The Role of Financial Wellness in Overall Wellbeing

When we think about wellbeing, what springs to mind? Most of us would usually only consider physical and mental health, with financial wellbeing often overlooked.  

It’s not always obvious, but financial health plays a critical role in shaping our ability to lead fulfilling lives. Indeed, achieving stability with your funds can have knock-on effects on other areas of your health. That’s why it’s so important to take steps towards improving your financial wellbeing as soon as possible. Money doesn’t buy you happiness, but it does make things a lot easier.

The Connection Between Finances and Wellbeing

Did you know that financial pressure is one of the top causes of stress? 37 per cent of people surveyed said it was one of the main issues for them outside of the workplace.

There are numerous things to consider when it comes to financial wellbeing. The most obvious factor is that, if you’re not fiscally secure, it’s often going to bring about anxiety over whether you can afford to pay your bills. Long-term financial stress can even lead to more serious health problems, such as high blood pressure and heart disease.

For people who get their finances in order, there are myriad effects that can lead to a better quality of life. For example, simply having enough money to buy good quality ingredients for cooking can boost your overall health. Not to mention all the supplements you’d also be able to afford.

On top of that, people with financial stability are in a better position to join gyms, health clubs, and sports teams. All of these pursuits can lead to greater overall health and wellness.

Practical Steps to Achieving Financial Wellness

No matter what sort of financial situation you may be in, there are steps that you can take to ensure that you don’t end up in even worse conditions. For example, one of the most common fears is having a house repossessed, but there are ways to mitigate this happening. Indeed, there are advisors online that provide tips on how to stop repossession of house. Talking to your lender is one of the best things you can do, as it may be possible to reach an amicable solution before they take any drastic measures.

Another practical stride towards financial wellness would be to set a well-organised budget that helps you control your spending over a month. By visualising everything you need to spend your money on, it can reduce the chance of surprises and give you a greater sense of control. You can also set financial goals for the short term and long term, and enjoy the sense of achievement you get when you hit your milestones.

There’s not enough education in schools about how to manage finances, which is why so many people struggle later in life. Aside from taking practical steps to improve your situation, you could use online tools to learn about managing money. Getting your monetary affairs in order could end up improving your overall mental wellbeing.