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A Word on Financial Wellness

March, 2023

According to Forbes, there are several ways an individual can improve their financial wellness, but the first step is to improve one’s financial literacy. From this vantage, the individual can learn how to better incorporate the principles of financial literacy to achieve their own, personal goals.

With this in mind, the points at which an individual should focus to help them achieve financial wellness are:

• Creating a budget
• Building an emergency fund
• Protecting their assets
• Reducing or eliminating debt
• Saving and investing
• Planning for retirement and other long-term goals

There are many paths for improving financial wellness. Some may choose to speak with a financial advisor. Others may find the answers in books and articles. Some may even seek additional outside help.

Regardless of how financial wellness is achieved, it almost inevitably requires looking at the present with a view toward the future.

Factors to consider when it comes to practicing financial wellness include learning how to build a budget, use debt, save enough, invest properly and use insurance. When you incorporate these skills in your day-to-day life so you can meet their present and future goals, you are practicing financial wellness.

Employing the skills of financial literacy isn’t a question of simply going by the book. Rather, the goal is to know how you want to implement these principles to provide yourself and your family with the life you want to live.

For example, budgeting is a financial skill. However, budgeting to help you feel in control of your current and future finances is a step toward financial wellness.

Similarly, debt is an instrument that every financially literate person should know how to employ, but when it comes to reaching your personal goals by using debt such as mortgages and car loans, you’re on the way to financial wellness.

The same goes for saving and investing. To know how to save and invest is financially literate. To save and invest for your own emotional well-being is a component of financial wellness.

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Select plans from Legal Club include benefits such as Financial Education and Credit Counseling that can be helpful when practicing or trying to improve one's financial wellness.  In addition, all Family Protection Plan products from Legal Club contain a Free Tax Preparation and Advice benefit. To learn more about the plans offered by Legal Club, browse this website or call us at 800-305-6816.

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