{"id":35083,"date":"2023-04-06T23:52:59","date_gmt":"2023-04-06T23:52:59","guid":{"rendered":"https:\/\/www.humnutrition.com\/blog\/?p=35083"},"modified":"2023-04-07T00:37:09","modified_gmt":"2023-04-07T00:37:09","slug":"financial-wellness","status":"publish","type":"post","link":"https:\/\/www.humnutrition.com\/blog\/financial-wellness\/","title":{"rendered":"10 Foolproof Ways to Boost Financial Wellness, No Matter Your Age or Income"},"content":{"rendered":"

Need insights and inspo to improve your financial wellness game? Two experts share their top tips to promote financial well-being\u2014no matter how old you are or what you earn.<\/em><\/p>\n\n\n

Sure, you may fancy yourself to be a wellness warrior if you stick to a well-rounded diet, clock in regular sweat sessions, and get eight-plus hours of shuteye a night. But when was the last time you checked in on the state of your financial well-being\u2014not only in terms of how much you earn and save, but also how you think and feel about money?<\/p>\n\n\n

\u201cJust like prioritizing care of your body and your mind, incorporating more financial self-care into your daily or weekly routine can be really great for your overall well-being,\u201d says Megan Ford, PhD, LMFT, CFT-ITM<\/a>, a financial therapist at Stackin<\/a>.<\/p>\n\n\n

Keep reading to learn about the basics of financial wellness, followed by actionable tips to achieve it.<\/p>\n\n\n

What Is Financial Wellness?<\/h2>\n\n\n

Since money is highly personal and multidimensional, Dr. Ford says that nailing down a one-size-fits-all definition of financial wellness can be tough. However, she shares three key components that can lay down the framework of financial well-being:<\/p>\n\n\n\n

    \n
  1. Having a solid grasp of your financial landscape (being aware of what you earn, spend, save, and invest)<\/li>\n\n\n\n
  2. Being clear about your financial goals and taking intentional steps to achieve them<\/li>\n\n\n\n
  3. Having a healthy money mindset (releasing shame, unlearning unhealthy patterns of thought around money, being growth-oriented<\/a>)<\/li>\n<\/ol>\n\n\n

    Sara Willi<\/a>, a level 2 trainer at the Financial Gym<\/a>, has a similar take on what financial wellness entails. \u201cIt\u2019s another component of our overall health along with physical, emotional, and mental well-being,\u201d she explains. \u201cBeing financially healthy means facing the numbers, thinking through our goals, and making a plan to live our best lives accordingly.\u201d<\/p>\n\n\n

    She emphasizes valuing progress over perfection, as well as striking a balance between enjoying your life in the present<\/a> while growing your net worth\u2014via saving and investing\u2014to set up a secure and comfortable future. Strong financial health, she continues, \u201cmeans we can weather the storms that will inevitably come up, leave situations that aren’t right for us<\/a>, and have alignment with our values and how we spend our money.\u201d<\/p>\n\n\n

    It\u2019s also worth noting that financial wellness will always be a work in progress. \u201cThere is no financial wellness nirvana,\u201d says Dr. Ford. \u201cThis is an evolving state in our lives through the ever-present ups and downs.\u201d<\/p>\n\n\n\n

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    10 Must-Know Financial Wellness Tips<\/h2>\n\n\n

    Financial wellness requires a mix of getting your mind right about money and employing smart strategies to protect and build your wealth. Follow these expert-approved tips to enhance all aspects of your financial well-being\u2014no matter your age or income.<\/p>\n\n\n

    1. Tune into Your Emotions Around Money<\/h3>\n\n\n

    According to Dr. Ford, one of the biggest myths around financial wellness is that your emotions don\u2019t matter. \u201cNearly 90 percent of our financial decision-making is driven by our emotions,\u201d she clarifies, so logic will only get you so far.<\/p>\n\n\n

    She advises being aware of how you feel when making financial decisions. \u201cAre you sad, stressed, exhilarated, or something else? It\u2019s not about changing the feelings. It\u2019s about noticing them and taking a few moments to reflect with curiosity\u2014and recalibrating whenever possible,\u201d Dr. Ford continues. \u201cGaining more insight into how our feelings influence our financial choices can be empowering.\u201d<\/p>\n\n\n\n

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    2. Prioritize Financial Wellness Sooner Than Later<\/h3>\n\n\n

    Another myth that Dr. Ford comes across is the notion that younger adults don\u2019t need to worry about financial wellness just yet\u2014or, similarly, that you can only begin to take action once you reach a certain income bracket. \u201cHow long you have to save and invest over time definitely matters,\u201d she explains. \u201cMaking moves to save or start investing early can pay off down the line because of the longer timeframe those assets have for growth potential.\u201d<\/p>\n\n\n

    With that in mind, take steps early and consistently\u2014no matter how big or small\u2014to promote financial well-being in the long run.<\/p>\n\n\n

    3. Ask Yourself If You\u2019re Earning Your Worth<\/h3>\n\n\n

    Your own state of financial wellness will naturally, in part, depend on how much money you\u2019re making. That said, Willi advises making sure you\u2019re earning as much as you\u2019re actually worth. \u201cSometimes people aren’t necessarily mismanaging their money,\u201d she explains. They just don’t make as much as they could (or should), but they can take steps to stand up for themselves to demonstrate why they deserve better pay.<\/p>\n\n\n

    She recommends reflecting on your income with the following questions:<\/p>\n\n\n\n