Money represents something different to each of us. Understanding how we think and feel about money is an important step in creating financial wellbeing. This is a safe place to begin this process. Welcome, Reeta
The more you understand and define what money means to you the clearer you will be on how to begin to create a better financial future for yourself. This means thinking about what about money in your life is a positive and what about money is a negative. Spend time answering these questions and share it with us here.
I view the state of financial wellbeing as one where you are managing your income and expenses in such a way so that you are not only able to cover your daily living expenses but are also able to set aside rainy day/emergency funds as well as sufficient savings for your retirement and other goals that you and your family may have.
For me, financial well being is knowing that I am honest with myself about how I acquire and use money and that I take care of myself and my family by using my financial resources well.
I so agree with Kary. Financial well being is being willing to “have the talk” with myself about where the ideas I have about money have come from, how healthy are these ideas, and what will it take for me to change my thinking, habits that no longer serve me, and ambiguous feelings around/about money. When I approach myself with honesty, integrity and authenticity about money and finances in my life, then my Financial Self can operate in the world from this Truth.
Really well said Kary. That’s the kind of thinking that will help you take control of your money and your life. Reeta
Saundra, you have really added to this conversation. Honesty, integrity, authenticity and truth contribute to a healthy relationship with money and sound like they will be followed by actions which support increased financial wellbeing. Thanks, Reeta
Being able to pay bills, save money regularly and save money for long term needs.
Well-being is being able to use my money for needs and being able to meter out expenditures on wants.
For me…Financial Well-being means being healthy in all areas of my life which will allow me to make wise decisions as it relates to how I spend money.
Being able to maintain the quality of life that I am comfortable with, which would include meeting financial obligations on time, meeting my basic needs, and being able to save.
understanding the entirety of the how/why financial wellbeing is important, and to be able to have/hang onto “rainy day” funds, even when I cant afford to keep them!!
Balance. Saving for emergencies and retirement, being able to pay for life’s necessities (and I really mean necessities), and using “want” money in a way that serves stated goals/values to become the person you want to be.
I love this discussion because everyone is looking at his/her own circumstances and identifying what financial wellbeing means to YOU. The further you take that definition the better it will served you because what this process is doing for you is helping you clarify what areas of your Money Self need the most attention. That is the foundation from which you can begin to develop a strategy for creating financial stability for yourself. I hope you all noticed how similar your definitions of financial wellbeing are. Can you think of ways to support each other on this?
Financial well being means i could live my life based on my values and able to do things that create joyful and happy moments. Money could support my life journey and live independently.