Personal Finance
Physical fitness and mental wellbeing are the 2 main factors that people consider when evaluating their overall health. But there’s a third leg to that stool—financial health—that’s often overlooked. In this article, we’ll provide you with several strategies to keep your financial health and wealth management on track.
Understanding the interconnection of health and wealth
The relationship between health and money often goes unnoticed. However, these seemingly unrelated aspects of life are intricately linked. Stress from financial hardships can lead to deteriorating mental health and also take a toll on your physical health. Being in poor mental health can lead to making questionable financial decisions. And if your physical health lands you in the hospital, your financial health may take a hit from medical bills. Let’s take a closer look at the 3 pillars of overall health and get a better understanding of ways to maintain a healthy balance.
Mental health: Building emotional resilience
Cultivate social connections
Humans are inherently social, and nurturing relationships can significantly impact our mental health. Regular human contact, whether face-to-face or virtual, can help reduce anxiety, combat depression, and foster greater empathy. Take time to reconnect with an old friend or attend the company social event—your mental health could benefit.
Embrace gratitude
In the hustle-bustle of life, it’s easy to overlook the wonderful things we have. Practicing gratitude can help you appreciate the good in your life, making your worries seem less significant. Make the effort to reflect each day on things you’re grateful for. This simple exercise could boost your mental health.
Prioritize breaks
We live in a connected society that allows us to send a message from one corner of the world to the other in an instant. As a result, the constant barrage of communications from our televisions, phones, computers, and tablets takes its toll. Taking regular breaks over the course of your day is crucial to avoid burnout. Experts suggest a 15-minute break every 50-90 minutes. During this time, engage in activities that stimulate your mind differently. Go for a walk, practice yoga, or simply relax. These breaks can significantly improve your productivity and mental health.
Contribute to the community
Giving your time to a worthwhile endeavor can instill a sense of purpose in life. It helps broaden your perspective, boost self-esteem, and improve your mental well-being. Look for volunteering opportunities around you and immerse yourself in a meaningful cause.
Physical health: The foundation of wellness
Prioritize sleep
Getting 7-9 hours of quality sleep is crucial for your overall health. A good night’s sleep can significantly improve your cognitive and physical abilities. To ensure sound sleep, maintain a consistent sleep schedule, avoid caffeine and alcohol before bedtime, avoid your phone or laptop for an hour before bedtime, and create a peaceful sleep environment.
Stay active
Regular physical activity has countless health benefits. However, it doesn’t have to be limited to conventional exercises. Find an activity you enjoy and incorporate it into your routine. A minimum of 30 minutes of moderate exercise, 5 days a week, can do wonders for your health.
Maintain a balanced diet
Your diet significantly affects your physical health. Consuming a balanced diet rich in fruits, vegetables, grains, and healthy proteins can boost your energy levels and overall health. To sustain a healthy diet, set realistic goals and make gradual changes to your eating habits.
Financial health: The backbone of security
Establish a budget
Creating a budget is the first step toward achieving financial wellness. A well-planned budget can help you gain control over your finances, identify bad spending habits, and set financial goals. The free Money Manager tool at Best Egg Financial Health is a great place to start. Set up your budget today and take charge of your financial health.
Formulate a savings plan
A savings plan ensures financial security and peace of mind. An effective strategy is the 50/30/20 rule, where 50% of your income goes toward necessities, 30% toward wants, and 20% toward savings. However, it’s flexible and can be adjusted based on your financial goals.
Live within your means
While it’s tempting to keep up with societal standards, remember that true wealth is about financial freedom, not material possessions. Avoid unnecessary debt and make wise spending decisions. Remember, money is a tool that should be used to enhance your life, not constrain it.
Conclusion: Striking the balance
Managing your mental, physical, and financial health is a holistic approach to overall wellness. While it might seem challenging at first, taking small steps toward improving each area can lead to significant changes. Remember, health and wealth management is a journey, not a destination. So, here’s to making progress on your journey toward a healthier, wealthier, and happier life.
This article is for educational purposes only and is not intended to provide financial, tax or legal advice. You should consult a professional for specific advice. Best Egg is not responsible for the information contained in third-party sites cited or hyperlinked in this article. Best Egg is not responsible for, and does not provide or endorse third party products, services or other third-party content.