Money plays a critical role in our lives and not having enough of it impacts health. Learning how to successfully manage finances, is critical for a number of reasons. Here are some of them.
Financial Wellness Reduces Stress
Not knowing if you're going to have enough money for your bills is stressful. In fact, almost one out of every four Americans suffers symptoms similar to PTSD due to their finances, and that number increases to over one out of every three for Millennials, according to Forbes. Stress, anxiety and fear take a tremendous toll on your overall health.
Financial Wellness Boosts Productivity
Whether at work or at home, when people know that their finances are under control, they are far more productive. Financial stresses are distracting, and when that distraction is removed, people are able to get more done. In the workplace, studies have shown that employees spend up to 20 hours of work time a month working on their own personal financial problems. For this reason, many employers are investing in financial wellness programs for their employees.
Financial Wellness Means Being Prepared for Emergencies
Most Americans wouldn't be able to deal with a financial emergency without borrowing money. Having just $1,000 in the bank means you have the financial strength to take care of emergencies. Should your air conditioner or washing machine break, you have the funds to deal with the problem. Then, saving three to five months of income in a separate account to cover periods of unemployment or extensive financial emergencies will reduce stress.
If you struggle with finances, now is the time to take control and focus on your financial wellness.
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The Volunteer Income Tax Assistance (VITA) program offers free tax help to people who make $55,000 or less who need assistance in preparing their tax returns. IRS certified volunteers provide free basic income tax return preparation with electronic filing of Federal and State returns. (more info)