On #TheRoad2016: What is Financial Wellness?

The following blog post is part of The Road to Financial Wellness blog tour. The Road to Financial Wellness is a three-month, grassroots campaign promoting financial empowerment on a national level and encourages people to pursue their dream lifestyle. Find out more about local events near you.

This is the second year in a row I am organizing the Road to Financial Wellness blog tour (there’s still time if you want to participate!). This year, though, I’m also helping out with more events and will be going to NYC this weekend to help out with the launch.

I remember last March, Jason from Phroogal called me and told me his crazy idea of going around the country to talk about financial wellness. It was unprecedented. Bold. And quite frankly, a bit crazy. But I fell in love with the idea and got on board. This year we’re doing it even bigger and better and going to 50 cities across the U.S.

Now that we’re in our second year of doing The Road to Financial Wellness, we get a lot of questions about financial wellness. Namely, what is it?

You know we talk a lot about our physical health and conversations around mental health are starting to take place. But many people still don’t talk about their financial health. Money is the last taboo. When things are out of balance with your finances, everything else is affected.

We realize that financial wellness is part of the bigger picture. It’s part of making the other aspects of your life and health — physical, mental and emotional, work for you too.

Financial wellness is about aligning your money with your goals. Using money as a tool to live your dream lifestyle — making sure your money is actually working for you and helping you live a life you love.  

How to Boost Your Financial Wellness

There’s no denying that many people live paycheck-to-paycheck. Millennials are saddled with high student loan debt and many are experiencing stagnant wages. But those stats don’t need to put you in a box.

Despite all obstacles, you can work hard at financial wellness.

Step 1: Identify your goals.

What do you really want out of life? There are no right or wrong answers here. Forget what you’ve learned or what your parents want you to do or what society thinks you should do. What do YOU want?

Maybe you want to travel the world, or buy a house, or start your own business. Maybe you want to pay for your kids college so they don’t have student loan debt. Maybe you want to move to a cabin in the woods or maybe you want to live the high life in NYC. Whatever you truly want, write it down.

Step 2: Look at your income and expenses.

Look at your income and expenses. Cut out things you don’t absolutely love and see if you can negotiate some of your bills. It never hurts to ask.

When looking at your income, think of how it aligns with your values and your goals. Does the money you make help you reach your goals or just “get by”? In the past, I was just getting by and it was hard. I felt stuck and hopeless. But I began to side hustle, earn more and boost my income. Earning more helped me live my dream lifestyle — moving to Los Angeles, traveling to Italy with my mom, and doing work I love.

Financial wellness isn’t about cutting back to the bone, but spending your money where it matters — on your big, crazy, audacious goals. On creating your dream lifestyle and using money as a tool.

Step 3: Identify what changes you need to make.

Just like physical health or emotional health, it’s important to check in with yourself and identify what changes you need to make to reach financial wellness. Look at your spending triggers and what situations or emotions encourage you to spend.

For me, this means cutting out emotional purchases or things that don’t make me happy in the long run.

Step 4: Commit to the process.

Financial wellness isn’t a state that you reach — it’s something you maintain. You have to work at it every day. Make sure you are saving enough for your present and future. Create not just an emergency fund but an opportunity fund to go after your goals.

Spend wisely and treat your money well and it will treat you well in return. Ask important questions when making a purchase. Read the fine print. Be your own financial advocate. And if you’re feeling lost, get a financial wellness check up with a financial advisor, money counselor or coach.

You don’t need to be alone. I hope you join the conversation on social media using #TheRoad2016. Share your financial wellness tips and learn more from other fantastic bloggers. Check out an event near you!

• Author
• Recent Posts

Melanie

Melanie Lockert is the founder of the blog and author of the book, Dear Debt. Through her blog, she chronicled her journey out of $81,000 in student loan debt. She is also the co-founder of the Lola Retreat, which helps bold women face their fears, own their dreams and figure out a plan to be in control of their finances. She is passionate about empowering women, helping others get out of debt, and focuses on the intersection of debt and mental health. Every September she organizes a Suicide Prevention Awareness Blog Tour, to help share resources for those struggling with debt and suicide. In addition to her love of personal finance, art and music, she is also a karaoke master and a cat mom to Miles and Thelonious.

Latest posts by Melanie (see all)

• Talking About Money and Mental Health - September 12, 2022
• Dear Debt, We’re Better Apart - June 27, 2022
• Announcing The Mental Health and Wealth Summit - May 4, 2021