the most beneficial growth of that investment.
In your budget allow for the “Escape fund” this is your strategy you use for your “rainy day” event.
Disclaimer : We are not financial consultants or advisors. If you have a need for financial advice or want to go on a course for financial freedom, then contact us via our website to arrange these.
Financial Pillar Check-Up
Your current Financial wellness
- What state is your financial portfolio in?
- Are you using the available resources to you as part of the company’s EAP?
- What drives you regarding money?
- Is your job only a money tree?
- What are your financial plans for this year?
Beliefs and Values
- How do these impact my Financial wellness?
- How do you identify these values?
- What does enough finances mean to you?
- What plans have you got in place for the future?
- If you are out of work?
- When you get older?
- Your health changes?
- How are you managing your debt?
For this quick assessment (5 – 7 minutes, to complete):
- Open the Value Assessment form
- Select the value that is most like you and enter a 1 in either column ‘Very’, column ‘Quite’ or column ‘Not’.
- Try not to debate with yourself as to what column it could be or what column you would like it to be, just select the first answer that comes to mind.
- Out of the 1’s selected in the ‘Very’ column, select the 5 most important to you.
- These are your main values.
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If you would like more information on the pillars of wellness or have a general enquiry: