What Is Financial Wellness?

May 28, 2021 | Emma Frost

what is financial wellness

One of the biggest and most healthy trends in recent years is that people focus on their relationships with their mind and body. Practicing yoga, eating a well-balanced diet, and meditating are all on the list of habits leading to more wellness. However, our relationship with money is just as important. So what is financial wellness and how can we improve it?

The exact answer for what is financial wellness is different from one person to the other. But at the core of it, financial wellness spans around the ability to effectively manage your money and grow your wealth.

Keep reading on and let’s have a deeper look into what is financial wellness and how to get help when you need it through payday loans in Idaho.

importance of financial wellness

What Is Financial Wellness And What Does It Encompass?

If you google ‘what is financial wellness?’, you wouldn’t be able to find a universal definition. But practically every person would mention financial security as part of their financial well-being. It is also a goal that a lot of us have in common.

Tom Rath and Jim Harter, an American consultant on employee engagement and Chief Scientist of Workplace Management, respectively, have come up with a few concepts that will help us find the perfect answer to ‘what is financial wellness?’.

The key points are:

  • Having a plan for the future.
  • Keeping spending within one’s means.
  • Having access to information in order to make the most beneficial financial decisions.
  • Being financially prepared for emergencies.

We can all agree that financial well-being plays one of the key roles in our lives. But, at the same time, fewer than 4 in 10 Americans have enough money saved up to cover an unexpected thousand-dollar expense.

Why Is Financial Wellness Important?

If you have enough money, you feel secure. Remember how stressed you were the last time you almost ran out of cash?

No wonder that individuals with poor financial well-being are more likely to have problems with their mental health. According to the APA, 72% of Americans feel stressed because of their finances at least sometimes.

Moreover, if you’re depressed, anxious, or going through any other mental struggles, you will find it more difficult to make money. And you end up in a vicious circle.

And while applying for Idaho payday loans can help, it is always better to know how to avoid falling into this circle to begin with.

That’s why it is vitally important to not only learn ‘what is financial wellness?’, but to also find ways to achieve it.

How to Achieve Financial Well-Being?

The following tips will require some time and effort from your side. But imagine having a life that is free of financial stress! The journey is definitely worth it.

  • Improve Your Financial Literacy
    If you have enough knowledge, you’ll have the confidence to manage your resources (and multiply them).
    Follow financial experts and subscribe to newsletters. Read books that answer the question ‘what is financial wellness?’ in a fun and easy-to-understand manner.
    Finally, start tracking your budget. You should know exactly what’s happening to all the money that you have earned.
  • Come Up With A Financial Plan
    Set up your budget for a week, a month, and so on. Write down any financial goals and assess the ways that will help you boost your income and reduce your spending.
  • Set Up An Emergency Fund
    You may have already done your homework and you now know the answer to the question 'what is financial wellness?'. You are keeping your budget in check and feel like you are close to achieving your financial goals. But then an emergency happens, and you’re left with nothing.
    Is there anything more discouraging than unexpected events that take you back to where you started? To avoid that, the solution is nothing other than having an emergency fund. Experts believe that you should have enough money to cover 3-6 months’ worth of living expenses. But what if you don’t?

budgeting and using a payday loan

How Can A Payday Loan Help?

Did you know that over half of Americans live from paycheck to paycheck?

The chances may be high that you might not be quite prepared for an emergency. Unexpected repairs and medical bills that need immediate solutions can mess up your financial well-being, worsen your mental health, and affect your standard of living.

If you don’t want to go through this nightmare but have got no savings, then you may consider getting a payday loan.

What Is A Payday Loan?

This type of loan usually covers a short period of time and provides you with a sum of cash that can help in sudden emergencies, until you figure out some means of making the money.

If you weren’t quite prepared for an emergency, getting a payday loan from Idaho Title Loans, Inc. might be an option to keep in mind.

How to Obtain A Payday Loan?

  • You will need a driver’s license, a state-issued ID, a recent pay stub, and a blank check from a checking account in your name.
  • Visit Idaho Title Loans, Inc.’s website and fill out the quick intake form. In less than 30 minutes a loan representative will contact you and provide further instructions and set up an appointment with you.
  • Bear in mind that a payday loan usually requires employment. If you have a non-employed source of income and can provide the necessary papers to prove it, you can discuss your options with the loan representative from Idaho Title Loans, Inc.
  • Take the required papers to the appointment with the loan representative. The whole process can be finished in as little as 30 minutes.

Get The Help You Need Today

We have learned that financial wellness is about, among other things, being financially prepared for emergencies, which can be tough to achieve.

Thankfully, if you have not prepared yourself for unexpected expenses just yet, you can get a payday loan through Idaho Title Loans, Inc. Apply for the help you need today and get your money the very same day!