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| When we think of wellness or wellbeing, managing our finances is not the first thing to come to mind. Many of us associate wellness with overall physical fitness, a relaxing day at the spa, or a balanced nutrition. So, what exactly is financial wellbeing, other than the absence of money-related stress, and how does it relate to our health?
Successfully managing our finances can have real benefits for a person’s health, mental state, and performance. Unfortunately, many Americans would be hard-pressed to cover an emergency expense of $400 according to the Federal Reserve. Constant worrying about your finances can lead to depression, sleep deprivation, and negatively impact work productivity and engagement, researchers have found.
We can help! Our team at U.S. Eagle created a unique Financial Wellness Coach program to help you better understand key concepts such as saving, credit scores, mortgages, identity protection, and investing.
Universal definitions:
Some simply define Financial Wellness as the perception of having enough money to do what you want to do, and not routinely worrying about money.
The federal Consumer Financial Protection Bureau (CFPB) defines financial well-being in practical terms. They say it means having control over day-to-day finances, being able to absorb a financial shock, being on track toward financial goals, and having the freedom to make choices that help you enjoy life.
At U.S. Eagle, we realize that financial wellness is a journey. It’s challenge, dedication, personal health, happiness – it’s everything. Regardless of your income, background, or who you are, everyone deserves to live a less-stressed, happier, healthier life.
Don’t let it overwhelm you!
We all have basic needs such as food, shelter, and clothing. On top of these basic needs, we must take care of insurance coverage, school supplies and educational costs for our children, save for retirement and college funds, and be prepared for medical emergencies or other unexpected hardships.
Financial experts often use general benchmarks to set standards for financial wellness. They may cite the rule of thumb to have enough money in emergency savings to cover three to six months of expenses.
There are also formulas for calculating how much is right for you to save for retirement — savings that will last a certain number of years, or retirement accounts large enough to provide the level of income you will need.
But if you are feeling financial stress, targets like these can be more intimidating than helpful. When our goals are overly ambitious, we become scared and anxious which affects your physical and emotional health.
It is important to know that you don’t have to be wealthy to achieve financial well-being. More money has only a limited effect on our happiness. Once we have satisfied our basic needs, we are able to quickly get used to the increased wealth and our new financial status starts to feel ordinary.
But where should you start?
There are some basic steps you can take toward a healthier and happier future: - Become aware you are not alone. More than 40% of couples fight over money; 70% of college graduates don’t know what financial literacy is or how to deal with student debt; and the typical American household now carries an average debt of $137,063 according to a report by debt.org.
- Take action now! Just a few minutes each day can help you learn about financial literacy. Make it part of the daily conversation and teach your children early on. It’s not something that is being practiced in public school education but will significantly impact their future life and decisions. Our short, interactive, and self-paced learning modules cover a variety of topics such as: paying for college, understanding credit, buying a home, money management, and elderly fraud prevention.
These modules only take 2-to-7 minutes to complete and feature action plans with budgeting and planning tools to reinforce positive behavior - Get support and be patient with yourself. There is no need to feel ashamed and you are not in this alone. We have created an educational and judgment-free environment where our experienced Financial Wellness Coaches will be available to answer all your questions – no matter how big or small.
These steps won’t transform your financial life overnight. But when you engage with your finances and commit to healthy changes, chances are you will start feeling better. Financial wellness is a compass and we are here to provide you direction. It’s a way of life that will help you take charge of your needs, goals, and desires. Our goal is to change financial literacy from a foreign language to a universal one.
Visit www.peoplemeanmore.org today to take the first step towards a brighter, happier, and healthier future for you and your family. |
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The information contained in this email (the “Content”) is provided for informational and educational purposes only, without any express or implied warranty of any kind, including warranties of accuracy, completeness, or fitness for any particular purpose. The Content is not intended to be and does not constitute financial, investment, tax or accounting advice or a solicitation to buy or sell securities. The Content is necessarily general in nature and is not specific to you or anyone else. YOU SHOULD CONSULT YOUR OWN INVESTMENT, TAX OR ACCOUNTING ADVISORS BEFORE IMPLEMENTING ANY ADVICE INCLUDED IN THE CONTENT. By viewing or utilizing the Content, you agree that you will not hold Marquis Software Solutions, Inc., US Eagle FCU or their affiliates or agents responsible for loss or damages resulting from the Content.
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