Here's how you can reduce stress related to money by making smart financial choices!

Friday: Mindfulness by Miles From the desk of Miles Everson: Happy Friday! Welcome to today’s edition of “Mindfulness by Miles!” Every Friday, I write about health, wellness, mindfulness, and the future of work with hopes of helping you improve your personal life and professional life. Today, I want to talk about financial wellness and share a few insights into how you can cultivate a life where you don’t have to get so stressed about money. After all, financial worries can often weigh heavily, leading to stress that can manifest physically and mentally. Eager to know more? Continue reading below. ATTENTION Barnes & Noble is running a promo until the end of day today, September 6, 2024. You wouldn’t want to miss this opportunity! There’s a 25% discount on ALL pre-orders of the Free Birds Revolution book, including physical and digital formats. This is a good read for those of you who are seeking to future-proof your career or workforce, as this book provides an educational and practical guide on how you can chart your path in the new world of work. If you’ve been waiting to pre-order this book, NOW is a good time to do so! You may click on the photo to avail the discount. What’s included in the promo: Hardcover, ebook, and audiobook editions An additional 10% off for Premium B&N members How to claim: Simply enter the promo code PREORDER25 at checkout on BN.com. Be sure to use all caps with no spaces. Note: You must have a free Barnes & Noble rewards account to take advantage of this offer. This is a limited-time deal, so act fast to secure your discounted copy before it’s gone! CEO, MBO Partners Chairman of the Advisory Board, The I Institute

Here's how you can reduce stress related to money by making smart financial choices! Did you know that money can be a significant source of stress and anxiety? The constant pressure to meet financial obligations can lead individuals to feel overwhelmed and anxious, disrupting their inner peace and impacting their ability to remain calm. Worse, high levels of financial stress can cause loss of sleep, headaches or migraines, digestive issues, high blood pressure, and even compromise a person’s immune system. To avoid this kind of stress, you need to achieve financial wellness. … BUT what does this mean exactly? Financial wellness refers to a person’s ability to live within his or her means and involves setting financial goals and taking steps to achieve them. This also includes balancing income and expenses, staying out of debt, having enough savings, and understanding the role money plays in an individual’s life. While attaining financial wellness can be challenging, the benefits are worth it since it’ll lead to: Reduced stress and anxiety Increased confidence and security Fulfilled financial goals Financial freedom Improved overall health With that said, how can you manage your finances effectively? Here are some of the measures you can take: Track your income and expenses. Tracking your expenses can help you gain a better understanding of where your money goes. This will also help you identify your priorities and effectively allocate your funds across different categories such as savings, investments, and bills. More importantly, doing this allows you to make better financial decisions. Prepare an emergency fund. Building an emergency fund is important since it gives you a safety net whenever you come across unforeseen changes in your life. Protect yourself and your assets with insurance. Protecting yourself and your assets with insurance is a crucial step towards financial security. Similar to emergency funds, insurance acts as a lifeline that helps you weather unexpected life events. Build your savings and investments. Investing is a great way to build your wealth in the long run since investments typically grow over time. Additionally, a high-yield savings account is a good way to build your wealth as it can pay more than a traditional savings account. However, always remember to do a great deal of research before you invest or start a high-yield savings account. Develop healthy spending habits. Regardless of how big your income is, bad spending habits can quickly erode your wealth and savings. That’s why it’s important to discipline yourself so you can spend your money wisely. Developing healthy spending habits include eliminating unnecessary purchases, keeping track of where you put your money, creating a budget, prioritizing needs before spending on wants, and minimizing debt. There you have it—the measures you can take to pave the way towards financial wellness! Overall, financial wellness isn’t just about having a great bank account balance; it is also about understanding your current financial status, setting realistic wealth goals, and making conscious and wise decisions about your finances. Doing this requires effort and commitment. It is a continuous process that will pave the way for great rewards over time. So, if you’re eager to attain financial wellness, incorporate the insights I shared with you today! May these tips serve as your guide the next time you plan your finances.