Are you financially healthy?

New Year’s resolution

While many people make the New Year’s resolution to get physically healthy, I often wonder how many vow to get financially healthy.  If so, how many are successful?  If you’re like me, you’ve had ample experience with making New Year’s resolutions just to watch them crash and burn soon after. As is, I stopped making New Year’s resolutions a long time ago.  It wasn’t until I started meditating 10 years ago that I came to realize the importance of clarity in making life-lasting change.

Deferring physical health  

Raised by Asian immigrants, I grew up thinking that healthcare was a luxury rather than a right. If I wasn’t facing a medical emergency, then there was no need to see a doctor. That is, until I approached my mid-30s when I began to notice more chronic aches and pains. Initially, to alleviate these pains, I tried to cobble together my own health regimen: more yoga; healthier food; more walking; less driving. But, eventually, I realized that the chronic aches/pains were trying to tell me something: I needed to put more effort into improving and maintaining my health. Given my busy schedule, I knew it was more efficient to engage a doctor to tell me where I was physically and what I needed to do to improve my health.  However, it wasn’t until I turned 40 that I finally scheduled a physical exam and subsequently have returned every two years for check-ups.

Deferring financial health

I assume that most women put off improving their financial health like I put off improving my physical health.  Whether you’re in your 20s, 30s, 40s, or 50s, there’s a long list of plausible (if not, admirable) excuses: I’m still young-ish. I’m too busy with work. I want to build up my career or business.  I’m doing alright for now: working my job; paying my bills; taking care of my kid(s); hanging out with my friends. I’ll look more carefully into my financial situation next year…next year…next year.

Then, out of nowhere, you find yourself now closer to your late-20s, -30s, -40s or -50s.  The next decade is not far off.  Small financial discomforts become persistent roadblocks to getting ahead: you’re still paying off your student loans; you’re having a hard time saving for that 20 percent down payment on a house so you can avoid PMI; you persistently carry a “manageable” amount of credit card debt that has become the proverbial last 10 (financial) pounds you can’t lose; your 401k still hasn’t cracked six figures.  All of this leads you to wonder if there are more efficient ways to improve your finances. Whether you’re in your 20s or 50s, if you see yourself in these scenarios but still aren’t ready to seek out professional help, then the next step may be to get more clarity on your financial health.

Three ways to gauge your financial health