financial wellness

5 Surefire Tips to Achieve Financial Wellness

Most people are stressed about money on a regular basis. To Achieve financial wellness is be an important part of our everyday lives. Today, learn about financial wellness and why it is important to you and for your future.

financially free

The pandemic has been a great starting point for some of us to evaluate our life and well-being. Some are now working on having a fit and active life, some are balancing their life with work and family.

But have you asked yourself this, are you financially well?

It might be an unfamiliar phrase for some, but yes, one of the most overlooked aspects in life is financial wellness. This is the third most imperative piece in one’s holistic fitness — not yoga, or meditation, or sorts. But this is the assurance that you are financially secured and well.

We are not making this up. So to tell what exactly is financial wellness And how do you know if you’re financially well? Here’s our blog for you!

What is Financial Wellness

Defined by the CFPB, “A state of being wherein you have control over day-to-day, month-to-month finances; have the capacity to absorb a financial shock; are on track to meet your financial goals, and have the financial freedom to make the choices that allow you to enjoy life.”

Financial well-being is pertinent at all times and in all places. This includes:

  • how well you manage your financial obligations, 
  • how confident you are in your financial future, and
  • the freedom to make financial decisions that allow you to enjoy life. 

The sooner you start planning, the better. However, starting at any moment is preferable to not starting at all. Here are some of the tips we have for you in order to achieve your financial wellness.

1. Reliable and Steady Flow of Income

Some can say yes to this, some say “they need more”. Well, that is mostly fine, and that’s a starting point for you to check yourself and your financial situation.

Being financially secure begins with having a constant source of income and cash flow. One of the tenets of financial wellbeing is consistent and dependable income.

Even if your earnings grow, strive to live on a fixed income and significantly improve your investments. Allowing your interest-earning accounts to grow can assist you in compensating for any downturns or expenses. When you know when your next few months’ paychecks will arrive and roughly how much money they will include, you have a stable and reliable income.

2. Spending Habits that Support Your Values

Every dollar you spend should get you one step closer to becoming the person you want to be. This necessitates the creation of a budget based on your unique beliefs and priorities.

This habit entails going over everything you spend money on during the week and assessing how happy you are with each purchase. The purpose of this exercise is to find the types of purchases that bring you joy and add to your life in a positive way.

Remember the Marie Kondo in life famous quote, ‘Does this spark joy?’? Take that in.

3. Take Control of Your Decisions

Being financially well also means you take control of your decisions — from your investments, spendings, and savings. You need to own them.

Money management is similar to learning how to drive, playing the piano, or any other talent. The secret to feeling confident is to learn what you need to accomplish and then practice until you get it right. It’s impossible to feel in control when we’re or don’t know how to perform anything correctly.

The reality is that you will most likely have to make financial decisions almost every day for the rest of your life. Investing in your financial education and taking the time to put that learning into action today will save you a lot of stress and money in the future.

4. Understanding Credit and Offloading Debt

Do you still have debts you need to pay off?

Another important aspect of your financial health is your credit score. Late payments, too much debt, and big balances all have a negative impact on your credit score. A higher or a lower credit score says much about you as a borrower.

That then links us to offloading your debt, it’s not easy but nobody said you can’t do it. A good way to avoid having so much debt is to make a financial plan.

Once you do, you can start to map out life events and large purchases, and begin saving. Planning ahead is always helpful, and once you get a handle on your current financial plan, set some goals for what comes next. By building a plan, you have a road map to help guide you through the rest of your life. Plus, it helps you offload your debt and organize your finances.

5. Be Free of Financial Stress

Being financially well means you’re free of financial stress. 

Money is the number one source of stress for most adults, but it doesn’t have to be that way. You can choose to master your finances. When you’re no longer anxious about money, you’ll know you’re financially secure.

Financial stress can be caused by a variety of factors:

  • When you’re finally free of credit card debt, 
  • Emergency funds for your family and loved ones,
  • A solid financial plan that reflects who you are and what you value. 

Imagine how good it will feel after this is accomplished, and let that encourage you to achieve financial wellness. Breath of relief!

How We Can Help

As an independent insurance agency, Harbor Insurance knows exactly what you need to start your journey to financial wellness — and be there for you at any stage in your life. 

Whether you’re starting a new business, looking for a new home, or just living life insured and secured. 

As one of North Carolina-based insurance providers, we aim to help you determine the most appropriate coverage and find the best options with top-rated carriers. In as easy as a 30-minute consultation, we can let our team of skilled licensed agents help with urgency. 

book an appointment with us today, and let us help you in your financial wellness.

Request a quote with Harbor Insurance now!


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