The financially well person is fully aware of financial state and budgets, saves and manages finances in order to achieve realistic goals.

  • If you’re feeling stressed about your financial situation, you’re not alone. 72% of Americans surveyed in a recent American Psychological Association (APA) study said they experience financial stress; worrying about bills, emergencies, childcare, taking care of aging parents, children’s college tuition and their financial future in retirement. According the APA, high financial stress levels are associated with an increased risk of ulcers, migraines, heart attacks, depression, anxiety, and sleep disturbance.
    • Your discovery activity: Increase your financial wellness by doing this activity RIGHT NOW.
      • Set aside time to evaluate your finances. Mark your calendar with a series of “financial dates” to make a plan for how and what you’ll spend your money on. Once you’ve established a written budget schedule monthly check-ups to stay on track.
  • The math is simple: money you invest earns you more money; money you borrow costs you money, so make debt reduction a priority. Even small amounts, such as spending money on a cup of coffee can add up. Let’s say you spend $12 a week on coffee, over the next 40 years that would cost you $24,960. However, if you decided to save that money instead and earn five percent interest, in 40 years you’ll have $79,772! That’s a $104,732 difference!
    • Your discovery activity: Increase your financial wellness by doing this activity RIGHT NOW.
      • Think about how much you spend on coffee, or a different treat you purchase regularly. How much are you spending a year? Write it down and reflect on it. This is a great way to develop more mindful spending habits.

Resources

Edward Jones

Provides no cost obligation financial planning services by appointment: 614-875-0285

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