71% of Americans are stressed by money, but this is a topic that rarely gets discussed. In honor of May- Mental Health Awareness month, let’s take a look at the topic of financial wellness and what we can do to create a positive financial headspace.
Tips to strengthen your financial wellness:
1. Be in the know with your money
Do you know how much money is in your accounts and how much all your assets are worth? Is your spending going up or down? The first step in financial health is being mindful of where your dollars are going. Look at each of your accounts on a monthly basis so you are in the know with your money flow.
2. Have a “fun” budget
Typically the words “fun” and “budget” don’t go together, but it’s important to set aside some funds for the fun things you enjoy. We often budget for expenses, but can forget to make room for enjoyment. Even if you don’t budget overall, you can still set aside an amount you’re comfortable with as your play money. Let loose, reduce stress and invest in your self-care, whether that be a dinner out, massage, weekend roadtrip or splurging on meal delivery service.
3. Invest something each month
Do you have an investment account? Up your contribution, even if it’s only an extra $20 a month. With the power of compounding, that money has the potential to more than double the longer it stays invested. Not currently investing? Open up an investment account or a high yield savings account or meet with a financial advisor to start those conversations.
[Georgia’s tip: Try an app like Acorns which rounds up your change on all your purchases for the month and puts them into an investment account. You won’t even feel the roundups, and will have a nice little nest egg come the end of each month!]
