The Importance of Financial Wellbeing
Financial wellbeing plays a significant role in our health and happiness. It impacts our mental health, work productivity, engagement, and overall wellbeing. When our financial wellbeing is affected by events, like the recent COVID-19 outbreak or the upcoming holiday season, we can experience high levels of stress. Prolonged exposure to high stress can be associated with mental health concerns such as depression and anxiety.
Financial Wellbeing Tips
Here are some useful tips to implement in your daily life to help with your financial wellbeing.
- Establish financial goals: Setting goals will help you refrain from spending money on unnecessary items.
- Have a budget: Budgets will provide guidelines and help you better understand where you are spending money.
- Shop with a list: Helps provide guidance and limits impulsive purchasing.
- Understand your personal triggers: What are the emotional triggers that are causing you to spend money? Think about adopting alternative coping mechanisms that will take you away from the trigger.
Resources to assist you with your financial wellbeing
- *EFAP Financial Support resources: Receive consultations from financial experts who can advise on the following financial matters: Credit/debt management, budgeting, bankruptcy, financial aspects of separation/divorce, insurance, income tax planning, and retirement planning. Explore⇒
- 7 Step Budgeting Workbook: There are various kinds of budgeting worksheets for financial planning. Here is an example of one to consider. Explore⇒
- Debt Reduction Webinar: The Municipal Wellness Program hosted a Financial Health webinar. To gain access to the presentation and webinar recording please email Rebecca Kolstee, Manager of Wellness and Professional Development Programs.
*EFAP resources: These resources are only available to those municipalities that are members of the NSFM Health & Benefits