Understanding And Set Yourself Right With A Plan For Financial Wellness

 

Hello lovely! 💕🙈

Lunar New Year starts tomorrow, so I wanted to focus on something that is universally important to everyone but not something everyone has the opportunity to acquire, but also not something we should get totally lost in.

Furthermore, I am ready for the journey, are you? 

F I N A N C I A L  😜 W E L L - B E I N G

Financial wellness is a lifestyle

“the feeling of having financial security and financial freedom of choice, in the present and when considering the future.”

This may come under as other things such as; financial literacy, resilience or confidence, money moves, having a loyal relationship with your money. 

Those who train and focus on their financial well being, don't tend to be stressed when it comes to money. I believe this is the dream👌🏾

Now more than ever, it is pivotal to adapt to this significant resource to develop ourselves and create financial stability.

More money can be made more than ever these days, but that's for you believe. Overall wellness depends on several factors including mental, physical and financial health.

For instance, saving is very difficult for most, it is so easy to transfer money from my savings to my actual account when im out. I learnt that saving is indeed a tricky habit to adapt to. In order to get used to that habir, it needs to become apart of your everyday lifestyle, whether it be weekly, monthly or daily.

Here's why financial well-being is important.

Security

Present; having control over the day-to-day and month-to-month finances. 

Future; having the capacity to absorb a financial shock.

Freedom of choice;

Present; having financial freedom to make choices that let you enjoy life.

Future; Being on track to meet your long-term financial goals.

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According to UK's statistics;

These statistics present a strong demonstration of how financial wellbeing, financial literacy and financial intelligence is soaring in the UK for many years to come. It's only right we jump on it now. There's nothing better than being on top 😜 of all your finances.

Improvements in financial wellbeing can be identified and measured in either a decrease or increase in these statistics.

Financial literacy will be pivotal in the years ahead (2020-30).

Words of truth + encouragement

It’s very difficult to manage and be consistent with your financial wellness, In a world of uncertainty and rising living costs. But that makes it greater, from here we are sure and aware that we need to raise the bar above the uncertainty… 

Looking at the statistics even has me a little shook. However, let's get it straight that this list DOES NOT DEFINE ME. On the other hand, I think it's crucial not to get to caught up and obsessed with finances as it can make you miserable, stingy and in time lose direction of your purpose. YES money is important, but don't work yourself to the bone for some cash. 

Therefore, do not categorize yourself according to the stats, it's not healthy and does not improve any aspect of your overall well being..

You got this naturally 🌟

👾A F F I R M A T I O N S👾

⭐️I take the previous financial lessons and walk away, learn from these mistakes and leverage that into greater financially wellness for the new year!

🌟I will focus on my focus, strive to meet goals of being financially stable and protected.

⭐️Discipline comes naturally to me, I can grow my savings expeditiously 

How to level up your financial well-being;

As part of money management, as a beginner here are a variety of points for you to start from in handling your money and getting a sense of management. 

🧚🏽‍♀️Saving regularly

🧚🏽‍♀️quit online & fashion subscriptions. 

🧚🏽‍♀️Continuous planning for now + later along life

🧚🏽‍♀️Accessing advice on debt & budgeting

🧚🏽‍♀️Only buy what is necessary

🧚🏽‍♀️Get real harsh with saving, but don’t fall back on financial priorities

🧚🏽‍♀️Focus on your focus. where you need to go

🧚🏽‍♀️Stop worshipping capitalism, fast fashion, influencers

🧚🏽‍♀️Stay at home and save, there’s nothing for you out in the streets.

6 steps towards financial wellness; THE PLAN

🪐Create a budget - Create a budget in which you can live within your means. I like the saying " live below your means", This is brilliant when you want to track your spending and understand the habits you have.

💫Build emergency fund (3m-6m-9m) worth, constitute ideas around what is classed as an emergency.

🪐Reduce + eliminate debt - pay what you can off without breaking bank or goals, starts swiftly to even out and maintain credit score.

💫Protection of your assets "Insurance" (emergency fund) Essentially so you wont need to break into your emergency finances.

🪐Save + invest - put aside money from your paychecks, also consider short term savings.

💫Plan long term goals or retirement - Start putting money away from your retirement as soon as you can, as this will benefit you in the long run.

Final thoughts

When it comes to financial wellness,  it is our responsibility to inner stand and overstand the behaviour we have with money. By planning, managing and budgeting your finances you will learn how to stick to and be disciplined when it comes to finances; what you’re spending on, what you should be investing it, how much you save each month etc. Discipline is very important after all.