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Why Your Financial Health is Important

Published April 20, 2018

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By Jordan Ottaway

If someone were to come up to you and ask if you were healthy, you would be able to answer rather quickly. However, what if someone came up and asked if you felt financially healthy? What would your answer be?

More than half of Americans today admit to struggling with money because they don’t have a plan to keep up with their personal finances. That translates into most Americans NOT being financially healthy.

Here are some reasons why your financial health should be just as important as your physical health. 

Live Stress-Free

Money can either cause you great joy or great stress. There are some people who have no idea how they are going to make ends meet simply because they didn’t budget properly. When you know where your money is going each month, it takes a lot off your shoulders so you feel better both financially and physically.

Proper budgeting techniques give you a solid foundation to manage and build your finances each month. If you need some help getting started, I’ve written another article that could be of good use. I’ll go ahead and put those links right here:

Live on YOUR Terms

What do you want to do? Travel? Treat yourself with something new? It’s your life so you should be able to do that whenever you like. Sadly, that’s not possible for many because they can’t financially support it. Let’s change that.

This is why your financial heath is so important because you’re able to live your life on your terms. Not your credit card’s or bank account’s.

Be Prepared  

Investor Warren Buffett knows a thing or two when it comes to finances, and he has two rules he likes to live by: “Rule 1: Never lose money. Rule 2: Never forget Rule 1.”

How does one abide by Mr. Buffett’s rules? Two words: savings accounts. No matter the type of savings account you have, it’s a great way to make sure you grow your money. Not lose it. Heck, you can take yourself out of the equation and automate your savings.

Saving helps you grow your wealth and get into the habit of saving. But most importantly, it helps you be prepared when an unexpected expense comes up. We don’t want to think it will happen, but it will.

If you’re prepared and have budgeted right, you’ll be just fine. You won’t be stressed about money and you’ll still be living your life on your terms.

So, do you think you’re financially healthy?

Headshot of Jordan Ottaway
Jordan Ottaway contributed to the Neighborhood Credit Union blog from 2016 - 2019.