Financial wellness in a nutshell: It’s not just about money
Have you ever noticed that working on improving your finances makes you feel better physically? And if you are diligently working on your physical or mental health, have you noticed any improvement in your finances?
Research shows that there is a strong overlap between your overall health and your finances. That’s because healthy habits, whether monetary or for your body and mind, are formed using exactly the same methods:
accountability your top priorities (e.g. the buddy system).
Efficiency in the systems and processes you use (e.g. by using smart budgeting or financial planning templates or according to the cardio guidelines of your personal trainer).
consistency how you are working on your money and your body (e.g. avoiding crash diets or unattainable budgets and sticking to consistent, healthy daily steps).
If your goal is financial wellbeing, try expanding your area for improvement. Here are a few suggestions.
Train and educate
Everyone has a “flow” zone in which they are best. For me, it’s early in the morning before my toddler is up. Challenge yourself to use this special time by working on your body as you work on your financial literacy. For example, if you’re a runner, put on the earplugs and listen to a podcast about investing while you’re on your running track. Or, if you’re on a phone-mount spinning wheel, download a finance education course to watch while peddling.
If multitasking isn’t good for you, break the activities down into the same 60-minute block of time, but do each one individually. By exercising your body and your money mind, you will experience an increase in your energy levels.
Build money meditation into your quiet time
Meditation has spillover benefits in helping to relieve stress and prioritizing what is most important. Try this meditation exercise to help clarify your vision and your next monetary goal.
What is your focus of money right now?
- Relax. Take a few deep breaths, sit in a comfortable, quiet and peaceful place.
- Close your eyes and ask: What is my ideal day like? Where am I? What am I doing? Who is with me
- Write everything about this vision on a piece of paper.
- Decide on the top five things that matter most to you. Circle you.
- Of these five, which two do you think you could live on? Cross this out.
- Now focus on the three remaining. How do you feel? How do you look? Why are they important?
Repeat regularly. Use a money journal to keep track of your trip. Carefully overcome resistance by persevering in your positive self-talk about this vision.
“No” is a complete sentence
You cannot be healthy physically or financially if you are on the path to burnout. While friends are knocking on your door to go out and blow the doors away because the country is opening up again, you should know that it is okay to say no. Make sure you understand your limits, how much social interaction you want, what you want to spend on socialization, and so on.
Limits can and should also be set in your work so that you do not have too much work and cannot keep up or do the work well.
Did you know that regular budgeting can be a great way to set financial and personal boundaries? And if an expense isn’t in your budget, you can just say “No. At the moment I am spending my money on other things. “
Stay on track with your money and your health
How would you ever know if you are making improvements if you don’t monitor your progress? For your finances, try to measure your net worth on a monthly basis (the sum of the value of all your assets minus the sum of the value of all your liabilities equals the net value). If that number grows, you’re doing something right. If it is shrinking, you may need help from a money coach to fix what is setting you back. Money coaches are personal trainers for your finances.
The same goes for your health. If you want weight loss or lower blood pressure or even increased stamina after a pandemic, you need to track your progress. I would suggest tracking weekly. This also applies to your workplace. Keep track of what you are achieving.
If you have a formal accountability system with a professional or even a friend, you need these tracked results to show them how you are achieving your goals.
As you work to develop new and healthier habits for your health and money, enjoy the effects it has on other areas of your life.