January is: National Financial Wellness Month!

History of Financial Wellness Month

Finances have been a cause of concern in human lives for as long as money has existed. It’s the key to unlocking all our material desires, but can also be our downfall and a source of frustration when it isn’t managed properly. That is why Financial Wellness Month exists, to serve as a reminder for us to prioritize our financial wellbeing.

As we all know, the term finance usually equates to money, however, finance encompasses not just money, but also the creation and management of money and investments. This means it deals with how you earn money, and also how you spend that money. Financial wellness has to do with your relationship with money and how secure it is regardless of the variables that could affect your future.

Just as we established earlier, financial wellbeing plays an important role in the lives of anyone who earns an income, meaning that employees need to understand this concept the most, and employers need to prioritize educating workers on financial wellness.

Some of the areas employees need financial support the most are in saving for retirement, paying off student loans, healthcare expenses, and budgeting or spending. Employers can educate their employees by organizing programs to help employees budget better, pay debts and save for emergencies.

Studies show that employees burdened with financial issues yield low productivity in the workplace. Some tips you could apply to help you boost your financial wellness are creating a stable source of income, budgeting, setting up an emergency fund, saving, evaluating your credit, and setting aside money to clear debts.

Financial Wellness Month is observed annually in January and helps prepare our finances for livelihood expenses and any unplanned future expenses.

Originally posted on nationaltoday.com

Follow GGEDC Facebook and LinkedIn in January to learn more about setting financial wellness goals.