Financial health is something many people find themselves struggling with. The first step to gaining financial health is knowing what financial health is. Then you can start working on building and maintaining your financial health. This can lead to a variety of financial benefits. However, if you find yourself falling into bankruptcy, then consider reaching out to a Chattanooga bankruptcy lawyer for help.
WHAT IS FINANCIAL HEALTH?
Many people define financial health as managing expenses, covering basic needs, overcoming financial obstacles, and building wealth. The opposite of financial health can be devastating. Poor financial health can result in significant and prolonged stress, and chronic stress can lead to serious physical and mental health problems.
Other factors of financial health include keeping on track with financial goals, having flexibility, and feeling greater control. When your finances are healthy, you should feel a greater sense of control because you have more options. Those with poorer financial health tend to struggle with limited options. This might mean limited healthcare or limited access to resources.
The benefits of high financial health are feeling less stressed, having financial security, and a greater sense of financial freedom. Not only do you know you will be covered when financial disasters strike, but you have more financial options. Having financial security means having enough savings and insurance to protect you when financial emergencies occur.
Financial health may look differently at each life stage. Most people do not expect a high school student to own their own house and have life insurance. Whereas many people would not expect older adults to not have retirement savings and debts paid off. This means determining your financial health may change based on your circumstances.
TIPS FOR BUILDING FINANCIAL HEALTH
When it comes to building financial health, there are several ways to do this. They may vary depending on what life stage you are in and what your circumstances are. Part of developing financial health is knowing what financially healthy people do. Financially healthy people tend to:
- Keep up to date on their finances and financial deals
- Can think about their future to create financial goals
- Maintain organization of their finances
Keeping up with your bank account and other financial assets is key to financial health. Otherwise, you are using money blindly. The same problem applies when you have no financial goals. Asking yourself where you want to be financially by a certain period in your life can help with this.
Disorganized finances are what keep many people from achieving financial health. Having organization means knowing your spending limits, what bills you have to pay, and when to save money. This also means knowing how much money to save by a certain date. Taking these steps can prevent unhealthy spending.
BANKRUPTCY LAWYER IN CHATTANOOGA, TN
Falling into bankruptcy can be terrifying but you may not have to face this alone. You can contact us at Tom Bible Law by dialing (423) 690-7712 for a consultation today. Our legal team of Tennessee bankruptcy attorneys might be able to help you escape your current bankruptcy situation. We are located throughout the Tennessee cities of Chattanooga, Kingsport, and Tullahoma.