What is Financial Wellness?
#FinancialWellness refers to being in a situation where you control your day-to-day or month-to-month finances while having the freedom and security to deal with financial emergencies and still stay on track to meet your long-term financial goals.
Why is financial wellness important?
It equips us with the knowledge and skills we need to manage money effectively. Keeping track of expenses and making a budget and sticking to it are important skills to have in order to be financially responsible and independent.
Key money categories:
These are useful when you are trying to track your expenses, handle your budget and more.
5 ways to save money effectively:
Automate your savings: automatic transfers from your checking account to your savings account.
Take the pressure off & beat the savings fatigue: break down goals into simple actions over a consistent period.
Create a money vision board: use visual cues for whichever amounts you want to save.
Separate your savings using a sinking fund: intentionally set aside money in different savings buckets/categories.
Watch your savings grow: leverage personal finance content to utilize your savings and how to make them grow.
HERE'S A TOOL YOU COULD USE THAT WAS MADE SPECIFICALLY TO HLEP WITH YOUR FINANCIAL WELLBEING
USE THE MONEY BOOK:
The ultimate journal and planner for your personal financial wellness is here!!! Keep your finances in order with THE MONEY BOOK - Undated .
It measures 150 x 210 mm, is available in hardcover, with 3 ribbon bookmarkers and an expandable back pocket.
It also has:
Tips, tricks and strategies on setting money goals, budgeting, saving, investing, debt repayment and more.
1 month of Expense trackers (for a know-how-you-spend challenge)
12 months of Money Goal Setting, Money Opportunities and Wish lists
12 months of Budget and Bills tracking tables
12 months of Savings tracking spreads
Annual Debt Repayment tracker spread
12 months of budget and bills tracking tables
Annual Investment Plan table
4 spreads of Investment tracker and to-do list tables
12 months of Monthly Review tables
Annual Overview summary page