Our team at Xyngular advocates for living a holistic, healthy lifestyle. As part of this, we want to support you in building healthy habits in all areas of your life. One area that is not often discussed, but is vital to overall health and well-being, is financial wellness.
What Is Financial Wellness?
Financial wellness is not a topic that is brought up a lot. Because of this, many Americans are unsure of what it entails. Definition of Wellness states, “Financial wellness is having an understanding of your financial situation and taking care of it in such a way that you are prepared for financial changes. Maintaining that balance consists of being comfortable with where your money comes from and where it is going.”
Having a clear understanding of your day-to-day budget, as well as bigger expenses, is the first step in achieving financial wellness. The first step to understanding your financial situation is creating a budget that accounts for expenses, whether on paper or in a software or online program.
Once you have an understanding of where you are currently spending your money each month, you can begin to make tweaks if you see that a particular area is out of line. For example, if you think that you are spending $500 a month on food, and then find out you are actually spending $800, you know that you either need to allocate more money towards food, or be more diligent with your spending.
After you begin to get your daily budget under control, it is time to address your savings accounts. Think about all the different types of savings you may need. At the very least, everyone should have an emergency fund to help them avoid accumulating debt when faced with unforeseen expenses. Retirement, health care, and college are other common types of savings programs. Maybe you want to save for a new home, a new car, or a vacation. Make a list of all your savings priorities, and decide how much money to allocate to each one monthly.
Being Mindful with Money
The biggest goal in budgeting is to achieve financial wellness through money. The way you spend your money should reflect your goals and values in life. If you aren’t being mindful, it is easy to spend more money than expected on things that don’t support your overall goals. By tracking your spending, as well as your savings, you can ensure that you are allowing enough money for the things that are most important to you, rather than frivolously spending it. Simply making a mindful choice with your money can improve your overall financial health.
Xyngular Supports Your Financial Wellness
Our team at Xyngular wants to see you succeed at achieving financial wellness. Our leaders will support you as you take steps towards mindfulness and improving your financial health. Be proactive with your finances, and take the first step towards financial wellness, as a spoke in your overall health wheel, today.
