A simple definition of financial wellness by the University of Hampshire is “living within your means and learning to manage your finances for the short and long term”. Simply put, financial wellness is having enough money to avoid sapa, plan for the future, and enjoy your life, whilst having enough to cover emergencies. What a life that must be! The problem however is that not everyone is aware of the state of their financial well-being.
Much like mental and physical wellness, it is important to know about financial wellness, because it plays a major role in our overall success in life.
Have you ever had a headache from being broke? Like, you sat down to calculate your money and you started feeling heat from nowhere. Omo! I pray you will never experience it. Lack of money can really hurt your health and overall well-being, which is why it is important to understand what financial wellness is and how to achieve it.
A very simple way to know if you are financially well is if your financial plans include provisions for short-term goals, long-term goals, and emergencies. If you sleep with a smile on your face or have some sort of satisfaction when you think about your financial situation, chances are that you are financially well and stable.
If you’d like to leave the “God am I a stone?” gang, read on to learn some ways you can achieve financial wellness.
How to Achieve Financial Wellness
1. Live within your means: You do not need to impress anyone. Living within your means will help you achieve your financial goals. A person who earns 1.2 million per year will probably ruin their financial health if they attend some expensive club every week. A better alternative would be to organize a house party with friends.
2. Track your expenses: While it’s nice to spend money like Ote$, you aren’t Otedola yet. I’m 100% sure even Otedola tracks his expenses, so, who are we not to track ours? You should keep track of everything you spend your hard-earned money on.
3. Budget: Budgeting is crucial in reaching your financial goals. There are several kinds of budgets available. Find what works for you and stick with it.
4. Take advantage of financial services: Zilla is one of such services. Zilla helps you buy things and pay in installments, which then helps you free up your money to afford other important things.
5. Have multiple sources of income: If you can find a secondary source of income. You always have the option to turn a passion into a source of income while you work.
Financial wellness is super important and often overlooked even though it plays an important role in our lives. You need to take active steps that will enable you to reach your financial goals.
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