Managing Your Fiscal Fitness with Financial Center

The pursuit of health often brings to mind images of running on a treadmill, your bi-annual dentist visit, or the one hour of quiet in your day at the yoga studio. Yet, there's a key component of wellness that's less visible but equally important: your financial health.

Disturbingly, in research reported by CNBC, 43% of Americans report feeling fatigued due to financial stress, 41% have trouble sleeping, and 25% acknowledge that financial stress affects their relationships.

At Financial Center, we deeply understand how closely linked your daily well-being is with your financial health. Our philosophy is holistic: we view financial management not as a routine task, but as a component in growing your overall wellness, motivation, and happiness.

That’s why we’re here with advice and education on navigating financial stress and living a healthier, more vibrant financial life in 2024.

Navigating Financial Stress

In today's fast-paced world, stress is often a constant presence, with financial worries being a significant contributor for many. The American Psychological Association's recent study highlighted that financial concerns are a major source of stress, impacting not just mental but also physical health. A staggering 72% of Americans reported feeling stressed about money at least some of the time, and nearly one-quarter said that financial worries were a constant burden.

"Financial stress goes beyond the wallet; it affects your entire being," says Dusty Simmons, Executive Vice President at Financial Center. "We're committed to addressing this by integrating financial wellness into the broader context of your life."

The consequences of financial stress are significant and far-reaching. Research shows that those experiencing high financial stress are more likely to suffer from migraines, insomnia, and more severe health issues such as heart disease and diabetes. The mental health implications are equally concerning, with links to anxiety, depression, and decreased emotional well-being.

Simmons emphasizes the importance of proactive financial management, "Addressing financial stress isn't just about making more money – it's about smarter money management. We provide the coaching and guidance to help our members gain control over their finances, reducing stress and improving their overall quality of life."

Finding Your Financial Coach

Building a relationship with a trusted ally to guide and coach you through the big and small financial decisions can be life-changing. According to a study by the National Financial Educators Council, Americans who worked directly with a financial professional saw, on average, a 25% improvement in their ability to manage finances.

At Financial Center, our employees are not just team members, but coaches. When members need advice, direction, or an extra push, they know they can give us a call or visit a branch.

Just like you regularly go to the doctor or dentist to receive guidance from a qualified professional, we recommend adding a financial professional to your rotation, too. Whether you stop by a branch location and meet with a Relationship Banker or chat virtually with a Certified Financial Wellness Councilor, we have employees with diverse backgrounds ready to assist throughout your journey.

When you chat, you’ll find that these experts can help you:

• Set Goals: Partnering to define clear, realistic goals that align with your aspirations and capacity
• Create Strategy: Developing a short or long-term plan that gives you direction on how to save, pay off debt, or work toward a future milestone
• Boost Confidence: Gaining a better understanding of complex financial concepts, terms, and products empowering you to make informed decisions
• Generate Momentum: Celebrating the big and small successes alongside you and giving you advice as new seasons of life come along

The journey to financial wellness is better with the right guidance. Jamie Davidson, VP of Financial Wellness, emphasizes the impact of this relationship, saying, "We're here to offer not just simple education, but to help members understand and achieve their full financial potential."

We're here to offer not just simple education, but to help members understand and achieve their full financial potential.

Celebrating Every Single Step

In the pursuit of feeling financially confident, recognizing and celebrating milestones creates momentum to keep moving forward. Whether it's achieving a savings goal, paying off a portion of your debt, or hitting a new investment milestone, every achievement deserves to be – and should be – celebrated.

The concept of "what we don't measure, we can't improve" holds particularly true in the realm of your financial life. By setting measurable goals and checking in your progress, you’ll have more clarity and confidence as you learn and grow.

"In our experience, celebrating financial milestones is key to building lasting financial habits. It's about acknowledging the hard work and decisions that got you there. Each celebration is a reminder of your progress and a motivator to keep going,” said Davidson.

Whether you celebrate your milestones yourself, with a small group of friends or family, or more publicly, this recognition can help you gain momentum going forward.

And, don’t forget sharing with our team. We’re here to celebrate the big and small wins, cheering you on through every stage of life. Whether it’s saving $100 or buying your dream home, we care and love celebrating alongside you.

Change Your Finances & Change Your Life

Taking control of your financial health can transform so many aspects of your life. Here are three key takeaways from Financial Center to support you on your journey to financial wellness. Each step is an opportunity to gain control, clarity, and confidence in your financial life:

#1: Proactively Manage Your Financial Stress

Just as you would address a health concern with a doctor, take steps to manage financial stress. Schedule a complimentary one-on-one financial coaching session or visit a location and meet with a Relationship Banker. Our experts can help you navigate daily finances and make strategic decisions, reducing stress and promoting overall well-being

#2: Stay Up-to-Date with Your Finances

It can often feel easier to ignore your finances on a day-to-day basis. Out of sight, out of mind – right? Not necessarily. We recommend you integrate quick financial check-ups into your regular routine. You could consider specific actions including:

• Setting aside specific days or times on your calendar dedicated to reviewing and managing your finances
• Using online budgeting tools or apps, such as Banzai Calculators from Financial Center, to make plans for the future
• Reviewing and increasing your contributions to retirement or HSA accounts and monitoring your beneficiaries
• Checking in on your insurance enrollments and options
• Canceling unused subscriptions or automated payments such as streaming services or apps

#3: Celebrate Your Financial Wins
Take the time to recognize and celebrate every financial milestone you achieve, regardless of its size. Consider sharing these successes with a friend or partner, or discussing them with a member of our team. By sharing, you may receive valuable feedback and encouragement, further motivating you on your path to financial success.

"While it's important to monitor your financial progress, the real power lies in combining this with a holistic approach. Setting clear goals, creating actionable plans, receiving feedback, and then celebrating progress. This full spectrum of activities is what drives real, meaningful change in financial behavior,” says Davidson.

Your financial health is a key ingredient in a happy, fulfilling life. At Financial Center, we are dedicated to helping you cultivate a healthier, more vibrant financial future. Through personalized direction and celebration, we're here to assist you in whatever’s next.