How To Start A Financial Wellness Practice

Attaining financial health requires motivation, clarity, intention, and consistency

Do you have a workout routine? A yoga practice? Perhaps a meditation practice? Do you prep meals, count calories, and read inspirational books? Are you part of a social club or group that meets regularly?  Each of us has a unique personal wellness journey.  

We all have things that we do to help us live more fully and to keep us engaged in living a healthy and meaningful life. Typically, the steps of our wellness journey include practices or routines related to our physical, emotional, social, and general health needs.

What’s missing from most people’s journey to wellness is a plan for financial wellness. The financial path is often a secondary road that we only travel down when forced to do so because other roads are closed or unavailable to us. Finances can be the leading cause of health, physical, social, and emotional issues. So why don’t we take care better care of our financial wellness? I would like you to consider starting your very own financial wellness practice.

Like other practices we engage in to care for ourselves, they are called “practices” for a reason: They require habit and routine in order to assimilate them into our daily lives. A financial wellness practice includes routines and behaviors that are designed to provide financial freedom as well as financial wellness.

Financial wellness can be defined as:
 

Financial wellness is not about amassing gobs and gobs of money. It does not mean to be obsessive with money, but to be mindful and deliberate about your resources and using them to add meaning and value to your life.  

The first step in a financial wellness journey is to know your WHY. Why is it important to you to get your finances in order? Why is it important for you to have clarity over your finances? What are your expected outcomes? Because people do not view financial wellness through the same lens as they do other wellness practices, this can be a difficult question. Your WHY should be something that resonates with you and aligns with your values. This might include values such as freedom, family, and focus. Keep in mind financial wellness is inextricably intertwined with social, emotional, and physical wellness. Making it a priority will improve your overall wellness.

The next step is to know your starting point. Think about starting a physical exercise challenge. Often you start by getting weighed and taking your measurements. No two bodies are alike. We are all starting from a different place. The same is true with finances. Your starting point is meant to give you a full picture of where you are so that you can gain clarity on the areas that need to be changed in order to help you reach your wellness point. A starting point consists of your personal balance sheet. This includes a list of your assets (things you own) and a list of your liabilities (things you owe).    

The next step is goal setting. We like to remind our clients of the quote, “A goal without a plan is just a wish.” Just like setting goals for life, setting goals for money requires you to be mindful and deliberate. Take the time to exercise Goal Planning with a Purpose. This means your goals should tie directly into your WHY. Write down your goals. Visualize YOU in 5 and 10 years from now after you have achieved these goals. Where are you? How do you feel? See and connect with your future self. It will help drive your focus and determination.

Finally, measure, rinse, repeat. Make sure your goals are measurable. Being able to measure your goals will give you the courage to continue. Once you practice certain routines that drive success, they will become like muscle memory and simply be part of your day-to-day, month-to-month mindful practice of financial wellness. 

To learn more, check out this guide for developing your own 10 steps towards financial wellness plan.