There’s been a few choice words thrown around headlines as of late. Words like inflation, recession, and market downturn just to name a few.
For the vast majority of Americans, these aren’t easy-to-swallow pills. As the world has been playing catch-up from a truly unprecedented time in human history, there’s still many uncertainties abound.
The concept of wellness, both physical and mental, has been increasingly prominent. With more things to juggle in an already busy, sometimes chaotic day, there has been more advocacy for people to take better care of themselves. As important as it is to make time for loved ones, it’s equally, if not more important, to take care of number one, yourself.
Physical health seems the most straightforward; some level of exercise, drink plenty of water, eat nutrient-dense foods, and maybe have that scoop of ice cream once a week instead of several (it’s still ok to treat yourself.)
Mental wellness can be a bit more gray, but the basic concept is to make sure you are able to balance and maintain your lifestyle and pace at which you do them. Many people have utilized methods like therapy, meditation, and routines to aid in their life, work, and play balance.
There’s another wellness category that goes hand-in-hand with physical and mental; financial well-being.
Financial well-being or wellness isn’t about those digits in your bank account or on your paycheck. It’s about your attitude and emotions toward money. These emotions directly tie back into your physical and mental health in ways perhaps you haven’t even considered.
Feeling Good About Money, No Matter The Amount
Let’s get this out of the way early, what is money? In the simplest terms, money is a medium of exchange that people can use for goods and services. We can trace this basic human interaction all the way back to bartering systems that pre-date the establishment of trading precious metals, to the paper and coin currency most countries use today.
How much money you make varies greatly, with job, title, position, etc. Depending on your lifestyle goals and choices, the amount you make might not be enough to support you. Often this results in reliance on credit lines.
Unsurprisingly, debt can negatively impact your financial and mental wellness. How you manage your debt though, can help you ease that stress factor.
Debt is very common, in the form of either credit card, student loan, mortgage, or auto debt. In 2021, over 75% of Americans had at least one type of debt.
This is a huge part of most people’s struggles to achieve and maintain good financial well-being. While we are not here as financial advisers, we want to share that there are ways to better understand your financial state and better your relationship with money.
Understand, Create a Plan
One of the best ways to improve your financial well-being is to upgrade your financial literacy. Truly understand the core basics of your finances, like what your credit score means and how interest rates impact repayments.
Something else to be mindful of is how you approach debt. Don’t panic about it. Paying it off immediately is almost never going to happen, so take steps to plan for it beforehand.
Creating budgets, yearly, monthly, weekly, and even daily can be invaluable in having a healthier relationship with finances. Crafting these budgets in tandem with attainable savings goals for the long-term is paramount.
Looking Ahead with Financial Well-Being
Plotting out your budgets and savings goals is a big piece of the puzzle. Next, you need to consider what happens to these budgets once a source of income is no longer there.
In our case, we’re thinking about the loss of a spouse or loved one. Their salary plays a significant role in your family’s budget and savings goals. In the case of their sudden passing, and you don’t have a plan, those goals are completely erased.
Where are you going to make up the difference? With term life insurance, you set your contribution in tandem with your financial goals and budgets. As they fluctuate, so too can your insurance coverage when it comes time to review your term.
Term life insurance is another piece of the financial wellness puzzle. The team at Low Cost Life Insurance can help you understand the best way to prepare for the loss of income. We understand that as important as financial well-being is, it’s equally important to secure that health for the long term and beyond.
Let’s talk about securing your future. 1-877-794-TERM (8376)