Easy ways to make you physically, mentally and financially healthy

As the economy in Australia recovers, our life is going back to normal slowly. In the meantime, financial stress after extra holiday spendings may follow. Not only can financial stress put a strain on your cash flow, but it can negatively affect your physical and mental health. Here are 3 tips to help you to take care of your wellness and financial health.

Calculate the Net Worth

As a starting point, it is important to evaluate your current financial health and determine how to reach your short- and long-term financial goals with personal budgets.

Calculating the net worth (the difference between what you own and what you owe) seems to be the best way to be aware of where you are financially. According to the research, it is equally important to track your net worth regularly, which will allow you to evaluate your progress, highlight your successes, and identify areas requiring improvement.

Do the Math — Personal Budgets

It’s not enough to just focus on the net worth. Creating a personal budget or an action plan is imperative and useful. According to the American Psychological Association, money is a top cause of stress for 64% of Americans. Developed on a monthly or an annual basis, a spending plan is an important financial tool to plan for expenses, save money for future goals and further change your spending habits. Developing healthy spending habits makes you feel in control of your own life.

Improve Your Mind and Body

According to the research, nearly 40 million people in the U.S. say their work lives and bank accounts are negatively affected by sleepless nights. Taking care of your physical and mental health can be helpful to improve your financial health to a great extent. Going to bed early and exercising more regularly are the easiest ways to increase your work productivity and the ability to learn new things.

References: Investopedia, Chime