Upping Your Wellness Game by Including Financial Wellness

By Marc C. Shaffer

Americans take wellness pretty seriously.

We’re tracking our steps, sleep and health patterns on wearable devices to make sure we stay on track daily. We’re getting our social fix in healthy ways such as group fitness classes, fun runs and endurance obstacle course events. We’re getting organic ingredients delivered to our homes to make meals as a family and taking customized mixes of health supplements. We’re even planning our vacations around a mix of relaxation and athletic opportunities. According to a 2018 MyProtein study, we’re spending more on fitness over a lifetime than we pay for college tuition.

I’m all about wellness. I do almost every one of those things I listed above and so do my friends. But, I’ve noticed a glaring absence of a wellness practice that could make a huge impact on our lives: a focus on financial wellness.

We know that financial issues can cause stress. How about practicing yoga AND reducing debt to take the stress off?

We know that financial issues can cause tension in relationships. How about seeking help from couple’s therapy AND developing a monthly budget to get your finances on track?

Do you need help with your financial wellness? We look to coaches, trainers, gurus and chefs to get our wellness fix, because we understand that their expertise can help guide us to the life or results we want. But many Americans may not realize they can afford access to someone to help coach them on the financial side.

According to the same study mentioned above, American adults spend an average of $155 per month on health and fitness, which comes to an average of $112,000 over a lifetime. These numbers make it clear that there are funds available to spend on financial wellness, so why aren’t we incorporating financial wellness into our overall routine? Are you looking for an easier way?

Did you know some companies even offer a subscription service for financial planning that costs less than the monthly average people are already spending on wellness?

Physical and financial care combined play to each other’s strengths and can work together to increase your overall wellness. When the weight of financial stress is lifted, you may find yourself with more energy and strength to take of your physical needs. When you’re able to take care of your body, you have the potential for reducing health care costs, which 17% of Americans say is the top financial problem facing their family according to the “Cost of Healthcare Is Americans’ Top Financial Concerns” report from Gallup.

The 2017 Survey Results Report “Workplace Wellness Trends” found that more than three in five organizations have budgets devoted to wellness. Talk with your employers about your benefits in the area of wellness, and if those discussions don’t include financial wellness, talk with your human resource department to make sure you’re taking advantage of any financial benefits, like an employer sponsored retirement fund or even reduced financial or legal fees.

Remember that wellness might mean taking care of areas of your life that aren’t always front of mind. Start incorporating financial wellness today for a holistic approach to your overall wellness plan and know you’re working to make each area of your life better.

Originally published in the Kansas City Star. 

Please remember that different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product made reference to directly or indirectly in this content, will be profitable, equal any corresponding indicated historical performance level(s), or be suitable for you or your portfolio. Due to various factors, including changing market conditions, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this newsletter (article) serves as the receipt of, or as a substitute for, personalized investment advice from Searcy Financial Services, Inc.

The content of this letter does not constitute a tax or legal opinion. Always consult with a competent professional service provider for advice on tax or legal matters specific to your situation. To the extent that a reader has any questions regarding the applicability of any specific issue discussed in this content, he/she is encouraged to consult with the professional advisor of his/her choosing.  

Published for the blog on October 31, 2018 by Searcy Financial Services, your Overland Park, Kansas Fee-Only Financial Planner and Investment Manager.