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Financial Wellness Guide

What’s up everyone, Today’s video I will give you 4 tips to help you feel financial wellness in your life. I want to help you get to a place where you’re not only financially able to meet your basic needs but also have overall financial wellness in the sense of being able to meet your […]

What’s up everyone, Today’s video I will give you 4 tips to help you feel financial wellness in your life. I want to help you get to a place where you’re not only financially able to meet your basic needs but also have overall financial wellness in the sense of being able to meet your emotional and phycological needs. Here’s how to go about this.

1st, raise a sense of awareness of your finances. It’s time to stop spending carelessly and feeling suffocated by financial stress and anxiety.  To do this start by writing out your bills, both fixed and expected. This is only half of the process though because most of the time what we plan to spend and what we actually spend don’t line up. The next and very important part of finding true awareness of your finances is to track your spending

2nd. Set intention to where you WANT your money to be going. If you don’t have a clear picture of this, then you will always be stuck in the hamster wheel, constantly doing something, but never getting anywhere. Take some time to revisit your expenses. As you look at each one, close your eyes and ask yourself if you feel good about the use of your money allocated to each expense. If you get negative feelings, then hone in on that item and see what you can do to change things. You may get negative feelings if you are spending too much or too little in one specific area. After you go through this exercise for each item, rewrite an ideal situation.

An example would be, let’s say you are spending $400/month on food and no money towards travel. Perhaps you can make changes and spend $300/month on food and allocate $100/month towards travel.

My 3rd tip to feeling financial wellness is having a sense of security. This will come from setting aside money for those “what if’s” in life. What if your tires need to be replaced or what if you fall and break a bone? Do you feel like you could financially take care of things that could happen like that? Most people don’t which is why the cycle of debt happens. If you haven’t set aside money for this, then you will have to rely on credit cards which can lead to you feeling trapped. Having a cushion will really help you feel more at ease and give you a nice sense of security in life.

4th way to feel financially well is to continuously spend less than you make. This will allow your savings account to grow, which will give you options and freedom in the future. It will also give you room to breathe and eliminate the feeling of living paycheck to paycheck. Remember that there are people living on less than you and doing okay, so find a way to keep your spending decently below your income. Increasing your income can help with spending less than you make too, but most people increase their lifestyle right along with their income, so be on high alert so that doesn’t happen to you and take a look at this video for ideas I have used to increase my income in the past.

Those are my 4 tips for finding financial wellness in your life. Remember to focus on progress, not perfection and you will get to a place where you feel at peace with your financial life.

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