6 Financial Resolutions for the New Year
Individual Americans spend hundreds of dollars per year and at least as many hours on keeping themselves physically fit — but too many people neglect their financial health. Just like physical health, being financially fit is crucial to your well-being, your future, and your quality of life.
Here’s why being financially fit is so important and how you can overcome common barriers to achieving financial wellness.
Financial Wellness: A Ripple Effect
Being financially fit is about more than just having enough money in your account to cover your expenses and putting something away for tomorrow. Managing money responsibly will affect many aspects of your life:
What are the leading causes of money stress?
According to a survey by Credit Wise®, 73% of Americans rank money issues as the number one stressor in their lives. Here are the top causes of financial stress:
Stressing over money is never fun. Stressing over money, when any of the above applies to you, takes on its own form of angst by adding a level of long-term anxiety. It takes time, sometimes years, to undo the damage of any of these stressors — but it can be done!
Barriers to Financial Wellness and How to Overcome Them
We’re convinced – being financially fit is super important. But what happens now? Why are 80% of Americans in debt? Why do only 39% of Americans have enough saved up to get them through a $1,000 emergency?
Unfortunately, while many people may understand that financial fitness is crucial to their wellbeing, there are several barriers that make it difficult to follow through on their convictions.
First, many lack the basic financial knowledge necessary to responsibly manage their money. Second, many people mistakenly believe that budgeting, saving, and being more mindful of how they manage their money are too time-consuming and tedious. Finally, some people may have fallen so deeply into debt, they’ve begun believing they will never be capable of ever pulling themselves out.
Here are some simple steps you can take today to help you achieve and maintain financial wellness:
You give your abs a great workout each day — now it’s time to get those money muscles into shape! Follow the tips outlined above to stay financially fit at all times.
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