5 Elements of Financial Wellness

There are five elements of financial wellness that every individual should know:

1. Spending:
   Have an understanding of what you’re spending your money on: groceries, clothing, coffee shops, and how much you are spending. More importantly, spend less than what you earn so you are able to set aside money to reach your financial goals.
2. Emergencies
   Finance experts recommend 3-5 months of income saved in a separate account for financial emergencies. Without sufficient emergency savings, if there is any unforeseen event, it can drain your savings.
3. Investments:
   In order to build wealth, find long-term investments and diversify your portfolio.To be successful, an individual must understand how to invest their money, and knowing what to invest in and what to avoid.
4. Benefits:
   Some HR professionals can provide their employees with great benefit programs. Individuals must understand their benefits so they can use all of their benefits effectively.
5. Guidance:
   There are so many products and services on the marketplace designed to separate you from your money; we all need a trustworthy source of information to guide us toward the right decisions.