According to Forbes magazine contributor John F. Wasik
Financial wellness, put simply, is the ability to have a healthy financial life. It means your debts are payable and you have ample emergency, college and retirement funds. You’re well prepared to handle any financial crisis.
In short, financial wellness is also about feeling good about your financial health now and in the future.
According to the consumer Financial protection bureau, Financial well-being is defined as having financial security and financial freedom of choice, in the present and in the future.
It is important to consider your finances when it comes to your fitness and wellness program. Financial wellness allows you freedom in your daily fitness and wellness choices.
In order to manage your fitness and wellness program successfully with your finances, you must consider the cost of each and every activity, product or service you are interested in.
You do not want to make a mistake purchasing ineffective products or get fit quick schemes. One major and common mistake made in connecting your fitness and wellness program with your finances is budgeting.
Most people forget to take into account the amount of time needed to complete a fitness and wellness program and how that translates into a monthly expense.
Most online fitness and wellness apps are monthly subscriptions that could cost anything $0 to $100 per month. Add to that a meal prep service fee, fitness classes or services and your monthly fitness and wellness budget could be hundreds of dollars.
If you do not plan accordingly you could run out of money and be forced to quit parts or all of the program plan that you have designed.
Don’t get trapped into spending more than you need to.These mistakes will prevent you from getting results and ultimately delay your achieving your goals.