What is Financial Wellness?
Did you know that two-thirds of Americans plan on making a financial New Year’s Resolution? However, only 20% of those are confident that they will be able to keep up with their goals. This year, instead of making a resolution, put your focus on financial wellness. What is financial wellness?
The simple definition is the ability to take care of your basic needs financially, both now and the proper management of finances for the future. The simple way to have financial wellness is to not spend more than your monthly income. But for many of us, that seems like a daunting task.
At BHFCU it is our goal to provide you with the tools you need to be financially well. Here are a few quick tips for members looking to improve their financial wellness in 2023.
Financial wellness can often leak over into our physical and mental wellness. According to a Vericast study, 75% of consumers said the amount of money in their bank account, impacts their mental health. Money can, but should not have an impact on how you feel about yourself or your life decisions. Your financial wellness should not impact your emotional wellness. Always have a plan of how to change your spending if there is a change to your income. It is also important to save to ensure you have funds to cover emergency expenses. If you’re struggling with your financial situation, give us a call at 501-202-2373. We can discuss options like skipping a payment, refinancing, and lend a listening ear during your time of need.
Remember, you control your finances, your finances do not control you. Baptist Health Federal Credit Union is here for you! We want to assist as much as we can. If you have a financial question, are looking for ways to save, or have questions on creating a budget, give us a call at 501-202-2373!