What does "financial wellness" really even mean?
We hear it everywhere. I personally make reference to it all the time. But what does it really mean?
At it's core, in my opinion, financial wellness has to do with your relationship & understanding of your own personal money situation. Super basic, right?
✨Do you know how much money comes in each month?
✨Do you know how much you spend each month, and where?
✨Do you know your debt balances? (If you know your interest rates, too, I'm impressed!)
✨Are you following a money plan (aka budget), even loosely?
✨Do you know your credit score?
✨Do you have financial goals that you're working towards? Big or small, doesn't matter!
✨Do you have, or are you working towards, building an emergency fund?
Just throwing some thoughts out here but if you don't know the above info, your first step to financial wellness is to start figuring it out.
I get it. Not everyone wants to know everything about personal finances, money, and investing. I don't really care to know the ins-and-outs of how my oil is changed but I DO need to understand when I should get it changed. You know what I mean?
I'm going to share some super wise advice I hear ALL the time (that I struggle with following myself) - you don't have to know everything before you start something. The important thing is that you START.
You don't have to know everything or have it all figured out right from the start, but establishing a baseline for your financial life can help you better understand where you are today, where you want to go tomorrow, and simply having a better understanding of these things can help motivate you to make a plan for how you're going to get there.
Cheering you on,