The concept of well-being is often misunderstood. What is supposed to be inclusive is often confused with and confined to exclusively physical health, or, in some cases, mental and emotional facets of one’s life. Ask any person worth their salt and they will tell you there two important ingredients of a good life – your health and your finances.
Last year shifted the global focus to well-being and health dramatically. The phase of self-reflection made physical activities, healthy eating, and taking care essentials for a better living. Well-being once deemed as a luxury, now became a necessity reaffirming that the concept covers everything from your physical fitness to mental to financial health. While some of you might argue that physical and financial wellbeing are two different ends of a stick, the fact is – there is a deep connection between the two.
According to global researches, there is a correlation between money and health – People who value their future enough to monitor and evaluate their finances are more likely to make healthier choices now, so their future selves are healthier and disease-free.
The ones who care less about their finances are most likely to find their health out of order for one reason or the other. You’ve probably seen real-life examples to reinstate the above.
So what are you waiting for?
It is never too late to start and work on your discipline—just like making sure you are eating and exercising right, you should make sure you are managing your finances and evaluating the expenditure too. Set aside some time to sit down with your money, your financial goals, and critically analyse your march towards them.
Because once you find this balance, life will be much easier and satisfying a ride than what it currently is. That’s a Bankiom promise!
To help you in this process, here are the ABCs of financial well-being, to help you build a healthier relationship with money and maintain a personal-financial wellbeing balance.
Abate your spending as per you earning.
Make it a point to get organised with your money. Just like you plan a right amount of exercise, a healthy diet, and good sleep for a healthy life, plant the earnings and the expenditures in advance so you have a better idea of where your spending is taking you.
Build-up on your savings and strengths.
Physical or financial – if you focus on your strength/savings, you know you are doing it right. Saving doesn’t mean you spare some amount and keep it resting for years. Learn how to grow your money with apps like Bankiom that direct you to the right path in this context.
Care for mindfulness.
Just as right as mindfulness is for your overall well-being, it plays an important part in shaping your financial well-being journey. Become more aware of how, where, when and why you spend, save, and invest. Once you organise all aspects of your finances, your journey to financial and personal well-being will become seamless and fruitful.