Financial Wellness Woes?
It’s easy to see how important being physically active and eating well are to our overall health. Another pillar of wellness that’s not so obvious (but extremely important) is maintaining healthy finances. Are you one of the millions of Americans who are stressed by your bills? Maybe you’re in the 36% of people who live paycheck-to-paycheck. Or perhaps you’re one of 58 million adults who don’t or can’t make their credit card payments on time (hot tip- always pay this in full to help your credit).1
If your financial situation distracts you at work, reduces your productivity, and causes you more stress than any relationship in your life, you’re not alone- in fact, you’re in good company with a huge portion of the population who don’t know where to begin when it comes to managing their finances.
What are you risking by delaying your financial savvy?
- Physical – Ongoing financial stress can lead to increased blood pressure, back tension/pain, ulcers, insomnia and ultimately compromised systems.
- Mental – Financial stressors have been linked to higher prevalence of mental health conditions, such as anxiety and depression, which can then lead to poor decision-making and further financial stress.
- Delayed Healthcare – Reduced physical and mental health can lead to increased medical bills, which raises financial stress, causes chronic health conditions, and creates hesitancy to seek preventative and emergency medical care.
How do you start down the path of financial wellness when things looks bleak?
- Ask Your Employer- Financial literacy and assistance are becoming a common benefit among organizations. Check with your HR department to learn what kind of resources your company offers.
- Create a Budget- Whether it’s by yourself on a spreadsheet or with the help of an app or financial adviser, start planning and tracking your expenses. If you have a recurring payment, set up auto-bill pay with your banking app. Give yourself spending limits on your “wants” and allot the appropriate amount for necessities.
- Save Save Save- You want to take full advantage of your company’s 401K matching and your IRA. If you feel comfortable, max out these contributions! A 2019 Employee Wellness survey conducted by PWC revealed that almost half of all U.S. employees “believe they will have to work through retirement” due to their money troubles. Invest now to enjoy later.2