Whoever says money is not important does not know what he or she is saying. In every sense of its literal definition, financial health is highly significant. Financial well-being can greatly impact all areas of our lives, going from physical to mental health.
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One of the spiritual leaders in the church I attend will often say that an additional $5,000 in a person's account can immediately make sickness disappear. While that is only possible depending on the nature of the sickness, that amount can indeed give you a more healthy and longer life.
If you are financially strong enough, you can decide to eat better and healthier meals; with enough money, you no longer have to take a side job, which means you now have more time on your hands to relax and do exercise that promotes life longevity.
In every sense of the word, financial wellness equates to good health. A person who is financially stressed out, on the other hand, will have his health and mind greatly affected. Financial instability will make a person feel trapped, hopeless, and helpless. Shame is another word that accompanies financial instability.
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The society we live in sees financial success as a strong principle towards how they rate or respect a person, so it is only expected that a financially unstable person will feel stressed and unwanted in the society.
How can you test your financial wellness?
To test your financial health status, there are questions you need to ask yourself:
Are you prepared for unexpected events, which means do you have money set aside for emergency funds?
Do you have a positive or negative net worth?
Do you have the things you need and the things you want in life?
Are you saving up for retirement?
How high or low is your debt?
Do you have enough insurance credit?
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When you answer the questions above, I am certain you can now tell by yourself where your financial strength lies and where you belong. The financial health of an individual can be determined by a steady income flow, strong investment returns, a steadily increasing cash balance that keeps growing, and limited or low debt.
When it comes to improving your financial health, you need to tell yourself the truth about your current status by calculating your net worth and figuring out where you stand.
Creating a budget, as I have regularly mentioned here, is the first step to take. Look at the areas taking your money, and think of how to cut things back where unnecessary. It will become easier for you to work on a budget when you are able to separate your needs from your wants efficiently.
One thing we find difficult is staying within our budget when we make more money, and being able to do that is a strong tool towards financial growth and stability.
In regards to preventable health issues, it is more important for us to create a plan that is aimed at preventive measures rather than running around for solutions when a problem arises.