Achieving Balance: Mastering Personal Wellness and Financial Health for a Fulfilling Life

By: Megan Schoeps

Director, Advisory

Commitment to improvement in both personal wellness and personal financial health are common resolutions made when the New Year comes around. Despite knowing their importance, it is all too easy to come up with excuses on why it is difficult to prioritize personal wellness and finances, or even one of them. It is even more difficult to prioritize them when numerous outside factors are out of your control. However, both are intertwined in ways that may not be so obvious, and there are decisions that you can control that will have long-lasting benefits. The impact that financial stress can have on both physical and mental health, as well as the impact that health issues can have on your wallet, underscores the importance of focusing on both.

The following are commonalities in how to approach both your personal wellness and financial health:

Have clear goals.

Before developing your personal wellness and financial health plans, the key is to have a clear idea of what you are trying to accomplish. Without clear goals, it is difficult to come up with an achievable plan or to measure success. There are many guidelines out there on how to develop goals best. The important part is knowing the goals before moving on but not letting defining them prevent progress.

In relation to personal wellness, some examples of things to think about are whether your goals are linked to a current or potential medical condition, energy levels, or an athletic achievement goal.

In relation to personal finances, some things to consider are whether the goal is higher income, spending less and saving more, or improving credit to support a particular expenditure.

Make sure your goals have measurable outcomes. As an accountant, my goals are often numerical, such as losing a certain number of pounds or increasing my savings by a set dollar amount.

Come up with a plan.

Once you have determined your goals, a clear plan will help you stay on track. Make sure to carve out adequate time to work on your goals. You may also need to take a more complex plan and break it down into smaller, simpler milestones. By focusing on these minor changes, you can see progress sooner, motivating you to continue changing your habits. Make sure each of your milestones has a clear timeframe. While making an impact on your personal wellness or finances is not likely quick, it will be difficult to get prompt feedback on how you are doing along the way if your timeframe is too long.

As a personal wellness example, if your goal is to achieve an athletic goal, your training plan may involve committing a certain amount of time to an activity weekly and increasing that time each week.

As a personal finances example, if your goal is to reduce your spending, try finding some small ways to save money in the first few weeks before seeking bigger wins. Common starting points are making your coffee and bringing lunch from home.

Small, consistent efforts over time lead to meaningful results. A focus on personal wellness can result in higher energy levels, which can lead to getting more done and reducing stress levels. Further reducing stress levels while alleviating financial concerns may help improve sleep quality, which then results in increased energy.

In addition to the commonalities between personal wellness and finance plans, they can also help each other. When building your strategy and creating new habits, consider the ones that will impact both goals. There will be opportunities to replace expensive or unhealthy habits with cheaper and healthier alternatives. For example, replace an expensive online shopping habit with in-person shopping at a local consignment store. You may even find unused clothing around your house that you can sell. Another example is to plan your next dinner with friends to be a night of cooking up a meal together instead of heading out to a restaurant.

Have self-discipline and grace.

While putting these in the same section might seem counterintuitive, they are both critical.

Without self-discipline, creating new habits is unlikely to be successful. Focus on your existing routines and how to incorporate your new habits into them. Stay disciplined by reminding yourself why the new habits are important and how they are part of your plan to achieve your goals. Keep in mind that self-discipline is inward-looking, as it does not focus on comparing yourself to or competing with anyone else.

It can be tempting to give up when something interferes with your goals, and that is where grace comes into play. You need to give yourself grace when you falter and forgive your mistakes. It will be easier to find the motivation to get back on track if you are kind to yourself and acknowledge that the changes you are trying to implement are not meant to be easy.

Incorporate Accountability and Support

No one achieves significant goals alone, especially when it comes to personal wellness and finances. Ask for help and lean on the people around you who can support you in your journey. Seek out friends, family members, or professional resources who can help keep you accountable. A workout buddy, for instance, can encourage you to stick to your exercise routine, while a financial advisor can help you build a more robust savings strategy.

Additionally, you can expand your support network by looking for local groups or online communities focusing on health or financial wellness. Connecting with like-minded people working toward similar goals can provide valuable advice, motivation, and camaraderie along the way. Group accountability can also be incredibly powerful in maintaining long-term progress.

In conclusion, prioritizing personal wellness and financial health is an integrated approach to achieving long-term happiness and stability. You can make meaningful progress in both areas by setting clear, measurable goals, developing a structured plan, practicing self-discipline and grace, and seeking support. While it may not always be easy, the benefits of balancing your health and finances will be far-reaching, resulting in a more fulfilling and less stressful life.

For more information, contact our experts today.

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