What is Financial Wellness?
Financial wellness is the collective term for having a sense of security around money; being able to meet your needs and about you being in control of your day-to-day finances so you have the ability to make choices that allow you to enjoy life in alignment with your goals and dreams.
The higher your level of financial wellness, the lower your level of financial anxiety.
There is no “cookie-cutter”, one size fits all approach to financial wellness. Your financial wellbeing will be different to someone else’s and it will also change as you change.
There are 7 elements to my Financial Wellness Blueprint that when applied, create a solid framework to help you get ahead financially and prosper.
These are the same framework that I use with my 1:1 clients and in my workshops:
Know your money triggers, limiting beliefs and core values
Know what you want out of life and create a budget to build a life
Seek resources/connection & keep tracking progress, adjusting as you gain more insight
Understand that not all wealth vehicles will be applicable to you
Seek out your JOY and use joy as a GPS
practice gratitude, accept the flow of money
Building a life mentality – repeat steps 1 through 6 – complacency is not your friend
Know your money triggers, limiting beliefs and core values
Without understanding what drives your behaviour around money, the action plans and advice provided will not be executed. Simply put, your money mindset is a vital component of effective financial planning.
It is your responsibility to be aware and attuned to this element. Think of this element as preparation before you develop your financial plan.
Your Money story:
On a blank sheet of paper, draw a circle in the centre which represents you. Then create spokes that represent the events/circumstances that you remember where you had issues with your money management.
Think about memories that included money peripherally – like how or if you compared what you received for birthdays and Christmas from what your friends received.
How did you feel about money or your financial situation? Were you taught to spend money or save money? Were you taught to invest in yourself or was that considered selfish?
Take a look at your bank statements and credit card statements – Have a look through the transactions and take note of what you are spending your money on – if you have software don’t just look at high level categories, take time to look at each transaction. Remember each transaction if you can. Connect with each purchase or receipt of funds. Notice how your money flows.
This is where a mindful approach is useful – looking at something calmly, in the present without judgement helps keep you away from avoidance.
If the very thought of analysing your financial situation has you shitting bricks (a technical term), then let’s dial it back a step and let me help you find inner peace and calm first.
Body Scan
If you let your body participate in your life things can feel more like they flow. Your heart is smarter than your head. When you experience money stress and worry (any stress and worry for that matter) you can feel its effects in your head by feeling caught up in your thoughts.
Take at least 5 minutes to run down your body noticing what it feels like. Notice where you feel and notice where you do not feel. Practice gratitude for this body that allows you to move through this life.
Box Breathing explanation
Used by Navy SEALs, this simple breathing technique can help calm your nervous system. It’s great if you feel frazzled by modern living!
Firstly, take a seated position with feet flat on the floor, back straight, in a dignified manner. Take a deep, slow breath. Inhale for a count of 4, hold your breath for 4 and exhale for a count of 4, pursing your lips slightly, keeping your jaw relaxed and hold again for a count of 4. Lower and rest your eyelids if you are able. Try and do this for 5 minutes to get yourself back in the now.
Stepping out of your monkey mind is like pressing a pause button to your internal chatter. It takes your primal brain out of the driver’s seat. To further your concentration, you can imagine travelling the sides of a box as you do the breathing.
Panic causes our breathing to become shallow and our heart rates to speed up, creating a flight, fight, freeze or fawn response. This breathing does the opposite and allows us to remain calm and productive.
Script for calming down during a financial anxiety episode
- Core values exercise
- What’s a limiting belief
Know what you want out of life and create a budget to build a life
This is a crucial yet often missed step when thinking about budgeting
- What is a budget
- How do you clarify what you want without dousing your dreams
- How to do a vision board/collage
Seek resources/connection & keep tracking progress, adjusting as you gain more insight
- What to track
- The science behind tracking
- Resources & Connection
- How adjusting is useful
Understand that not all wealth vehicles will be applicable to you
- Lifecycle of financial plans
- How life has changed
- Wealth vehicles 101
- Which ones will apply to you?
Seek out your JOY and use joy as a GPS
- How your heart rules your mind
- Joy is key
- How to navigate using joy without feeling like you are being reckless
practice gratitude, accept the flow of money
- How to practice gratitude
- Flow of Money
Building a life mentality – repeat steps 1 through 6 – complacency is not your friend
Building consistency in your life as well as the power of repetition contribute to designing and maintaining a prosperous life.
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