Next Friday, 10th of April, we will host a workshop where we will guide and support you through an exercise that will give you an instant financial wellness boost (sign up here, we'd love to have you!). But before that, let's have a look at what it is and how we can benefit from it.
Just like other more obvious forms of wellness, like spa treatments, pilates classes, retreats and even knitting, financial wellness is about reducing stress and feeling better. We don't mind spending money on gym clothes, shakes, facials or a soul cycle class, in fact, the retail wellness industry is worth over £23 bn in the UK alone. However, there is one fact that has been vastly overlooked by the industry: money is our biggest source of anxiety. Study shows that 36% of millennials experiencing financial stress at levels that qualify as a diagnosis of PTSD. That makes it clear that financial health is, and should be treated as, a key part of self-care.
Are you still wondering how you can actually work on your financial wellness? Financial wellness is not about pursuing massive wealth, but simply removing stress factors (debt and overspending) and adding zen and inner peace (savings and overview).
Det first step is to track your spending and set up a budget. Challenge yourself to cut
down, especially on budget posts which don't align with your values. Living below your means is the magic formula - the secret to financial well-being, and even wealth!
In your new budget, set aside a monthly sum to save as well as paying off debt. Always pay more than the minimum payment on your debt - even £10 extra a month will make a huge difference over the years both in repayment time and in saved interest.
The last and hardest step is sticking to your new budget. It can be compared to learning to meditate or sticking to a healthy diet. You will occasionally have to say no to things, but the reward will be well worth it. It won't take long before you reach a zen-like feeling of achievement and having savings in the bank is a quick and guaranteed way to inner peace. A report by the Journal of Consumer Research found that if someone felt financially secure, chances are they’d report overall wellbeing too.
Our workshop co-hosted with wealth coach Eirin Holmeide will be an action-packed hour which will put you in a good place to achieve and maintain financial wellness. After the session, you will have a solid plan as well as two specially developed resources to keep your new wellness habits going. We are keeping this super exclusive and capping it at 10 people, so make sure you sign up!