These financial wellness tips will allow you to take a holistic view of your finances and improve your relationship to money to build your financial future.
Honestly, I love talking money. But it wasn’t always this way.
As an accountant / financial analyst, my day job involved talking about money to my bosses, banks, and lenders. But at work, the numbers were large and abstract in so many ways.
When it came to personal money matters, I just avoided it. A lot of times, it was because I didn’t have a ton of adult financial responsibilities.
I was lucky to have no debt, no mortgage. But still, when it came time to spending money – I was the queen.
I was traveling because it was a long weekend.
Buying shoes because they made me feel good.
Fancy coffee drinks and takeout for lunch – because I could.
I was lucky that these didn’t particularly affect my overall financial well-being. I was disciplined enough to set money aside to save and invest. So, why shouldn’t I indulge in retail therapy?
What is Financial Wellness
Financial wellness is your overall well-being about your money.
Over the last little while, especially as my husband and I have combined finances, I have become more accountable with my money. (Something about getting older and adulting).
It is partly because I no longer have a steady paycheque, so I have to be more mindful of where we spend our money and how we can continue to grow our wealth.
This process taught me that I wasn’t just spending because I could. I was spending because that’s how I coped with the stresses of life.
It felt good to buy a new pair of shoes when I had a bad day.
Traveling for a long weekend was my escape.
Getting takeout every day for lunch and dinner became a reason I could work more hours.
All in all, I was surprised that not working long hours in the office resulted in spending a lot less money.
What surprised me the most was that I didn’t feel restricted with not spending money. But that I was building an appreciation for the small things in life.
I was happy without spending all this money. I didn’t care to buy new shoes. But there was something therapeutic about going for a walk at lunch with no purpose.
Why Financial Wellness is important
Since I have started to pay more attention to my finances and my relationship with money, it has helped me in other parts of my life.
These are the most significant benefits I have seen as I have started to pay attention to my money.
Money is something that affects every part of our lives. So understanding money and your finances can help in every aspect of your life.
It helps you check in with your goals
Being in touch with your money and your plans to earn more, and grow your wealth, can help you reach other goals in life.
Whether your ideal plan is to retire early, start a business, switch jobs, move to a different city – these plans are all affected by your finances.
When you know what your finances look like today and where they need to be to get you to your goals.
It can help combat emotional stressors in life
Having a good handle on your finances can reduce stress in other parts of your life.
Managing money can be emotional. Investing is often driven by emotions.
Whether your stress is directly related to money or not, your finances do creep into every part of your life.
Having money and understanding your finances can provide you with options you wouldn’t have had otherwise.
It can allow you to say no to new projects if you’re overwhelmed, or it can let you take time off work if you are overwhelmed.
It will make you more confident with money
Having a good handle on your finances will ultimately help you feel more confident in your money decisions.
Whether you decide to ask for help or manage your own money, you will be more confident in the decisions you make for your finances.
Tips to have a better relationship with your money
These financial wellness tips will allow you to take a holistic view of your finances and your relationship to money to build your financial future.
Ask how you’re currently doing?
- Are you meeting your current financial obligations?
- Do you have money saved for an emergency?
- Are you saving for your future?
Depending on your current situation, make an action plan for what needs to come next.
Create a plan for your future
Money is often the best tool for you to achieve your future goals, whether it is to go on a vacation next year or to be able to retire comfortably.
Make a list of your goals. These goals can be as “small” as a vacation next year or as grand as – Retire at 40.
- How much do you need to make them a reality?
- When will you need this money?
- How far are you from your goals today?
- What can you do to close the gap?
Having a concrete set of ideas to build your finances around can help to inspire you and make abstract financial goals more realistic.
Schedule money check-ins or money dates
What doesn’t get planned doesn’t get done.
I live by my calendar and productivity tools.
Scheduling recurring reminders for checking in with your money can help develop a healthier relationship with your money.
That way, you don’t feel guilty about avoiding your money.
Nor does it take mental space all the time.
If you share finances with your partner, set time aside to check in with your money together.
For my husband and me, treating money as a project has helped us communicate more about money and plan for the future.
You can set weekly/monthly/quarterly money dates. Or assign responsibilities for “Project Money.”
Talking about money can help you and your partner communicate about money in a productive and healthy forum.
Reflect on your money stress
Identify your money weaknesses.
Maybe you feel like you don’t have enough.
Maybe you feel lost when it comes to investing and growing wealth.
Maybe you have no idea if you’ll ever be able to afford to buy a house or have a family.
Reflecting on what triggers uncomfortable feelings about money can help you create an action plan to learn more about your money. Or to delegate that responsibility.
Once you are more aware of your feelings around money, spending, and investing, it can help reduce any uncertainty or anxiety around your money. It will help strengthen your relationship with money.
Give it time
Taking care of you and your money is not an overnight solution.
It might seem complicated and stressful at first. But over time, you’ll get used to thinking more actively about your money and making your money dreams come true.
Thinking about money and your finances more holistically as a part of everyday life can be freeing. It can give you options you didn’t think were possible.