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it's 07 Oct, 2022 7:48 am

Financial wellness exercise

Exercise Summary

Did you know that financial wellness isn’t always directly linked to how much you get paid? In fact, a recent report even found that people who earn over €100,000 had the same money worries as those earning below €10,000! This shows it’s our relationship with money, not the income itself, that makes all the difference.

Obtaining financial wellness is all about control and creating positive spending behaviour. Being able to treat yourself as and when you need and can afford it. Using credit smartly and to your advantage. Here are some steps you can take to take control of your finances and reduce money stress and anxiety.

Main Activity

develop a plan to change my relationship with money

• Spend wisely and within your means.
• Have an emergency fund.
• Have access to tools and education to make beneficial financial decisions.
• Understand how emotions affect money management.
• Learn how to budget: this will give you more control over your finances, allow you to spot where you’re overspending, and help you reach your financial goals.
• Have a financial plan: a financial plan outlines the steps needed to improve your financial wellness. It includes a budget, goals, saving amounts, and assessing ways to reduce outgoings or boost income.
• Set realistic financial goals: it might take time to pay off debt, learn new habits. Unrealistic goals make it more likely you will become disheartened. Instead, set specific goals that are also attainable.
• Spend less than you earn.
• Save for future spending.
• Only borrow what you can afford.
• Grow your money.
• Protect what you have.
• Say no to requests that don’t align to your values and financial priorities.
• Change your mind. If your circumstances change or you have a new idea, you can always adjust your goals.
• A simple rule of thumb many people use for budgeting is 50/20/30.
o 50 percent of your take-home pay goes toward fixed expenses (mortgage or rent, utilities or loan payments).
o 20 percent of your take-home pay goes toward savings for the future.
o No more than 30 percent goes toward discretionary spending (your wants). Reductions in this kind of spending can be used to bolster your savings.

Finally, financial wellness is a marathon, not a sprint. If you’re struggling with your finances, aim for small victories along the way—don’t expect to transform your relationship overnight. As we conclude, congratulate yourself for reading this article, and taking one step closer to achieving ultimate financial well-being.

We suggest a frequency of: weekly
and it could last 1
hours

Video

Title

Summary

Play

Break the Social Taboo About Money and Improve Financial Wellness
Jason Vitug is on a mission to empower a generation to live their best life through health and wealth. He discovered the good life on the Road to Financial Wellness and in this talk shares secrets to achieving personal and financial life goals. Jason Vitug is a financial wellness expert, founder of personal finance website phroogal, and bestselling and NYTimes reviewed author of You Only Live Once: The Roadmap to Financial Wellness and a Purposeful Life. Jason’s story began when he said “no” to the CEO position and walked away from his executive job to backpack through 20 countries in 12 months rejecting the traditional path to forge his own way in the world. In 2015, he created the Plutus Award-winning project the Road to Financial Wellness and hosted over 90 events in 48 states attended by over 16,000+ people in just 2 years. In 2018, Jason continues to break the social taboo about money and completed the very first 21-hour Facebook Live marathon on financial health. Today, Jason leads a Wellness Warrior community of over 70,000 millennials sharing a philosophy on experiential and purposeful living through sound financial decision-making. Jason has been featured on Forbes, Yahoo Finance, US News and more. Jason is an Elizabeth NJ native and is a graduate of Rutgers University with a Bachelors in Finance and an MBA from Norwich University. This talk was given at a TEDx event using the TED conference format but independently organized by a local community.

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A Butterfly Life: 4 Keys to More Happiness, Better Health and Letting Your True Self Shine

Times of change can be a challenge, no doubt! Whether it’s a relationship breakup, job loss, or being diagnosed with a serious health issue. Or you may WANT things to be different, but it feels a little scary or overwhelming. The butterfly reminds us change can be beautiful, even necessary, in order to realize our full potential and live our best life.