Financial Wellness
What is the definition of Financial Wellness?
The ability to meet basic needs and manage money for the short- and long-term.
What are some ways to improve your Financial Wellness?
Examples: Use the 50/30/20 rule, track your spending, make an emergency fund, set one goal at a time, give yourself time to think purchases
What is the difference between Financial Wellness vs. Financial Literacy?
Financial Wellness is a matter of taking steps to improve your financial life and Financial Literacy is about understanding the concepts and tools you can use to manage your money.
What is the 50/30/20 rule?
50% of your income to needs, 30% to wants, and 20% to savings and debt repayment
How can poor Financial Wellness affect your overall health?
poor sleep, stress and/or anxiety, headaches and sickness
who should you always pay first after earning a paycheck
yourself
Financial stress can lead to what serious health concerns like...
High blood pressure, anxiety and/or depression, heart diseases
This budgeting method helps you avoid any overdraft fees
the envelope method