When it comes to financial well-being, we know that it is only a piece of the wellness pie. We each have areas of our lives that overlap to create a fulfilled and balanced life (or a deliciously curated pie). When one area is mismeasured, it throws the rest of the recipe off balance as well. It is so important to recognize financial wellness as a key ingredient to be mixed into each area to achieve holistic wellness.
Financial well-being is not simply learning about money (financial literacy); it’s pursuing activities, choices, and lifestyles that lead to positive money habits (financial capability).
Financial well-being is an OUTCOME of pursuing positive financial behaviors. The pursuit of these positive financial habits and behaviors drives your overall financial well-being forward.
Want to be financially well? Start by taking action.
We’ve listed 30 ways (with resources!) that you can take audit of your personal finances and nurture your financial wellness.
1. Create a budget. Not sure where to start? We’re here to help!
2. Track expenses. Are your purchases driving you forward toward your goals?
3. Try a new budget app. Compare fan-favorite apps on NerdWallet.
4. Find one place in your budget to trim expenses. Whether it’s $5 or $50, you can find hidden savings right in front of you.
5. Calculate your net worth. Assets-liabilities=Net Worth. In other words, what you own minus what you owe.
6. Set up automatic savings. Automate paying yourself first.
7. Open a high-yield savings account. The more interest you are earning, the more your money is growing.
8. Create savings buckets/goals. If you are using one savings account for all of your funds, consider dividing and breaking it down into smaller goals.
9. Create a visual savings tracker. Keep motivated by watching your goal progress.
10. Test your skills with a savings challenge. We’ve got three challenges for you to try.
11. Find a free activity to do this weekend. Explore your city without paying big bucks.
12. Next time you shop, put one item back before checking out. Consider your wants vs needs to reduce impulse spending.
13. Try a no-spend week. It’s tough but so rewarding!
14. Cut costs by meal planning for a week. Grocery shopping can be expensive, meal planning can help reduce overspending.
15. Try using cash only for one budget category. Need a little help? We’ve got cash envelopes to keep you on track.
16. Start a workplace retirement account. Employers oftentimes offer a matching incentive. Take advantage of these free funds!
17. Meet with a financial professional. Helloooo, 1:1 financial counseling! Prepare your financial future by talking to a financial counselor or financial advisor.
18. Set up an estate plan. Ensure your loved ones are taken care of.
19. Pay $25 extra toward debt. Knock down your principal balance to save on interest.
20. Pull your credit report. Monitor your credit report for fraud and see a current list of all of your debts. Pull your reports for free at annualcreditreport.com.
21. Pay off any Buy Now, Pay Later apps. Crush your small debts!
22. Review your insurance policies for ample protection. Ensure you still carry the right amount of coverage on your auto, home, and life insurance policies. Don’t renew without review!
23. Organize financial documents. Read more about the importance of keeping good records.
24. Delete old online accounts. As you organize your physical documents, be sure to clean up your digital financial footprint as well.
25. Ensure you have strong passwords. Identity theft starts with one stolen password. Ensure that you have unique and strong passwords that are different for each financial account.
26. Invest in self-care. WELLNESS IS IMPORTANT, so use your money to feed other areas of your wellness pie.
27. Review progress toward financial goals. Where are you in the pursuit of your financial goals? Do you need to revise the goal or celebrate an achievement?
28. Create a new financial goal. Goals drive our financial futures forward. Whether it is big or small, set a new one today!
29. Communicate money stressors with your spouse. When budgeting together, it is important that both spouses are collaborating to create a budget that works for the whole family. If you are struggling with communication in marriage, grab our Money & Marriage workbook!
30. Research a financial topic you know little about. Increasing your financial knowledge helps keep you up-to-date and ready to tackle new financial endeavors.
What do you think?