Kasheesh Finance Academy: Financial Wellness

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The value of personal items that one owns, including savings, investments, and property. One of three factors in credit scoring
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“Financial wellness” is one of those phrases that means different things to different people, so let’s start with our definition. At Kasheesh, we believe financial wellness is the ability to:

  1. Spend your money wisely
  2. Manage your credit and debt
  3. Build both short- and long-term savings
  4. Plan for both known and unexpected costs that may arise

There’s no one-size-fits-all approach to financial wellness, and your definition could look different from ours. Overall, if you have a solid handle on the four aspects we mentioned above, you’re likely on the right track. 

Get to know the 4 areas of financial wellness

If you’re not on the right track just yet, that’s okay — we have your back. Here are four areas of your life that you can think about to see how financially healthy you are. 

Area #1: Spending

Keeping track of what you earn and spend every month is a valuable and healthy habit. If what you spend is less than what you make, you’re in good shape. If it’s not, it’s never too late to adjust. You can cut down on spending in small ways, such as canceling subscriptions you don’t use or scaling back on small purchases that add up quickly (like takeout for dinner every night). 

Area #2: Saving

Unfortunately, financial emergencies are bound to happen. That’s what savings are for. When you build your savings, you’re basically building yourself a financial safety net. If you review your spending and find you have some extra money every month, try putting it in a savings account so it can earn interest and continue to grow — no extra effort necessary. 

Area #3: Debt

Using credit cards or taking out a loan to pay for your car isn’t a bad idea — as long as you do it strategically. Borrowing can get you a ton of cash upfront and boost your credit score, but it can also bury you in debt if you don’t pay it back carefully and on time. Make sure you spend with your credit cards responsibly, and never borrow more than you can realistically pay back. 

Area #4: Goals

Do you have any short-term or long-term goals? Maybe it’s getting married, buying a house, or retiring years from now. Whatever you’re imagining, keeping that in mind and understanding what it may cost will be massively helpful in setting financial goals for yourself.

Financial wellness affects your physical wellness. Here are 4 ways to take care of both! 

Sure, financial wellness is mainly about the health of your wallet, bank account, and credit score, but it’s also about something even more important: your physical health. A 2019 study found that 77% of survey takers felt anxious about their finances. Over half of them felt that financial anxiety controlled their lives. Whether you’re a part of that 77% or not, here are four things you can do to cut down on that stress and start investing in your financial wellness: 

Step #1: Set a budget

Here are some questions to start with: How much money do you make every month? How much do you spend every month, and what exactly are you spending money on? Can you cut back your spending anywhere to free up money to save or invest? Do you think carefully about every purchase before you make it? 

Step #2: Track your credit score

A good credit score opens up so many opportunities for financial growth — from credit cards with better options for cashback to opportunities to get approved to buy a house. Keeping tabs on your credit score and how to improve it will definitely pay off in both the short and long term. 

Step #3: Start saving

If you aren’t in the habit of saving money every month, now is a great time to start! Try opening a high-yield savings account — the high interest rate will make you more money over time. Also, use a budgeting tool to set aside savings for different things: emergencies, traveling, and so on. 

Step #4: Learn about investing

Have you heard the saying, “Make your money work for you”? Investing is one of the best ways to do so. Try speaking to a financial planner (or even a trusted friend or family member with more investing experience) to learn how you can start investing your extra money. 

Ultimately, financial wellness looks different for everyone. But, regardless of your specific situation, investing in your financial health will wholly benefit your quality of life. 

For even more tips on financial wellness, check out Kasheesh’s 100% free Finance Academy

Let's see how much your budget
needs Kasheesh
Take a quiz
Term
Capital
Visit Glossary
Meaning
The value of personal items that one owns, including savings, investments, and property. One of three factors in credit scoring
Visit Glossary
You’re not using Kasheesh yet?
Join the Waitlist
No items found.
Let's see how much your budget
needs Kasheesh
Take a quiz
Term
Capital
Visit Glossary
Meaning
The value of personal items that one owns, including savings, investments, and property. One of three factors in credit scoring
Visit Glossary
You’re not using Kasheesh yet?
Join the Waitlist
No items found.
Let's see how much your budget
needs Kasheesh
Take a quiz
Term
Capital
Visit Glossary
Meaning
The value of personal items that one owns, including savings, investments, and property. One of three factors in credit scoring
Visit Glossary
You’re not using Kasheesh yet?
Join the Waitlist
No items found.
Let's see how much your budget
needs Kasheesh
Take a quiz
Term
Capital
Visit Glossary
Meaning
The value of personal items that one owns, including savings, investments, and property. One of three factors in credit scoring
Visit Glossary
You’re not using Kasheesh yet?
Join the Waitlist
No items found.
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