Why Does Financial Health Matter?
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By Bromwich+Smith Staff | 414 words | Reading Time: 2 minutes and 14 seconds | Date: 2022/07/19
Plain and simple, financial well-being powerfully connects to our ability to thrive. Financial health is our understanding of money and personal finances in order to build financial security now and in the future.
When we think about financial well-being, it’s super easy to assume that financial health simply connects to having a lot of money. But in reality, financial wellness is all about financial security.
Financial security refers to the peace of mind you feel when you aren’t worried about your financial situation. It means that your basic needs are met and that you have the financial freedom to enjoy the extras in life, all while living within your means!
Financial Health and Its Impact on Our Physical and Mental Health
This is where we really start to understand why financial health is so important. You see, financial well-being powerfully connects to a person's ability to flourish. This is because you need to be balanced and doing well in each area of your life in order to manage your finances.
Here's a quick example, living in financial insecurity can be incredibly stressful. Constantly worrying about how you’re going to pay rent, buy food, or take care of your other basic needs creates a lot of anxiety. This stress can wear down your emotional and mental well-being, which can cause fractures in social relationships and make it extremely difficult to concentrate at school or work. Additionally, elevated stress levels can cause your physical body to deteriorate.
This example is all too often the reality for many people. So let's take a look at tips that can support us in becoming financially healthy.
Financially Healthy Habits
Like each of the elements of health, if we want to be financially healthy, we have to create healthy habits. Here are a few key habits:
• Learn how to create and stick to a budget
• Understand the difference between needs and wants and commit to living within your means.
• Check-in and track your spending on a regular basis.
• Start planning for the future now by saving and investing.
You may be struggling right now and if you are, we want you to know that you are not alone. Bromwich+Smith has a number of debt relief strategies to help you regain control of your finances and get your life back on track. Reach out today for a free, confidential, no obligation consultation. Bromwich+Smith’s Debt Relief Specialists are available by phone at 1.855.884.9243, or request a call back at contact us page. We want to see you financially healthy and well.