Financial Health

By: Adriana Bustamante

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And not only in the field of medicine. On the economic front, enjoying good financial health is essential to avoid major ills and, if necessary, to be able to face unforeseen events. As the saying goes: Prevention is better than cure.

WHAT IS Financial Health?

In a simple way we could say that it is the balance between what we earn and what we spend, although things can be a bit more complex and we must consider issues such as: Savings, debt, net worth, among others.

Usually , our financial health is poor if we save little and borrow inefficiently, for example with the use of credit instruments, such as cards, which have a high financial cost or when controls are not kept and more money is spent than money what we earn.

Financial education is important to do a good management of our money, because one of the dreams most desired by most people is to have healthy finances and it is within our reach, making small changes in habits. Money does NOT bring happiness, but living without debt and without distress, having the capacity to save and being able to dedicate ourselves to what we like is a good start ”.

Can we measure our FINANCIAL HEALTH?

There are a series of points that we can observe to determine the state of our financial health.

  1. We spend less than we earn: It seems obvious, but it is one of the fundamental keys to enhancing that economic well-being: achieving that at the end of each month part of that initial income is maintained.
  2. Emergency fund: In addition to being consistent with the rhythm of life that we can lead, the ability to save is a skill that can be perfected and that will allow us to have a fund in case of emergency.

3 .Debts, bills and credit card: We should be able to pay off our debts and bills on time, without having to ask for a credit or use the card to pay in installments.

  1. Insurance for an uncertain future: The foresight capacity indicates our good financial health. In response, we will have insurances that cover unexpected situations.
  2. BUDGET: People with financial education have a budget and know how to invest their money in the future.

How does FINANCIAL HEALTH impact on physical and mental health?

The top three sources of stress are personal finances, a heavy workload, and personal health. These factors combined “can lead to a breakdown in physical well-being.” Financial problems contribute to disorders such as increased blood pressure, sleep problems, depression, or obesity.

Adriana Bustamante

Lawyer with over 25 years experience.  Specialist in Management and International Cooperation. Expert in personal money management

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