Financial health

Portrait of a young caucasian handsome man looking up. Isolated on white background. Copy space

Wellness is a trending topic, and rightfully so, but wellness isn’t limited to hitting the gym, getting in your three miles and cutting the sugar, fat and simple carbs out of your diet.

Have you ever been lying in bed, unable to sleep soundly over financial worries? Or had a disagreement with your partner over money? Do you have a plan to save for retirement or invest in the future?

Financial fitness is one piece of the Wellness Wheel — seven separate but interrelated categories that make up your true health and wellness. The other pieces are spiritual, environmental, social, intellectual, emotional and physical.

Too often, financial fitness is overlooked as a component of good health. “Wellness” is frequently associated with physical activity or nutrition, but if you are financially stable you will likely be less stressed, sleep better and be an overall healthier person. Financial fitness is more about how you feel financially and your behavior when it comes to spending and saving. Being financially aware is part of your total well-being.

Financial wellness at work is important for both employees and employers. People in financial distress are under stress, and for this reason we are beginning to see financial wellness has become an important topic for wellness professionals and companies trying to do positive things for their employees.

Just as learning how to better take care of your physical health is essential to being at your best at work, at play and in pretty much everything else you do, you have to learn the financial skills that will keep you in your best financial shape and set you up for a successful future. Learn how to create a budget, live below your means, use cash instead of credit, pay down your loans and credit card bills, make the most of your employment benefits, create an emergency fund and pay yourself first.

Outfitting yourself with these skills and knowledge is like having a road map. You might be able to get where you want to go without it, but there will probably be some wrong turns along the way. Having a sound plan reduces the likelihood that you'll stray off track.

Save for the Future

National Retirement Security Week is the first congressionally endorsed, national event to promote the benefits of saving for retirement. The inaugural week was held in October 2017, and this year’s was Oct. 20 to 26.

Do you have a financial plan that will ensure your financial security when your working days are over? With so much to do now — raising kids, college expenses, vacations and the everyday cost of living — it is easy to be lost in the moment, rather than be focused on long-term financial planning for retirement and the resources required to do so.

Take time to learn about the effect of time on money, retirement planning, finding additional ways to save and preparing a personal retirement balance sheet. Ask yourself if you have your finances lined up to transition into that next phase of your life, whether that be retirement or pursuing another passion outside of your career.