What is Financial Wellness?
According to HRPost.com, “financial wellness is holistic and defined by health, not wealth. It is important to remember that the goal of financial wellness programs is to improve the overall financial health of an employee.”
Being financial well actually helps with your physical and mental wellbeing, as financial burdens and debt can be detrimental to managing stresses both in and outside of work.
HR Post has listed the following components on how to be financially healthy.
Understand what you’re spending. It is a rule of thumb that an individual must spend less than they earn so they are able to set aside money to reach their financial goals.
Planning for emergencies is a key component of financial wellness. Personal finance experts across the country recommend 3-5 months of income saved in a separate account for financial emergencies.
Guidance is the most important component of financial wellness. With so many products and services in the marketplace designed to separate an individual from their money, we all need an independent and trustworthy source of information to guide us toward the right decisions.Here at UC San Diego, you can check out the Financial Planning page on Blink, which you can access here. For helpful Financial tools, check out their page on Blink and start the process of being financially healthy.
You as an HR professional provide your employees with great benefits programs.
To be financially well individuals must understand their benefits and be able to maximize the benefit they receive from the packages they are offered.UC San Diego staff employees can contact their Benefits Representatives to know their benefits as UC San Diego staff.
Knowing what to invest in and what to avoid has become a multi-billion dollar industry; however, it can be difficult to know whom to trust. To be successful, an individual must understand how to invest their money.
What are your tips and tricks of being financially healthy? Let us know in the comments below!