Previous | Buying a car: Used, new, or leased? Next | Tips for using peer-to-peer payment apps
January 09, 2024 / Meghan Heebner
What is financial wellness, and how do I achieve it?

What is financial wellness, and how do I achieve it?

You likely have heard people talk about financial wellness, but you don’t really know what it is or have any idea of how to achieve it. In short, financial wellness is a relative measure of how well a person manages their financial life. Practicing better money habits, setting goals, and taking steps to achieve them help to improve your financial wellness and your overall quality of life.

There are plenty of different ways to think about financial wellness, but let’s focus on four categories: short-term finances, long-term finances, present financial freedom, and future financial freedom.

Managing short-term finances

This involves making a budget, sticking to it, and working to gradually increase your income. Speaking with a financial professional is a great way to get your short-term finances on the right track.

Managing long-term financesGraphic of a doctor using a stethoscope on a dollar sign.

Part of managing your short-term finances is ensuring that you make room to save and invest for long-term goals. Improving your financial wellness today helps get you on track for goals like buying a home and building a nest egg for retirement. Meet with someone you trust – a financial advisor, a spouse, or a child – and honestly review your assets and liabilities as part of the process of managing your long-term finances.

Improving present financial freedom

The goal of gaining control over short-term finances is to give yourself present financial freedom. Again, this can be accomplished with financial literacy, but the wellness aspect means you need to feel like your finances are under your control as well.

Achieving future financial freedom

This means you are following through on plans to accomplish your long-term financial goals. Retirement planning is a key part of achieving future financial freedom.

There are many paths for achieving financial wellness. You might choose to speak with a financial advisor, find answers in books and articles, or seek additional outside help. Regardless of how it is achieved, financial wellness almost inevitably requires looking at the present with a view toward the future.

Meghan Heebner is a Retail Services Market Manager for F&M Trust.

Recent Articles
Tips for using peer-to-peer payment apps
Tips for using peer-to-peer payment apps

Tips for using peer-to-peer payment apps

February 21, 2024 / Matt Sheibley

Consider these things when filing your tax return
Consider these things when filing your tax return

Consider these things when filing your tax return

February 14, 2024 / Alyssa Proctor

Quishing attacks use QR codes to lure victims
Quishing attacks use QR codes to lure victims

Quishing attacks use QR codes to lure victims

February 08, 2024 / Ray Wills

2024 Annual Big Game Predictor
2024 Annual Big Game Predictor

2024 Annual Big Game Predictor

February 04, 2024 / Warren Hurt

How to manage your checking account
How to manage your checking account

How to manage your checking account

January 18, 2024 / Mary Kate Mumper

Just Married: Individual or joint accounts?
Just Married: Individual or joint accounts?

Just Married: Individual or joint accounts?

January 16, 2024 / Laura Lowry

Buying a car: Used, new, or leased?
Buying a car: Used, new, or leased?

Buying a car: Used, new, or leased?

January 02, 2024 / Lisa Hogue

Finding funds in an emergency
Finding funds in an emergency

Finding funds in an emergency

December 19, 2023 / Anne Bednar

Is a bridge loan right for me?
Is a bridge loan right for me?

Is a bridge loan right for me?

December 12, 2023 / Alicia Beecher

Join our e-newsletter

Sign up for our e-newsletter to get new content each month.

NOTICE: YOU ARE LEAVING F&M TRUST!

You are now leaving the F&M Trust website. Links to third-party sites are provided for your convenience. Such sites are not within our control and may not follow the same privacy, security or accessibility standards as ours. F&M Trust neither endorses nor guarantees offerings of the third-party providers, nor is F&M Trust responsible for the security, content or availability of third-party sites, their partners or advertisers.