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What is Financial Wellness?

Date Added: March 18, 2009 01:16:03 PM

Author: FHW Admin

Category: Budget Your Money

Financial wellness seems to be the popular “buzz” phrase of these hard times, but what exactly is it? Merriam-Webster’s dictionary defines wellness as “the quality or state of being in good health especially as an actively sought goal” and financial, simply as “relating to finance or financiers”. Funny thing, there is no dictionary definition that this author could find for financial wellness.

I think we could agree that financial wellness could be defined as the quality or state of being in good financial health. There are many ways to determine financial health and most require paying off debt, saving more and spending less. This all sounds great and looks good on paper, but nobody is taking into account that most people in poor financial health are there because they do not have the money to get and keep themselves healthy. Now, that’s not to say, that some do have the money but have just developed bad habits and spent themselves into a financial mess. Just the same, they do not have the means to get on the path to financial wellness.

There are many ways to bring money into your budget to help you start your financial wellness journey if you know where to look. The trick is to look beyond the obvious of getting a second job or working more hours. Take a look at the things you are currently doing and see where you can find the wasted money and put that towards your plan for financial wellness. The first step to take is to track your spending and identify exactly where your money is going. There are many ways to do this and there is a lot of software and programs that would be well worth the small amount of money spent. Most programs will cost less than $50.00 and could save you hundreds of dollars per month if they find an area that you are over spending. In my next article, I will show you some great places to look for money that you can put back in your budget so you can start saving more and spending less.

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