By: Jamillah Fitzgerald
How is your financial health and wellness? I ask this because thinking about finances including bills, debt, savings and investing can be a stressful and sensitive topic. The impact of financial stress has shown to be a top stressor for one-third of Americans since 2020 according to Bloomberg News US Edition.
This comes with high gas prices, increase food cost, higher rental/mortgage prices and the continuous impact of COVID19. So what can we do about it? I know what you're thinking, we are just small fish in the sea to this country we live in. Examining, exploring and understanding your financial health and wellness can help you strategize and improve your financial life. Honestly, if you take time once or twice a month to go over you finances, you will see a big change in your life.
Below are some tips to better help you understand and improve your financial health and wellness, build wealth and become more confident with your money.
Tip #1 - Take Time To Reflect on How You View and Use Money
You would be surprised how personal money is to some people. Money can be an emotional part of your life and has attachments to up bringing, trauma, guilt, and the lack of knowledge.
Ask yourself:
How do you spend money and why?
How important being financially stable is to you?
Do you need help with financial knowledge?
Tip #2 - Track and Understand Your Money Output and Input
So, it is extremely important to be aware of how much cash flow you have coming in, in ratio to how much cash flow you will need to spend going out. Be realistic about your finances and your personal habits, Thus, this can make a huge change in improving and decreasing money issues.
“You must gain control over your money or the lack of it will forever control you.” –Dave Ramsey
Tip #3 Create a Healthy Budget For Yourself and Family
Budgeting and planning for monthly bills and expenses can be tedious but this can truly change your life. Setting and balancing where you spend your money can encourage new healthy lifestyle habits. In turn, you will have a realistic map of your financial lifestyle. You can also cut back on extra spending, save more and build a solid foundation for your family.
Question
How much extra do you spend eating out during the week?
Click Link: HOW I SAVED 10,000 IN 3 MONTHS!
Tip #4 Build Wealth, Money Goals, Save, Invest and Create Extra Income
So now it's time to make some extra money and build money flow. Creating multiple avenues of income can help you save, invest and take the financial pressure off your life. Put your skills and talent to work. Start your own business or do contract work to bring in some extra cash.
What about saving. Set a savings goal and stick to it. Having an emergency fund is crucial for future and unexpected events. Another great way to make more money is to invest in 401k, stocks and accounts that gain extra interest. Building wealth and financial security will take time so be patient.
Question
What are your financial goals for the future?
Now What
I've always love the slogan, Knowledge is Power meaning the more you know the farther you'll go. Improve your Financial Health and Wellness one day at a time. Create more stability, less stress and build wealth by changing financial habits. As we continue to live in this world of uncertainty, you do have control of your desire to a well balanced life.
If You Need Extra Support and Guidance With Budgeting and Saving, Feel Free to Schedule a Session Below to Get Started