Skip to main content

If you do a Google search for financial wellness, you will find many definitions or explanations. Financial wellness doesn’t have just one meaning because it means something different to each person. Financial wellness is abroad term that encompasses these key areas:

• Taking control of your money before it controls you.

• Determining how safe your money is.

• Planning what to do with your money.

How you interact with your money determines how ‘financially well’ or ‘sick’ you are. Since the start of the COVID-19 pandemic, we’ve noticed that financial wellness has moved to one of the top concerns for many people, especially those unprepared for short-term cash needs. This period has allowed us to assess what we did wrong financially and what we have done right- both of which affect our financial well-being.

Regardless of the relationship you have with your money, there are three things to remember:

1. Financial wellness allows you to live the life you’ve earned- literally. When you manage your money well, you can have shelter, food, and clothing and participate in the broader economy you have helped create.

2. Financial wellness prepares you for future short-term and long-term expenses and emergencies that may arise. Part of being prepared is where you keep your money. Is it accessible and safe?

3. Financial wellness requires planning how you want your money to fund your future goals. A new car, home, and being able to retire on your terms are all possible. Setting goals is part of acquiring money, saving it, planning what you want to use it for, and spending your money when appropriate to your plan.

The Consumer Financial Protection Bureau (CFPB), a U.S. government agency that makes sure banks, lenders, and other financial companies treat you fairly. The CFPB financial well-being survey is an excellent place to start to check your financial wellness and see how you compare to other Americans. The website additionally provides resources to help you improve your financial health. The well-being survey can be found at:

Financial well-being means having financial security and financial freedom to make choices. When it comes to financial wellness, two people with the same income can have differing financial wellness depending on their preferences or lack of a plan. After completing the CFBD survey, you have questions about improving your financial well-being or retirement goal setting, give the Citizen Advisory Group office a call at 419-872-0204 for a complimentary consultation.

Citizen Advisory Group is a comprehensive financial services firm that helps Northwest Ohio and Southeast Michigan’s soon to be retired and retired residents effectively plan for and prepare for life’s greatest journey. In addition to helping clients with their finances, Citizen Advisory Group offers monthly health and wellness events.

Please call 419-872-0204 for a complimentary consultation to review your individual situation.

Investment advisory and financial planning services offered through Advisory Alpha, LLC, a Registered Investment Advisor. Insurance, Consulting, and Education services offered through Citizen Advisory Group. Citizen Advisory Group is a separate and unaffiliated entity from Advisory Alpha.