Do you try to live within your means?
You’re more than your bank account balance, but the state of your finances can sometimes influence other areas of your life. Your finances may not be the first thing you think of when considering your overall health. But studies show that there’s a link between your finances—not how much you have, but how you manage it—and your overall health and happiness. Financial health involves living within your means, saving for emergencies and the future, and making informed decisions about the money you do have.
Financial health provides a sense of security about current and future finances. If you’re financially healthy, you probably aren’t worried about money. You likely have a plan for monthly spending, investments, and savings. If you’re struggling with your finances, you may avoid talking about your financial situation—even with a partner. If you struggle to manage your spending, and if you’re without a budget or plan, you may worry about money, feel stressed, and have problems sleeping.
Your finances impact other health dimensions
- Finances → relationships: Having healthy, open conversations about your finances, and creating goals together can be beneficial to your relationship.
- Finances → environment: Creating a meal plan may help you cut back on fast food and the plastic and packaging that comes with it.
- Finances → emotions: People who have control of their debt experience less depressive episodes.
Improving your financial health
Sometimes the topic of money feels overwhelming, but starting with one small habit at a time might be just what you need to improve your situation—and positively impact your overall health and happiness. Three things you can do today to make your financial situation more healthy:
- Compare! Find the best deal. Before making a purchase, make a habit of comparing prices and looking for deals.
- Budget! Make a budget. Create a habit of setting a budget for a month and following it.
- Start saving! If you don’t have a saving account, open one at your bank and set up an automatic monthly transfer.
Financial health is important, but it’s just one part of your whole health picture.
Read about all eight dimensions of health. They overlap, intertwine, and impact one another. If you’re doing well in each of these dimensions, you’ll stay healthier and happier. Also, check out Carebook’s Facebook page where we’re building a healthy, happy community. We’d love to hear your ideas about and experiences with financial health.