At the Institute of Financial Wellness we are certainly focused on our core mission of financial wellness, however in order to truly live your best life its about more than just your finances. It’s about balance!
Our relationship with money and how we view it is critical. Do we have too much fear about money that causes anxiety? Perhaps we are too frivolous or too frugal? You have to really find the right balance of how you approach your finances and be mindful not to worry too much or lack awareness and not pay attention.
Here are 3 key things you can do to find that right balance and help maintain confidence and limit stress
- Have a written plan. When your income and expenses are on paper and you can look at each expense you will feel more empowered and have your arms around your finances. This provides clarity and confidence and lowers anxiety
- Build up 6 months, maybe even 12 months of emergency reserves. Having a significant cushion will provide you with further peace of mind and lower anxiety
- Commit to systematic and automatic savings. It can be through a retirement account or regular brokerage account or a basic savings account – and the amount – is irrelevant – it’s about having a consistent savings method. This will give you comfort in knowing you are headed on a path of financial independence and help you build good habits
These three strategies will enable you to be in the present. We all know beating ourselves up about the past or worrying about the future is wasted energy. Being able to enjoy yourself each day and not worry is a sure fire way of living your best life.
Lets get there together!