Do your finances cause you stress? The constant worry can weigh heavy on your health. As women, the need to take extra care of our health and wealth is paramount. We generally live longer than our male counter parts, needing our money to serve us for a longer period of time. More time means more taxes and higher inflation, which silently erode the value of our dollar. Financial wellness means feeling confident in your status that you don’t lose sleep thinking about your future.
It is unfortunate that many of us lie awake at night stressed from money woes. According to a study by Northwestern Mutual, 44% of the population names finances as their main concern. This type of chronic stress can lead to health issues like headaches, digestive problems, inflammation, anxiety, and depression. Good news, there are some simple strategies that you can start using immediately to help increase your financial confidence and decrease stress.
Here are a few tips to help keep your health and wealth on track:
- Talk about it…having open conversations with the key people in your lifekeeps everyone on the same page. It teaches children good money habits. Encourages healthy relationships between spouses and partners. The relationship with money is different for everyone.
- Assess your current status…Lists your assets, liabilities, income sources, expenses, and investments. Writing this information down help give greater clarification to your overall financial picture. Are the numbers where you want or need them to be?
- Plan for the future…needs for the next 12 months, 3 to 5 years, 10 years, and 20+ years. How much do need in your Emergency Fund (3, 6, or 9 months of salary saved)? Are you contributing the maximum to 401k or other type of retirement savings? Consider paying down high interest debt, and mortgage. College tuition may be another factor to include.
If your financial picture starts to feel complicated, seek the help of an advisor. She can help take all the pieces of the puzzle and design a financial plan that meets your needs and priorities. Money is tool. Use it to help create a healthy financial future, stress less, and live more fully in the present.