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The Finances Resolution

Jan 23, 2019
Wellbeing Wednesday
financial resolution|financial-resolution|saving-money

Among the most popular New Year’s Resolutions from 2017 and 2018 are:Financial: save more moneyWeight loss: become more activeDietary: eat healthierSelf care: get more sleep, quit smoking, etcSelf-development: Read more, pick up a new hobby, etc.In this month long series, I will highlight a common resolution each week and offer tips based on my experience as a Certified Health Coach. Catch up on the previous installments:Part 1: FitnessPart 2: Eating HealthierPart 3: Self-Development

Let’s take a look at the financial resolution: Save more money!Financial debt is one of the major contributors to personal stress and thus, to stress-related symptoms. In fact, a 2013 study says that though “the impact of financial debt on health is relatively under-explored,” researchers found that higher financial stress, or in this case debt, did contribute to greater negative health outcomes. The good news is that financial stress can often be treated with some personal work called saving which leads me to some steps to help you get started on your financial resolution:

Make a list of financial priorities

Our priorities in life reflect what we most desire. For example, you may want to buy a new car or house, payoff credit card debt or save for a family vacation.

Track your normal expenses

Tracking is key to your saving success. When you track where your money goes, you can then determine if your spending and savings actually align with your financial priorities. Furthermore, tracking can provide you with a baseline in which you can begin to build and set goals around.

Set goals

Your goals will very likely support your priorities. Begin thinking of your end goal. For example, “ I will save $5,000 this year to take the family on a week long vacation in January of next year.” Now, narrow in and begin to set weekly, monthly and quarterly goals accordingly. Having goals helps you plan properly as the year progresses and especially as things fluctuate with expected and unexpected expenses.

Create a plan

For example, you may have a goal to save $5 a day by skipping eating out for lunch during the month of November. However an unexpected illness pops up and your money now goes to affording medication. These obstacles can be planned around, so always remember things like illness, special events, unpaid holidays and so on as you set a plan around your goals.

Get organized

Part of the perfect financial plan is being organized. An easy way to do this is to keep records of what you bring in and what you spend out. Though this can be tedious especially in the beginning, new apps like Money Manager and Mobills can help you schedule recurring expenses and income while also measuring your savings and thus, your success.Click HERE to learn more about the Wellview services available to you. We can’t wait to work with you!

– CASEY EDMONDS, CHC

Health Advisor | Email Casey

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