Financial wellness isn’t just about money. While the numbers in your bank account may be the most obvious bill of financial health, they don’t tell the full story. Your everyday confidence, impulse control, self-care strategies, and even physical activity all play a part in your holistic financial wellbeing. In our latest Wallet Wisdom podcast episode, Producer Brett spoke with LMCU Financial Wellness Coordinator (and former Teller) Tiarra and LMIA Administrative Assistant (and LMCU Wellness Champion) Stevie to better understand just how all these moving parts work together as building blocks for healthy money habits.
“Self-care is important. But if you're doing it in a way that is counteracting your financial goals, you're not really investing into yourself the proper way.”
We’ve all been there: you’re having a bad day, and things just seem to be getting worse. Maybe you’ve already got a lot on your plate, with appointments to attend, groceries to buy, or kids to pick up. And if that wasn’t enough, your car has started making strange noises, so you know an expensive repair is just around the corner. So, to make yourself feel a little better, you buy a pricy latte and pastry from your favorite café. While this “little treat” mentality is fine in moderation, habits like this tend to recur more often than we originally intend them to. From getting DoorDash instead of cooking to buying new clothes for every occasion, every small financial decision made for the sake of convenience can end up holding back your long-term savings goals.
If you notice that you’re falling back on habits like these, don’t feel too bad. Not only do we all do it, but shame isn’t an effective motivator, either. Instead, it can help to take a levelheaded look at your spending to determine what easy, achievable wins can help you fortify your self-control while also saving you money. Take a close look at your purchase history for the last month and identify where subtractions or substitutions can be made. Maybe you’re still subscribed to a streaming service you don’t use after forgetting to cancel a free trial — or maybe you can replace an exercise class or two with a free at-home workout. Small decisions can quickly add up to more money in your pocket and more confidence about resisting the temptation to spend as self-soothing in the future.
“I learned that I was paying for Netflix twice…it's those kinds of things that you don't realize.”
“Financial wellbeing is heavily connected to all other facets of well-being, whether that's physical, like the yoga sessions, or emotional, or spiritual.”
Beyond spending habits, the very way you carry yourself can have surprising effects on your financial wellness. When we’re stressed about money — or anything else — we tend to tense up and physically carry that stress in our body. We forget to breathe, move, and drink water, all of which makes us more prone to impulsive decision-making. It may sound silly, but setting regular reminders to ask yourself, “Am I breathing? Am I clenching? Am I dehydrated?” — especially before making a purchase — can go a long way toward giving you the bodily wellbeing it takes to address your financial wellbeing with clarity, comfort, and confidence.
In addition to comfort with ourselves, it can help to get more comfortable talking to your friends, family, and trusted community members about money, so you can get more actionable advice from people who you know are good at managing their finances. And while we believe it’s important to make conversations about money less taboo on a societal scale, it’s still often considered rude to outright ask people how they manage their money. That’s why it can help to propose a hypothetical, such as, “If I have, say, $100 and I have this mandatory set of bills and I have these wants, what would you recommend I do?” This is an easy way to ease into conversations that really get at the heart of everyday financial wellness. You can even have these conversations with your local LMCU Teller, as they’re approachable experts who would be happy to give you advice on how they’d approach the issue.
“I know when I was a teller, I enjoyed having those initial conversations and helping members walk out feeling even 2% better.”
While these tips may not be able to consolidate your debt for you or elevate your annual earnings, focusing on the way you think about money — and how stress about money can compound stress elsewhere in your life — is a crucial first step toward building a productive mental framework and achieving your lifelong financial dreams. Looking for more peace of mind? Visit our Financial Wellness Center to learn about how to wisely invest, pay your taxes, buy a house, and so much more!