When a new year starts, many people focus on self-improvement — especially improving health and finances. The good news is that, by working on financial wellbeing, you may be able to improve your physical and mental health, too.
Worrying about finances is a leading cause of stress and can contribute to depression, anxiety, fatigue and even lower productivity at work.1 On the flip side, feeling confident and secure in your financial situation may help improve quality of life by relieving stress and giving you freedom to focus on what matters most to you.
What does financial wellness mean?
The specifics of financial wellness may mean something different to every person. In general, though, it’s about effectively managing your daily financial life. And it’s a building block to planning and achieving financial goals.
A person who achieves financial wellbeing is comfortable with where they stand financially today and where they’re heading. They feel some peace of mind by having a financial plan in place and understanding how to track progress toward their goals over time.
How do you achieve financial wellness?
The steps below may help many people move forward on their financial wellness journey.
For many people, retirement is a primary goal. In planning for a comfortable retirement, it can help to consider which expenses may start in retirement (such as additional travel or healthcare costs), which may stop (perhaps a mortgage will be paid off) and which may continue (such as utilities and groceries).
Once you have goals, it’s useful to estimate the cost of each one and a timeline for achieving them. Then you can use your budget to help decide how much to set aside every month to reach each target. Having this plan in place can give you peace of mind over your financial future.
Your Hancock Whitney team is also here to help. Part of our annual review process includes looking at what’s changed in the last year for our clients, what changes in the legal and economic environment could impact their plans, and how we can work together to keep our clients on track to enjoying ongoing financial wellness.
1 “Data Shows Strong Link Between Financial Wellness and Mental Health,” Enrich, posted March 24, 2021, https://www.enrich.org/blog/data-shows-strong-link-between-financial-wellness-and-mental-health, accessed Jan. 12, 2022
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