Financial Wellness- What is it?

26
Jul

Financial Wellness- What is it?

Financial wellness means creating a healthy economic life for yourself and feeling good about your financial situation. It is also an essential part of taking care of yourself and those around you.

When it comes to your finances, financial wellness can mean different things for different people. However, it encompasses these key areas:

  • Taking control of your money before it controls you.
  • Determining how safe your money is.
  • Planning what to do with your money.

Financial wellness can lead to financial freedom

Financial wellness can provide you with the freedom to make choices while living the life you’ve earned- literally. When you manage your money efficiently, you could have shelter, food, clothing, and participate in the broader economy. Financial wellness could also prepare you for future short-term and long-term expenses and emergencies that may arise.

National Financial Awareness Day

National Financial Awareness Day is August 14th, 2021, and is a great reminder to examine your finances, work toward financial stability, and focus on preparing for your financial future. Use this day to start building financial wellness by doing something to protect your financial future and increase your stability now. You can start saving money in small ways every day. For example, choose to drink water while you’re eating out instead of ordering a drink from the menu. Or check for coupons in this week’s newspaper or online to save on items you regularly purchase. Additionally, consider saving for your financial future through investing. Educating yourself on financial concepts is another way to help you achieve financial wellness. Creating a budget that enables you to save and regularly contribute to your retirement savings can also help you achieve financial wellness.

Meet with your financial professional

When it comes to financial wellness, your financial professional can help evaluate your financial situation and provide you with ideas to become financially well. Financial planning that prepares you for the future is critical to your financial stability today and in the future. Work with your financial advisor to develop a plan that keeps you on track for achieving your goals.

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Disclosures: The sources used to prepare this material are believed to be true, accurate and reliable, but are not guaranteed. This information is provided as general information and is not intended to be specific financial or tax guidance. When you access a link you are leaving our website and assume total responsibility for your use of the website you are linking to. We make no representation as to the completeness or accuracy of information provided on this website. Nor is the company liable for any direct or indirect technical or system issues or any consequences arising out of your access to or your use of third-party technologies, websites, information, and programs made available through this website.

In addition, we specialize in providing strategies and guidance for those who are seeking a better lifestyle in retirement. At LKN Financial, we know that it is your retirement, and you should have control over it. We offer our experience and knowledge to help you design a custom strategy for financial independence. In conclusion, contact us today to schedule an introductory meeting!