Financial Wellness

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My name is Phelisa Mafunda, a professional Financial Wellness Coach with over 10 years of Banking experience. I have decided to start this blog to empower you on how to mindfully manage your personal finances, help reduce stress and improve your financial confidence. This post is all about Financial Wellness.

What is Financial Wellness?

In the most simplest terms Financial Wellness is an overall health of ones personal finances. This includes both physical and emotional sides of finances. In most cases we often think that people who have physical cash are financially well which is not always the the case. To be financially well one needs to find balance between the actual money management and the emotions involved when it comes to money which in most cases the emotions are stress and anxiety.

The most interesting part about these emotions is that one can feel them whether they have the money or not. This clearly shows that financial wellness has nothing to do with how much money a person has, but everything to do with how they feel about their financial state.

Why Is Financial Wellness Important?

We can not deny the fact that finances play a huge role in our overall lives. It is therefore very important that we find balance with our money so as to ensure the smooth running of our lives. When a person has financial challenges they are usually grumpy, stressed and anxious. The effect of these can have unhealthy consequences both at home and at work.

When stress levels are high a person losses productivity at work which can lead in some companies to a loss of a job. Kids get negatively affected at home because of the mood swings, emotional blackmail from the parents and sometimes physical fights between parents. This can have both short and long term negative effects on your child’s future.

Short term : a child could be living in fear , low performance in their grades and even lose confidence in themselves and parents.

Long term: Traumatic experiences that could lead to emotional wounds that may end up causing permanent scars in their financial journey. I wrote a book titled “Healing the wounds of debt” you can check it out HERE speaking more about these wounds. It is therefore important for one to look after their financial well being for the sake of their benefit and of their loved ones.

How To Improve Your Financial Wellness?

As I have mentioned earlier, financial wellness is about finding balance in both physically managing your personal finances and managing your emotions when dealing with your money. Physically managing your personal finances means planning, taking action and accounting.

  • Planning: involves writing down your income and expenses in detail, know how much needs to go where, be honest and realistic.
  • Taking action: execute your plan, do what needs to be done, pay the accounts that need to be paid and follow your plan.
  • Accounting: This is one step that is usually ignored, going back to your plan and see if you have done what you had planned to do.
  • Manage emotions by paying attention to the things that give you anxiety and give you stress. There are healing techniques like Meditation, Emotional Freedom Techniques, Breathing techniques and Journaling that one can use to manage anxiety and stress in order for them to be in a balanced state.

What Are The Benefits Of Financial Wellness?

  • Lower stress levels improving your overall health.
  • A peaceful home giving you an opportunity to nurture your kids and help them build a better future.
  • Productivity at work, increasing the chances of you getting promotion and expanding.
  • The ability to make better financial decisions that are not cluttered by the stress, anxiety and desperation.

Thank you so much for reading my very first blog post, please stay tuned for more. If you are ready to take your first step towards your financial wellness, feel free to contact me for private sessions at +27 74 931 1000.

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