There are many different form of wellness and varying definitions on
these forms. Our group chose to highlight financial wellness. We needed to be
aware of our own personal financial wellness and to set goals for improvement.
Financial wellness can be defined as being aware of one’s financial assets and
being in control of the intake and outflow of capital resources. To be
financially well, one must have a steady source of income and be able to
regulate how much is spent in order to ensure that extraneous debts are not
acquired. However, in life, debt is almost always an inevitable reality so an
individual must be able to make a plan to control and repay this debt in a
timely and efficient manner.
My personal goals during the five days I was monitoring my financial
wellness were similar to the definition of financial wellness mentioned above.
This year, I got a flexible, well paying job in which I work around 5-8 hours a
week, although occasionally it can be upwards of 15 hours. I made sure I was
making at least twice as much as I was spending, and I was successful in this
endeavor. However, I was still surprised at the amount of money I spend in my
daily life. Looking past the five day period, I saw that I had made a total of
approximately 870$ since the beginning of my job, which was the end of
September, through to late November. This struck me a being a very decent
amount of money, however I was shocked when checking my bank balance to see
that I had spend upwards of three hundred and fifty dollars in that same period
without much to show for it.
Seeing how much money I actually spent was a real eye opener for me.
Consequently I made a goal for myself to keep receipts for things and keep a
track of my expenditures. I pay half my car insurance and my cell phone bill
which together amounts to around 80$ a month. Other expenses of extra food,
clothes, and personal amenities accounted for this money spent, however it was
still a shock. The second half of keeping a track of expenses is to control
expenses, and cut extraneous or unnecessary spending. To deal with this, I
looked at my wants, my needs, and what was really worth it. Although I don’t
need a cell phone or the ability to drive, they are luxuries that I do not want
to do without. To keep costs low however, I do try to bike when I can to save
on gas money. For example, driving across town to work really only takes a
minute less time than biking—and often longer than biking during rush hour. Unless
it is colder than -5*C, I try to ride my bike. Driving across town and back is
extremely inefficient due to all the stopping and starting and leaves a
noticeable dent in the fuel level indicator. Another way I have been saving
money has been by being less lethargic in the mornings, thus giving myself time
to make a lunch. Previously, I have been so slow at getting up, that I end up
just giving to go buy myself a lunch because I simply do not have time to make
one. Waking up an extra 10 minutes early has put an end to this problem.
Throughout this assignment, I was acutely aware of the personal
psychological impact financial wellness can have on a person. My realization at
the amount of money I was spending made me feel stressed out and desperate.
However, when I planned out my finances, the stress became much more manageable
and I realized that in the long run, the money I was concerned bout was fairly
inconsequential and would be recovered in a short period of time.
By the end of the five days, I can’t say that I felt better about my
financial wellness. The realities of how much I spend put a damper on my
happiness over planning and setting goals. However, I have a clear plan for the
future and I appreciate the need for saving so I am confident that I will be in
a very good financial shape during and after university. I plan to, no matter
what deposit 100$ a month into a medium risk mutual funds account when I turn
18. I will continue putting money in this forever and it should eventually rack
up a significant sum of money. Overall, these past few days have led me to be
more aware of my state of financial wellness and I will be better off for it
now, and in the future.
No comments:
Post a Comment