Let’s play word association. When you think about money, what’s the first word that comes to your mind?
For us, it’s freedom. We associate money with freedom and security. Having our financial situations well managed means the freedom to do the things we want to in life without feeling stressed by money. For us, financial wellness means feeling comfortable and not stressed by your financial situation. For different people this can mean very different things depending on your life experiences, wants and needs.
Whether we like it or not, money plays a critical role in our lives. Unsurprisingly, finances are the most common source of stress. According to the American Psychological Association “for the majority of Americans (64 percent), money is a somewhat or very significant source of stress, but especially for parents and younger adults (77 percent of parents, 75 percent of millennials [18 to 35 years old] and 76 percent of Gen Xers [36 to 49 years old]).” Not managing it well can negatively impact our stress, daily productivity, and our health.
Knowing all this, what can we do to reach and maintain financial wellness? It starts with you reflecting on your personal relationship with money. Take some time to think about these two questions:
How does your current financial situation make you feel?
What are your life goals and how does money fit into these goals?
Next post, we’ll pick up right here. Join us in our Financial Wellness blog series as we go on a journey of financial wellness. We’ll take you through the steps you can take to become more comfortable and confident with your money.