The holiday season can be a particular source of stress when it comes to finances. Between spending on holiday travel, parties, and gifts, it can feel like we're barely treading water. Luckily, with a bit of planning, we can work to ensure that we feel in control of our finances.
Financial Wellness is a term used to describe one's current and perceived financial state. According to The US Consumer Financial Protection Bureau, an individual is in a state of financial well-being when he or she:
- Has control over day-to-day and month-to-month finances
- Has the capacity to absorb a financial shock
- Is on track to meet financial goals
- Has the financial freedom to make choices that allow him or her to enjoy life
The simplest way to get on top of your finances is by tracking where your money goes.
To help commit this to habit, join this month's "Track Spending" challenge. Every day from December 11-17, you will be reminded to track your spending. You'll also receive points for tracking during the challenge. Join today on your Virgin Pulse home page.