What is financial wellness anyway? It’s mastering the art of successfully managing your financial expenses. As we all know, money plays a critical role in our lives and not having enough of it can put a serious and detrimental strain on our health and performance in and out of work. Here are 3 simple ways to improve your financial wellness.
Tip #1: Save small amounts.
Just like when you decide you want to start eating healthily, dropping unhealthy spending habits isn’t something you do cold turkey. It’s best to make small changes that add up to make a big difference over time. An example of this would be rounding up your spendings to the next dollar and setting that small amount aside in your savings. Another idea, would be to set up your bank account to transfer a certain percentage or a fixed amount to your savings account after each paycheque.
Tip #2: Record your expenses.
Logging your food intake is a great way to become aware of your eating habits and the nutrients you are getting throughout the day. The same applies to your spending habits! Keep a spending log and review your bank statements on a regular basis. At the end of the month identify your problem areas and create goals to improve.
Tip #3: Have a budget for silly expenses.
Once you get a better understanding of your spending habits, set a budget for necessities (groceries, toiletries) and personal spending (clothes, eating out, coffee). Pay cash for silly expenses as much as you can. Lower your spending with small behavioural changes such as bringing your own coffee and pack your own lunch.
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