There is a direct link between financial health and mental well-being. So, it should come as no surprise that many of those in the U.S. are stressed out about money, especially with nearly 40% of Americans unable to cover a $400 emergency expense, according to the Federal Reserve. Let’s look at five tips you can use to improve your financial life and your overall happiness.
- Save What You Can: Every month, put away as much as you can into savings. That includes an emergency savings account for unexpected bills and other purchases. If you can save $300 per month, you’d have $7,200 in savings in just two years. Not bad, right?
- Invest in Your Future: If your employer offers a retirement plan, add as much as you can to it. This is especially important if the employer will match what you put into the account. Having money set aside for your golden years can certainly reduce stress about the future.
- Trim the Budget: Turn off any unused streaming services and look for areas of the family budget that can be cut. Good places to start include hobbies that you don’t enjoy as much as you once did.
- Spend Mindfully: It’s easy to cut items from a budget, but the real trick is examining and thinking about every expense BEFORE you make a purchase. To spend mindfully, do not shop out of boredom or as retail therapy. This can lead to overspending. Additionally, consider why you are buying something right before you make the purchase. Do you really need the item(s)? If not, walk out of the store (politely, of course) or remove the item from your online shopping cart.
- Take Notes: Seriously. Using a pen and paper, write down a financial goal that will help you have a better, healthier financial life. It could be as simple as balancing your budget or making coffee at home instead of buying an $8 latte every day. Whatever it is, having it on paper could help you follow through and get it done.
Boost Your Financial Wellness
More Financial Wellness Matters blogs on topics ranging from financial self-care to protecting your financial health are coming soon. Twice a month, we’ll dig a bit deeper into the relationship between financial health and overall well-being, shedding light on the behaviors and beliefs that drive money relationships. With simple tips and proven insights, we hope to enhance your financial well-being and help you live a healthier, happier life.