Money Mindfulness: Tips for Maintaining Financial Wellness

image description

“Self-care” is a popular buzzword among those seeking to change their mental well-being or physical health for the better. Self-care can manifest in a variety of ways; it can be achieved through daily affirmations, exercise, a balanced diet, stress management, and so forth.

So if you already put stock into your physical and mental health, why shouldn’t you take the same approach to your finances?

New Era Debt Solutions offers 5 ways you can take care of your money matters and yourself at the same time:

Reevaluate Your Money Goals

As with dieting, it can be counter-productive to completely restrict yourself from anything that doesn’t necessarily benefit your goals – forgoing cake or any small luxuries altogether may disillusion you and cause you to abandon your goals entirely. Set goals that are both practical and realistic – you’ll be more successful over time. In short, spend on what’s important to you but don’t overdo it.

Keep Your Emotions in Check

This is especially important when making big decisions related to your finances. Try not to address major decisions when you’re feeling stressed or high-strung. Be sure that you’re in a healthy mindset before addressing your finances. A positive outlook will give you the confidence you need to continue pursuing your financial goals.

Keep Your Physical Health in Check

Maintaining a healthy diet, sleep cycle, and regular exercise regimen is important regardless of your financial state. Monitoring these things closely will prove to be an effective stress reliever. It will keep your mind sharp and give you the reassurance that you’re ready to take on the world.

Remember, You Can Still Get Away

Need to catch a break? Contrary to what social media ‘influencers’ may have you believe, you don’t have to jet-set to the most glamorous resorts to enjoy a vacation. Don’t feel that you can’t use your vacation time just because you’re on a budget. You can enjoy a staycation at home or venture to another town nearby so that you still get the feeling of going away for the weekend. You deserve it!

Alternatively, if you decide you really don’t need to use your paid days off, see if your employer is willing to let you ‘cash out’ your extra vacation days.

Financial Wellness FAQs

What is Financial Wellness?

Financial wellness is defined as the overall health & well-being of your finances. It can encompass many aspects of your financial situation such as the ability to make informed decisions about handling funds, the average level of financial security & stability, and your overall satisfaction with your financial health.

Achieving financial wellness involves adapting a state of balance and control over personal finances which allows individuals to meet their financial goals, handle unexpected expenses, and plan for the future. It goes beyond the mere accumulation of wealth and focuses on the holistic management of financial resources to support a person’s well-being and quality of life.

What are Key Components of Financial Wellness?

  • Budgeting and Cash Flow Management: Effectively managing income and expenses, tracking spending patterns, and creating a budget to ensure financial stability and meet financial goals.
  • Debt Management: Managing debt responsibly, including understanding and paying off debts, minimizing interest payments, and maintaining a healthy credit score.
  • Savings and Emergency Funds: Building a savings habit, creating an emergency fund to handle unexpected expenses, and saving for future goals such as education, retirement, or major purchases.
  • Investment and Retirement Planning: Making informed investment decisions, diversifying investments, and planning for long-term financial security, including retirement savings and strategies.
  • Risk Management and Insurance: Assessing and managing risks through appropriate insurance coverage, such as health insurance, life insurance, and property insurance.
  • Financial Education and Literacy: Expanding knowledge and understanding of personal finance, including concepts related to budgeting, saving, investing, taxes, and financial planning.
  • Setting Financial Goals: Setting clear financial goals and developing a roadmap to achieve them, whether it’s buying a home, starting a business, or funding education.
  • Workplace Benefits and Retirement Plans: Maximizing employer-provided benefits, such as retirement plans, healthcare plans, and employee assistance programs, to enhance financial well-being.

Talk to a Professional

For many people, financial problems are one of the root causes of anxiety. Unfortunately, this stress can negatively impact their relationships and other facets of their life. It’s up to you if you feel that you should consult with a licensed therapist for emotional support and/or an expert for financial assistance. A financial advisor may be able to help you identify where you are overspending and ways you can alter your spending habits.

New Era Debt Solutions has settled more than $250,000,000 dollars of debt since 1999 and wants you to be our next success story. If you need assistance achieving financial freedom, contact one of our friendly counselors at New Era Debt Solutions to learn more about finding the debt relief option that best fits your needs and budget. Our counselors are with you every step of the way.