Wealth wellness is an essential part of overall wellness. Having respect for money will contribute to your financial wellness. What is involved in respecting money?
1- KNOW YOUR FINANCIAL SITUATION!
It is essential to know how much you spend and on what. This can be a time a consuming experience but it is worth its weight in gold. I recommend either looking at your bank statement for a full month and categorizing your expenditures or you can keep a log for a full month and document all expenses.
2- KNOW YOUR MONTHLY INCOME!
Know how much you make this sounds like common sense but I find that when I ask people it is rare that they know exactly how much they earn.
3-IF YOU SPEND MORE THAN YOU MAKE, STOP IT!
It is stealing when you spend more than you make. You are stealing from yourself and your future. If you identify that you spend more than you make for wealth wellness it is essential that you stop. Identify areas where you can stop spending and do so. Your financial wellness depends on this!
4-SAVE FOR EMERGENCIES!
An emergency fund is super important for your financial wellness. There is something funny about emergency funds. When you have one emergencies rarely happen, when you do not they seem to happen all the time. I recommend that you save until you accumulate $1000.00. I recommend that you continue saving until you have 3 months income.
5-TELL YOUR MONEY WHERE TO GO!
Know your priorities and make sure your money is going towards what matters to you. Most of the people I know do not take responsibility for their spending they just spend without making a plan. Spending happens to them rather than people dictating where their money should go.
If you can work on these 5 items you will know financial wellness. Financial wellness not only helps you thrive it helps your family and your community. I pray for your success and I pray you know financial wellness.
For financial wellness resources I highly recommend Dave Ramsey’s website.