Law of Compensation and financial wellness.
Law of Compensation is the Universal Law that is applied to blessings and abundance that are provided for us. The visible effects of our deeds are given to us in gifts, money, inheritances, friendships and blessings.
Another important sector in the wheel of life is finances and money. Do you have enough money now? Do you need more? Are you planning on retiring? Are you downsizing? Is money causing stress in your life? How can you manage money better? What does money represent for you and how much money do you actually need to do the things you want?. Can you work out a way to do achieve your goals with less money or differently? Finances and money is a whole area in your life around money that you may or may not need help with.
According to the Law of Compensation, financial Wellness involves the process of learning how to successfully manage financial expenses. Money plays a critical role in our lives and not having enough of it impacts health as well as academic performance. Financial stress is repeatedly found to be a common source of stress, anxiety and fear for college students. Keeping track of expenses, making a budget, and sticking to it are important skills to have in order to be finically responsible and independent. Learning how to maximize your financial wellness now will help you feel prepared to handle potentially stressful financial situations in the future.
Financial well-being enables people to better enjoy life in general, says Nancy Molitor, PhD, clinical assistant professor of psychiatry and behavioral sciences at Northwestern University’s Feinberg School of Medicine in Evanston, Illinois. “When people are in that state, they are more able to live in the moment and enjoy the little everyday pleasures of life: seeing your kids do well and be happy, having friendships, good relationships, being able to go out, travel, whatever.”
Rest assured that you are not the only one in the process of learning how to manage finances more efficiently. There is an array of resources on and off campus as well as workshops and programs that can guide you toward money-managing success. Everyone’s financial situation is different, so it is up to you to select the proper mix of resources that work best according to your needs. The most important point to remember is that maximizing financial wellness is a process that does not occur immediately. Be proactive by seeking related resources and learning about money-managing strategies to build your financial wellness. These are some financial Wellness Tips that will help you to make your life successful according to the Law of Compensation.
Don’t put it off – identify and address any financial problems before they start.
Keep organized records of your finances.
Take advantage of student discounts.
Plan ahead and set budget goals.
Balance your other dimensions of Wellness, they all tie into financial wellness as well.