What is Financial Wellness?

‘I don’t know how much I should save!’

‘I don’t know how much I pay on taxes!’

‘I am not sure if my finances are on track!’

Have you heard yourself saying these things? You must read our financial wellness blog series to answer them & improve your understanding of your own finances.

Financial wellness is a state in which you are in complete control of your finances and have a financial plan that assures you of financial security in the foreseeable future. At the same time, there are many components to financial wellness.

  • Financial Security: A  state where you have a stable source of income, and you can maintain your desired lifestyle while still being able to save some money for the future. Being debt-free or having a clear time-bound plan to get debt free are crucial components of financial security.
  • Financial Independence: This is a state in which your interest in income/passive income exceeds your lifestyle expenses. This gives the person complete freedom to pursue whatever goal they wish to follow in their life without having to worry about paying their bills or supporting their family.

                                             Improve your Financial Wellness with Wizely

While we can all have our definitions of what financial wellness means to us, institutions have a standard way of defining your financial well being. We, at Wizely, have created a unique financial score to correctly measure your financial wellness. If you are unaware of what a financial score is, check out our blog on the same and learn everything you need to know about what a financial score is and what steps you can take to improve your financial score.

What is a Financial Score and How to Improve It?

To conclude, let us look at some of the most crucial financial wellness features and understand where we stand in the financial wellness index.

Features of financial wellness:

  • Being aware and in control of your expenses
  • Having an emergency fund
  • Maintaining a stable and diversified source of income.
  • Ensuring that your financial goals are in sync with your plans
  • Having a retirement plan

Wizely is committed to helping you on your financial wellness journey and wishes you the best in your financial journey!

Follow our 'Financial Wellness' Blog Series:
What is a Financial Wellness Score? How to Improve It?
Improve Your Financial Wellness Score with Wizely

Sakshi Mehrotra

Sakshi Mehrotra