Finances is one of the top stressors for most people around the world, even in the best of times. During the pandemic, financial stress worsened for many. And that stress takes a significant toll on our overall well-being.
The most powerful way to fight financial stress and improve our financial well-being is to become more informed, or more financially literate.
Financial literacy is the ability to manage our finances by understanding how to save, earn, borrow, invest and protect our money. As our finances become more complex, we have more to learn, so building financial literacy is a life-long process.
No matter how much money you earn or what your financial situation may be, you can take steps today to learn more and make better financial decisions.
Here are some ways to boost your financial well-being:
- Learn your spending cues by keeping track of your physical and emotional state when you make purchases.
- Map out your future financial needs (such as your child’s education) and develop a plan now to prepare for them.
- Diversify your investment portfolio to reduce risk and grow your money.
- Find financial well-being apps and resources for all levels of financial literacy.
- Make a plan for budgeting or saving.
- Ensure you and your family are prepared for unexpected emergencies by reviewing this financial well-being checklist.
- Read these tips for building financial security, like practicing mindful spending and making informed investments.
- Explore the EAP resources available to you for free, from expert guidance on financial issues to confidential consulting to support you through hardships or stress.
Ready to level up your financial game?
