Financial Wellness

Financial well-being: more than just money in the bank

How building confidence and community can help you reach your financial goals.

3 minutes

What is financial well-being? When most of us think of personal finances, we tend to focus on how much money we can save or invest. And while that’s important, we believe true financial well-being goes beyond having money in the bank. In this article we’ll explain what we mean by that, and how having a support system can help you achieve a higher level of financial security and happiness.

Defining financial well-being

We’re going to embrace our inner yogi and tell you that financial wellness truly is a journey, not just a destination. It’s all about finding balance, stability, and peace of mind with your finances, and knowing how to adjust when things change. 

Here’s how we see financial well-being:

  • Having control over your finances: This means feeling confident about your money decisions and managing your finances to meet your goals.
  • Ability to handle financial emergencies: It's important to have a safety net, like an emergency fund, to cover unexpected expenses.
  • Setting and achieving goals: This involves working towards long-term objectives—such as paying off debt or saving for a house—and recognizing your progress.

Why focus on financial wellness instead of financial standing?

Let’s take a step back and think about your finances. Ask yourself:

  • How prepared do you feel for an emergency?
  • How does talking about money make you feel?
  • Do you follow a budget?

If asking these questions was a little uncomfortable, you’re not alone. 57% of working Americans say finances are their top cause of stress. Sometimes, it’s due to things we can’t control, like the economy or job security. But by shifting your focus to overall financial wellness, you can feel more in control of your journey.

Improving your financial wellness can lead to a more secure and happier life. The end goal might seem far away, but the great news is, you don’t have to go it alone. By tapping into the power of community, you can start working towards financial well-being today.

Building your support system

A support system can look like a lot of different things. Maybe it’s an online community where you can get and give advice anonymously. Or maybe it’s confiding in a trusted peer who can offer insights different from your own. It could also be taking advantage of financial benefits offered by your employer (more on this in a bit).

Here’s why being part of a community can make a big difference:

  • Social safety nets: Your network can give you support during tough times, whether it’s advice, a bit of financial help, or simply a listening ear.
  • Accountability and encouragement: Discussing financial goals with others can give you actionable insights and keep you motivated.
  • Overcoming fear: Financial stress is tough, but having a supportive community can make it easier to handle and encourage you to keep making smart financial choices.

Your next steps

Feeling ready to start on the path to financial wellness? Here are three concrete steps you can take today:

  • Start the conversation. Set up a time to talk to a trusted friend or family member about your finances. By having an informal, honest conversation, you’re likely to uncover some good insights, and it’ll make talking about your finances easier moving forward.
  • Set a goal. Short-term or long-term, it doesn’t matter. Being able to work towards a specific goal and keeping track of your progress will help you stay on track. Use our saving goal calculator as a quick way to get started.
  • Get a helping hand with Exhale. Take advantage of free financial wellness benefits from your employer. Exhale offers daily access to earned pay, interest-free emergency advances, saving tools with rewards, and more. See if your company is using Exhale or recommend us to your employer.

If we could leave you with one last reminder: financial wellness is more than just having money in the bank. It’s about feeling secure, supported, and confident in your finances. And remember, you’re not alone on this journey—your community is here for you!