SeaComm Federal Credit Union OFFICIAL BLOG

Ways to Improve Your Financial Health

Just like physical health, being financially fit is crucial to your wellbeing, your future and your quality of life. Here’s why being financially fit is so important and how you can overcome common barriers to achieving financial wellness. 

Your financial health is about more than just having enough money in your account to cover your expenses and put away something for tomorrow. Managing money responsibly will affect many aspects of your life:

Marriage. According to a recent study by AARP, financial problems are the second leading cause for marital issues in the country. In a study reviewing over 740 instances of marital conflict between 100 couples, money was found to be the most common topic couples argued about.  

Mental health. Money stress can severely affect your mental health, causing depression, restlessness, anxiety and more.  

Physical health. Stressing over finances can also directly affect your physical health, leading to recurring symptoms like headaches, fatigue, upset stomach, insomnia, high blood pressure and an increased risk of heart disease and stroke.

Work life. Concern over money issues can make it difficult to focus while at work, which can bring down productivity levels and hamper career growth. In addition, prospective employers tend to review the financial wellness of new hires as part of their background checks; high rates of debt and a poor credit score can cost an employee a new job. 

Parenting. Managing money irresponsibly can mean not having sufficient funds to pay for a child’s education, private lessons, medical needs and more. 

How to improve your financial health

Get educated. There is no shortage of financial literacy available, from financial blogs to personal finance books, podcasts, online classes and so much more. Click here to listen to SeaComm podcasts on money topics that interest you, and click here to access our newsletters for a full-suite of valuable information!

Pay all bills on time. If you can’t take aggressive steps toward paying down debt just yet, be sure to make the minimum payment on your bills each month. Utilize SeaComm’s free Online Bill Pay feature to make sure you never miss a payment!

Have the money talk with your partner. Whether you’ve only been sharing expenses for half a year or you’ve been married more than a decade, it’s important to be on the same financial page as your partner. Talk openly and honestly, being careful not to be judgmental in any way, and discuss your individual and shared long-term and short-term money goals. Then come up with a plan for how you intend to reach them together. 

Create a budget. Giving every dollar a destination makes it easier to spend mindfully and cut down on unnecessary expenses. To help you manage your money, SeaComm offers a free, online financial management service! This complimentary feature helps you budget and track your expenses, and can be accessed through SeaComm’s online banking platform, NetTeller™Click here to get started. 

Start saving. There is no such thing as a sum of money that is too small to put into savings. Every dollar counts, and once you get started, you will be motivated to save even more. Click here to discover a variety of savings options available to you at SeaComm!

Instead of spending time stressing over your financial woes, be proactive. SeaComm’s partnership with GreenPath Financial Wellness can help you reach a brighter financial future. GreenPath provides SeaComm members with access to free one-on-one financial counseling, student loan counseling, debt management services and more. To learn more about how SeaComm’s partnership with GreenPath can help you, click here or call (800) 550-1961.

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