Financial wellness is one of the most vital parts of the seven components of overall
wellness as shown in the wheel chart above. It is said that Financial wellness is important
for all because it can help lower your stress levels. Stress related to money can affect
every aspect of your life. Do you agree with the statement? Why, why not? Pen down
your views in about 150-200 words in the form of diary entry.
Answers
Answer:
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Financial wellness Diary entry
23 July 2021
Friday
22:00 p.m.
Dear diary,
Financial wellness refers to a person's overall financial health and the absence of money-related stress. It's the result of successful expense management. Financial wellness is an important part of overall employee wellbeing which consists of physical, mental, and financial wellness.
Finances are a source of stress and anxiety for students. Finances are important because they give us the information and skills we need to manage our money effectively. With such a busy schedule and so much to manage, you’ll be less stressed if you find a few ways to improve your financial wellness each week. Developing a solid financial plan is a big step in achieving your goals.
Reducing spending is an important issue when it comes to financial literacy. Take advantage of free events and student discounts while you’re in college. The less you spend, the more money you’ll have later.
Financial literacy is important because it equips us with the knowledge and skills we need to manage money effectively. Without it, our financial decisions and the actions we take—or don't take—lack a solid foundation for success.
Habits that Build Financial Well-Being:-
- Spend less than you earn. Bolster your savings and reduce your expenses.
- Save for future spending. Get yourself into a habit of saving.
- Only borrow what you can afford.
- Grow your money.
- Boost your earning capacity.
- Protect what you have.
This is what all I had in my mind today about financial well being.
Good night diary.