Mastering your finances enables you to control your money, instead of it controlling you. Even if you don’t plan to be rich, striving for financial freedom is a worthwhile goal. Meeting your financial obligations relieves you of pressure and enables you to pursue your goals. Having money provides you with access to a more fulfilling dating life you wouldn’t be able to have because of financial restrictions. A financial wellness definition encompasses all of these aspects.
Achieving overall wellness requires you to maintain mental, physical, and financial health.
Being under tremendous financial pressure may lead to depression and illness. It results in breakups and possible suicide. Some men feel less masculine when their finances aren’t up to scratch. And finances have a huge impact on your dating life.
Living your ideal life and being with your dream woman requires you to manage your finances well. The good news is that anyone can be financially free, but it requires discipline. Following the guidelines we’ve provided will put you on a trajectory to financial wellness, which improves your overwell health and dating life.
What is Financial Wellness?
Many men live paycheck to paycheck, struggling to fund their lifestyle. They’re drowning in debt and unable to progress in every aspect of their lives because of financial strain. If you want to experience financial wellness and become the sexy man women desire, you need to manage four aspects effectively:
Achieving financial wellness means being able to meet your current financial obligations. Financing your monthly expenses provides you with the present security you need to meet the obligations of the other three areas in financial wellness.
To manage your monthly expenses, you need to monitor your daily spending. If you can discipline yourself to stick to a daily budget, you’ll meet your monthly needs.
Emergencies are unforeseen expenses that usually crop up when you don’t have money to fund them. Having funds to cover emergencies such as medical expenses, house repairs, and fines provides you with future security.
Putting money into an emergency account consistently enables you to build up a nest egg that ensures you don’t stress when unexpected bills arrive.
Your emergency fund should ideally cover at least six months of expenses, preferably twelve. The global lockdowns in 2020 proved that you can be out of work for prolonged periods.
After disciplining yourself to manage your monthly expenses and building a healthy emergency account, you need to obtain present freedom. That provides you with the ability to make financial choices that let you enjoy life.
You can buy things that enable you to live comfortably without the purchases affecting your future adversely.
Long-Term Financial Goals
You need to plan if you want to achieve your long-term financial goals. That requires you to know how much money you need to invest monthly. It also requires you to adjust your emergency fund annually to keep up with inflation.
You can obtain future financial freedom only if you manage your present freedom well, and that means only making purchases that won’t adversely affect your future. So don’t buy that luxury watch if you’ll end up dipping into your emergency fund! Achieving your future financial goals requires you to develop a positive attitude about money and to remain disciplined.
Examples of Financial Wellness
There are several things you can do right now to begin your financial wellness journey. Let’s explore some financial wellness examples.
Not budgeting usually results in wondering how you spent your money. It’s important to track every dollar so you can identify where you’re overspending.
Your budget should consist only of necessities to live a comfortable life–not a luxurious one. Not having sufficient funds to cover the monthly expenses means you need to live below your means. When compiling your budget, scrutinize every line item to determine if it’s necessary for survival.
As an example, a subscription to a premium video streaming service or spending weekends at the casino isn’t essential for survival.
Some men believe that an increased income will enable them to meet their monthly obligations. That works only if they have conditioned themselves to live below their means. If you’re a spender, you’ll find a way to spend the additional income.
Increasing your income by finding a higher-paying job or a receiving raise requires time. You need an immediate solution, which is to reduce your expenses. Financial wellness is about how much money you keep, not how much you make.
Ask yourself if you really need to live in the current area. This pertains especially to men working remotely. If relocation doesn’t make financial sense, maybe you can rent additional space or move to a smaller place in your area.
Once you’ve eliminated all the nonnecessities, your budget should be broken up into a 50/40/10 ratio. Your rent/mortgage, food, utilities and transportation should be 50% of your income. Savings, paying debts and building an emergency fund should be 40%. The other 10% can be for experiences such as a gym membership, buying clothing, or going on fun but inexpensive dates.
The main reason men don’t want to live below their means is that it requires a shift to a lower standard of living. Your current lifestyle provides comfort and possibly status. Living a lower standard requires less comfort and not worrying about what other people think of you.
Pay Your Debt
Debt is the enemy of financial freedom. Paying off your debt enables you to increase your savings, investments, and emergency fund faster. Not having debt enables you to achieve your long-term financial goals sooner.
Being debt-free improves your mental health as you no longer stress about losing your house, having your car repossessed, or attending court when you’re sued for failing to meet your credit card payments.
Once you’ve paid off your debts, never have debt again. If you feel that debt is good, you’ll take out new debt after repaying the old. That could lead you to a lifetime of debt and possibly passing it on to your family.
While indebted, you should focus on limiting experiences and funnel as much money to servicing the debt. You can allocate more money to experiences when you’re debt-free.
Plan Your Goals
A return on investment isn’t guaranteed, but a payment for debt is required. That’s one of the reasons you should invest only after you have settled your debts. Your future goals could be to go to college, start a business, or get married and start a family.
Your goal and the amount of money you can allocate to it monthly will determine the time needed to achieve it. The duration to achieve a goal is important to know because of opportunity cost.
Instead of saving for college, you might opt for pursuing a lucrative career that doesn’t require a college education and funding a retirement account. That strategy will provide you with an active income and a deferred passive income as well.
Having a plan for your goals and working toward them makes you feel you’re making progress. Even if you haven’t accomplished a goal yet, moving toward it encourages you to stay disciplined and improves your mental health.
How Does Financial Wellness Impact Your Dating Life?
Women like men who are successful or are at least working towards success. That’s it, that’s the bottom line. So your financial wellness can affect your dating life in the following ways:
When you look good, you feel good. Not having money prevents you from buying fashionable clothing and grooming products. Women judge you by your shoes and if your clothes match your body shape.
You need to dress well to show women that you care about your appearance. A poorly groomed man gives women the impression that his house is dirty and his bank account is empty.
You’ll likely lack confidence when you don’t have money, and it will show in your facial expressions and body language.
To know the type of woman you want, you need to be acquainted with different cultures. That usually requires travel. You also might not be satisfied with the women in your region, so you will need to travel to find the woman you desire.
Traveling makes you a more cultural man who has obtained experiences and provides you with more options when searching for a woman.
Some women expect you to wine and dine them on the first date. You might feel they’re worth it, but you’re incapable of meeting their requirements because of a lack of funds.
Even if she’s not fussy about the first date, you’ll eventually have to take her out to dinners and getaways when you’re in a relationship with her.
The amount of money you have may determine the standard of women you can date.
It’s naive to think that love is all that matters in a relationship. But as two grown adults, you and the woman you’re dating need to start thinking of your finances as a couple. Whether you plan to get married or not, it’s inevitable that you’ll end up sharing finances. So the better off you are financially, the more likely she’ll want to stay with you.
Add to that the mental and emotional strain of struggling with money. It’s hard to have a genuinely good time with someone when, at the back of your mind, you’re worrying about your credit card bill.
Financial wellness is a process that requires you to achieve present security by being able to cover your monthly expenses before you can plan for long-term goals.
Why is financial wellness important? Undertaking this endeavor will boost your confidence, strengthen your mental health and enable you to meet the kind of women you want to date.