Rubina Hossain, CFP®
Client Advisor
August 8, 2023

You may have heard the term Financial Wellness tossed around on the web over the past few years—especially since the onset of the pandemic. I have always believed in this concept and am happy to hear it has gained a lot of traction—if one doesn’t feel financially well it can lead to all sorts of stresses and impact one’s mental health. This can happen to people both with little means as well as folks with an abundance of wealth (yes, even people with a lot of wealth stress about if they will run out of money).

First, let me provide a definition of Financial Wellness (just so we are on the same page!) and then I’ll offer some suggestions for what you may do to create a sense of mental peace around finances.  

Financial Wellness refers to a state of financial well-being where you can have a sense of security—as well as control—over your current and future financial situation. It involves managing financial resources effectively, having a solid understanding of personal finances, and—importantly—making informed decisions that align with your goals and values.

I have seen, first-hand, people with both little means and an abundance of wealth experience stress about money. This is where I believe that gaining an education and knowledge about one’s finances can play a critical role in helping to relieve financial stress. Having financial wellness is like having health insurance—it’s critical to ensuring piece-of-mind in your daily life.

Here are a few ways to promote Financial Wellness:

Open Communication
Encourage open conversations about money and mental health to reduce the stigma surrounding these topics.

Budgeting and Financial Planning
Develop a comprehensive budget and financial plan to gain control over your finances. Set clear goals, track expenses, and create a realistic spending plan to help alleviate financial stress and provide a sense of direction.

Build an Emergency Fund
Establish an emergency fund that can serve as a financial safety net during unforeseen circumstances. A buffer of savings can reduce anxiety and provide peace-of-mind, knowing that you have a financial cushion in times of need. At Meira Wealth we often refer to this as your “sleep-at-night money.”

Debt Management
Addressing debt is crucial for both financial and mental well-being.

Seek Professional Guidance (this is not self-promotion!)
Consult with a financial planner or Certified Financial PlannerTM who can provide valuable insights and strategies tailored to your unique financial situation.

Self-Care and Stress Management
Prioritize self-care practices that support mental well-being, such as exercise, mindfulness (I personally love doing breathing exercises), and maintaining healthy relationships.

Education and Skill-Building
Invest in financial literacy by continuously learning about personal finance, investment strategies, and budgeting techniques.

Seek Professional Counseling Support
If you find that financial stress is significantly impacting your mental health, do not hesitate to seek professional support from a therapist or counselor.

We encourage you to do your own research around financial wellness. If you’d like to take a deeper dive, we are always happy to share additional resources on the above topics as well.

By implementing practical strategies, seeking professional guidance when needed, and prioritizing self-care, we can all navigate financial challenges with resilience and nurture a positive relationship between our finances and mental well-being. Remember, taking care of your mind and your money is a transformative investment in your overall well-being.

Clint McCalla, CFP®
Senior Client Advisor
January 16, 2024
Important Tax Updates for 2024
As tax season gets underway, please take a moment to review the included tax resource from the MEIRA Wealth team which reflects important updates for the 2024 tax year.
Linda Lubitz Boone, CFP®
October 18, 2023
Do You Know Someone Who is Living With Dementia?
Do you know someone who is living with Dementia? Or, do you think one day you may be a caregiver for someone who has Dementia—perhaps a parent, sibling or close friend? Or, do you believe your children may need to be a caregiver for you one day? We've created our Dementia and Caregiver Educational Series to help provide you with tools you'll need to face these challenges.
Linda Lubitz Boone, CFP®
September 5, 2023
Estate Planning From the Heart
I believe that life is about living well and dying well. Have you heard about the Conversation Project? I hadn’t until just recently when one of my favorite newspaper columnists, Ellen Goodman, resurfaced in a Google search about end-of-life issues. Many of you—in my age range—may be very familiar with Ellen, a Boston Globe and Pulitzer Prize winner whose columns chronicled social change and its impact on American life.
View all insights
We're committed partners, working alongside our clients to illuminate possibilities, create a financial roadmap, and help them pursue a quality life, reimagined.
Let's talk

Reimagining life's defining financial moments.  Together.®

LinkedIn Social Share Icon
(305) 670-4448
LinkedIn Social Share Icon