The word “mindfulness” is self-explanatory and vague at the same time; of course, it involves the mind, but how exactly does someone practice mindfulness? Though a specific definition or illustration is hard to pin down, mindfulness, at its core, is simply the practice of being aware of your thoughts, emotions, or experiences in the present moment. Mindfulness can have a positive effect on almost all areas of your life including your finances. By implementing mindfulness into your daily life, you can beat bad financial habits and get closer to your money goals.
For working people, retirement is the final stretch, the milestone that signifies a time to relax and reap the benefits of decades of hard work. Though retirement is indeed a time to relax, having a successful retirement takes planning and dedication both before and during your golden years. In order to stay healthy as you age and make the most out of your retirement, it’s important to prioritize your mental and physical health. Here are some ways to keep your mind and body sharp and active.
We all know that living an unhealthy lifestyle— eating junk food, smoking cigarettes, or being sedentary—can have major physical consequences. However, an unhealthy lifestyle can also have financial ramifications. Even though some people associate being healthy with expensive gym memberships or organic produce, a healthy lifestyle doesn’t have to mean an empty wallet. In fact, realigning your diet and exercise can pay off in the short and long term.
“Wellness” has been a major buzzword recently. With the new wellness trend, you mostly hear about fit teas and meditation apps— not retirement plans and savings accounts. However, financial wellness is a growing concept, and many businesses are implementing financial wellness plans for their employees. The Consumer Financial Protection Bureau defines financial wellness as “having control over day-to-day finances, being able to absorb a financial shock, being on track toward financial goals, and having the freedom to make choices to help you enjoy life.” Financial wellness can affect other areas of life beyond your bank account. It’s intertwined with wellness of the mind and body; addressing your wealth can have a positive effect on your health.
Student loan debt is the second highest consumer debt category behind only mortgage debt; it even surpasses credit card debt and auto loans. Student loans have become pervasive throughout the degree-holding population, but they don’t have to be overwhelming or life-changing. By minimizing loan amounts and choosing the right repayment plan, both parents and graduates can effectively deal with their debt.