Way to go! Just thinking about financial health is actually the most basic step. You deserve a stretch! Try this awesome 5 minute sitting stretch with Brett Larkin on Akimboo.com to feel good now!
by Carolyn
Some of my worst spending habits, ironically, come out of my fears of not having enough money.
Many times I’ve made a run for retail therapy after listening to television financial advisors tell me I’m not saving enough. She might be right, but all I want to do is flog myself for being 48 and not having the prescribed amount of savings.
Like eating and exercising habits, I know I can practice spending habits that foster fiscal well-being. Like sticking to a regular exercise plan, over time, I’ve become stronger and more flexible. The same can be true for financial health.
Searching for ways to be a strong woman, a mom, and a feminist in all ways, including financially, I’ve found Ellevest, an investment platform created by women, for women. I’m excited to be partnering with Ellevest to start a conversation about women and money.
What is Financial Health? Financial health includes many dimensions including how you save, spend, and earn. Fundamental strategies for financial health look like this:
photos by Parker Deen
Reaching Financial Health - Basic Steps
Save More - Simple to say, but harder to do.
- Save automatically. Take thinking and emotions out of the mix by automatically saving 10% of every paycheck.
- Start by building up your emergency fund in your savings account
Invest in your future - If you’ve already got an emergency savings account built up, it’s time to make your money work for you.
- If you are squirreling your savings into a coffee can, it's time to research investing. Over the long run, investments grow your money, unlike in a savings account or coffee can. Know your risk tolerance and research to invest in ways that match your values.
- If you’re not sure where to begin investing, you may consider creating a free investment plan with Ellevest.
Ellevest Co-founder Sallie Krawcheck explains, “If you’re thinking about retirement at all, you’re not imaging a rocking chair on a front porch. Chalk it up to our longer lifespans than guys’, healthier lifestyles than ever, and our collective feminist strides - we plan to continue ruling the world even when the official ‘work’ days are over.”
Spend Less - Learn how to avoid spending triggers!
- Make your own food. For most of us, spending on food is the easiest expense to cut. Plus, you’ll eat better when you make your own.
- Track your spending triggers.
- Know what makes you binge on spending. Avoid those things.
Generate More Money - Become a valuable resource.
- Learn a new skill, volunteer to help a colleague, take a course.
- Know what you’re worth. Research what others in your field are earning. Make sure you’re on par.
- Freelance and grow your business skills. That’s right, be entrepreneurial. You’ll learn a lot about communication, and self-promotion.
Akimboo is pleased to join with Ellevest to promote financial wellbeing and personal economic strength.
Photos of healthy women by Parker Deen