A Recent Harvard Article: There is a great deal of conversation around preventative health and the impact it can have on the rising healthcare costs in the United...
Have you ever thought about the 6 Dimensions of Health and Wellness? How your money can impact your health? Financial Health may add to that dimension as one of the '7' Dimensions of Health and Wellness. The current state of personal finances, financial health is typically measured by one’s spending history, savings, and credit standing. Financial health is important since it affects every aspect of daily life; and as such, it can have a very strong impact on one’s well being.
Good financial health is achieved by people who make their credit payments on time, manage money well, and contribute regularly to their savings. When you are in good financial health you are able to stretch your income and take advantage of investment opportunities. However, when in bad financial health, your debts overtake your savings and planning for the future can be difficult.
This is all extremely important to your psychological and physical well being because it can trigger enormous stress. A person in bad financial health experiences significantly more stress than normal. According to the American Psychological Association’s “Stress in America” survey, 62 percent of the nation reported being stressed about money as opposed to other areas of their lives. Of course this, in turn, weighs on mental health and stability, and can easily cause biological issues. Migraines, cardiovascular disease, and insomnia have all been linked to financial stress specifically. “Financial stress can be one of the most difficult kinds of stresses, particularly because people can adopt unhealthy coping mechanisms as a result,” says Nancy Molitor, behavioral sciences professor at Northwestern University.
To stop this cycle, small self-care steps must be taken. First, you must take a breathe and commit to changing your lifestyle to a healthier and happier one.
Dr. Molitor coined these four recommendations - the easiest way to get financial and physical health back on track. First, assess your situation; identify what habits drove you to this point. By doing so, you can recognize what specifics behaviors need to be changed! Then, determine your financial purpose, and analyze your relationship with money. This means figure out what your reason for working hard is. Do you do it to be able to provide for your family? Or because you want to be able to search for luxury? Ultimately the goal is to see that money does not bring you happiness, but your responsibility with it does. Also, ask for help and do research. We are not all accountants, but it might help to start to think like one! Finally, make a budget and stick to it. A plan of action is important in preparing for the future.
Staying informed about your health, and taking the proper steps to stay on top of it is crucial to wellbeing and an important part of the dimensions of wellness. Visit our Instagram and Facebook for more tips and tricks to taking care of your mind and body!