Are you nailing your financial or fitness resolutions for 2017?
If not, read on…
We are now into the 2nd month of the year. How are your resolutions shaping up? A focus on well-being, be it in the emotional or physical sense and a desire to improve finances/money management often come out on top each and every year when it comes to January 1st resolutions.
Most of us probably have a good sense of what it takes to improve our physical health and of course, there are a whole manner of approaches. We may be driven by competing in a big sporting event, invest in a gym membership, commit to weekly exercise with friends, become better informed about our food choices or talk to experts in the fitness industry and be guided from there. It’s no different when it comes to our financial health and it’s important to have goals to strive for and to seek expert advice too.
How is your financial fitness? Are you standing tall and proud or conversely, gasping for air with a big hill to climb? Research repeatedly indicates that financial health and physical well-being go hand-in-hand. And with that being the case, we thought we’d delve a little deeper.
What does financial well-being mean?
To achieve financial well-being, we must first understand it. And while it is a very personal state, many of us are driven by the same objectives.
Great financial health is less about the bottom line than about having financial security and having the financial freedom to make choices, now and in the future.
Some of the key measures of financial well-being are as follows; from a day-to-day (or month-to-month) perspective, we want to feel in control of our finances. We also want the freedom to meet long-term financial goals such as paying off the mortgage or retiring comfortably. Another important factor that contributes to financial ‘fitness’ is being ready for any curve balls that may come about such as job loss, ill health affecting income for a time or challenges periods in business.
The health impacts
There’s no denying the correlation between financial health and physical well-being.
A 2015 survey conducted by one of the largest banks in the US, revealed that 81% of respondents found other goals much easier to achieve when their finances were in order, whilst 70% stated that good financial health had a positive impact on their physical health.
On the flip side, poor financial health can have a devastating ripple effect. Money worries are commonly related to stress and anxiety which may manifest in physical symptoms such as lack of sleep, increased blood pressure and heart problems.
Mental health issues such as depression can also arise when financial fears are present. This will not only impact one person in a household but all of their loved ones too and can possibly flow over into the workplace as well.
Beyond the impact on physical health, our financial health touches on every aspect of our lives such as attitudes, behaviours and emotional stability. Our sense of worth is often linked to feeling safe and secure financially…
So, as we step into 2017 and embrace all that is ahead – it’s time to consider the importance of a striving for a podium finish when it comes to your financial health.
Invest Blue Gladstone planner Regina discusses this topic further and offers her pearls of wisdom with eight tips to help you get on track.
At our Gladstone office we are offering three free, interactive sessions to help you kick start your goals and dreams; Health & Wealth, Master Your Money, and Your Personal Balance Sheet.
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If you are not from Gladstone but would be interested in these sessions please let us know!
What you need to know
This information is provided by Invest Blue Pty Ltd (ABN 91 100 874 744). The information contained in this article is of general nature only and does not take into account the objectives, financial situation or needs of any particular person. Therefore, before making any decision, you should consider the appropriateness of the advice with regards to those matters and seek personal financial, tax and/or legal advice prior to acting on this information. Read our Financial Services Guide for information about our services, including the fees and other benefits that AMP companies and their representatives may receive in relations to products and services provided to you.