Why You Need to Be Financially Fit

Individual Americans spend hundreds of dollars a year and at least as many hours on keeping themselves physically fit — but too many people neglect their financial health. Like physical health, being financially healthy is crucial to your well-being, future, and quality of life. 

Here's why being financially fit is important and how to overcome common barriers to achieving financial wellness. 

Financial wellness: a ripple effect 

Being financially fit is more than just having enough money to cover your expenses and put away something for tomorrow. Managing money responsibly will affect many aspects of your life:

• Marriage. According to a recent study by AARP, financial problems are the second leading cause of divorce in the country. Money brings resentment and arguments into a marriage. In a study reviewing over 740 instances of marital conflict between 100 couples, money was the most common topic couples argued about.  

• Mental health. Money stress can severely affect your mental health, causing depression, restlessness, anxiety, and more.  

• Physical health. Stressing over finances can also directly impact your physical health, leading to recurring symptoms like headaches, fatigue, upset stomach, insomnia, high blood pressure, and an increased risk of heart disease and stroke.

• Work-life. Being bogged down by money worries can make it difficult to focus at work, reducing productivity and hampering career growth. In addition, prospective employers tend to review the financial wellness of new hires as part of their background checks; high rates of debt and poor credit scores can cost an employee a new job. 

• Parenting. Managing money irresponsibly can mean insufficient funds for a child's education, private lessons, medical needs, etc. 

What are the leading causes of money stress? 

According to a survey by Credit Wise®, 73% of Americans rank money issues as the number one stressor. Here are the top causes of financial stress: 

• High-interest debt

• Insufficient savings

• Medical bills

• Living paycheck to paycheck

• Lack of retirement planning

Stressing over money is never fun. Stressing over money, when any of the above applies to you, takes on its form of angst by adding a level of long-term anxiety. It takes time, sometimes years, to undo the damage of any of these stressors — but it can be done!

Barriers to financial wellness and how to overcome them

We're convinced: being financially fit is super-important. But what happens now? Why are 80% of Americans in debt? Why do only 39% of Americans have enough saved to get through a $1,000 emergency? 

Unfortunately, while many people may understand that financial fitness is crucial to their well-being, several barriers make it difficult to follow through on their convictions. 

First, many need basic financial knowledge to manage their money responsibly. Second, many people mistakenly believe that budgeting, saving, and being more mindful of managing their money are too time-consuming and tedious. Finally, some people may have fallen so deeply into debt that they've begun believing they will never be capable of pulling themselves out. 

Here are some simple steps you can take today to help you achieve and maintain financial wellness:

• Get educated. There is no shortage of financial literacy available to the interested consumer, from financial literacy blogs to personal finance books, podcasts, online classes, and so much more. Learning how money works, the power of a long-term investment, and how much you pay each time you swipe that high-interest credit card can help you make better choices. 

• Have the money talk with your partner. Whether you've only been sharing expenses for half a year or married for more than a decade, you must be on the same financial page as your partner. Talk openly and honestly, be careful not to be judgmental, and discuss your shared long-term and short-term money goals. Then devise a plan for how you intend to reach them together. 

• Pay all bills on time. If you have yet to take aggressive steps toward paying down debt, make the minimum payment on each monthly credit card bill. 

• Create a budget. Giving every dollar a destination makes it easier to spend mindfully and cut down on extraneous expenses. 

• Start saving. There's no such thing as a sum of money that's too small to put into savings. Every dollar counts, and once you get the ball rolling, you'll be motivated to pack on the savings until they grow. 

You give your abs a great workout each day — now it's time to get those money muscles into shape! Follow the tips outlined above to stay financially fit at all times.