Financial fitness and financial wellness describe a state in which you feel in control of your finances. Yet feeling in control of your finances isn’t always the case for younger educators, especially once those student loan bills start coming in.
Young educators aren’t alone, however. Many Americans do not feel in control of their finances. According to a 2017 American Psychological Association report, 62% of Americans said that their financial situation was a significant source of stress.*
The results aren’t surprising: Work and money-related worries consistently rank at the top of the survey. Financial stress affects health, productivity and relationships, and it can cause depression and anxiety.
So how do you say goodbye to financial stress? As a new educator, setting the right goals for both now and in the future can work wonders on your financial and overall wellness.
- Controlling day-to-day and month-to-month finances and expenses
- Having capacity to absorb a financial shock
- Being on track to meet financial goals
- Having the financial flexibility to make choices to enjoy life
At any given time, some factors are within your control, and some are not. Of course, you can do things to increase your financial wellness, like making a budget, saving money and reducing debt.
There’s no one-size-fits-all solution. However, by keeping financial wellness top of mind, you can take actions to improve your financial stability, which can lead to less stress. Establish a foundation of sound financial knowledge and actions, and you can start achieving the long-term financial goals that lead to financial wellness.
Don’t know where to get started? These four steps to make your money work for you are a great start. Invest in your wellness by checking them out!
*American Psychological Association, Stress in America: The State of Our Nation
WBRT-0009 (June 19)