SALT LAKE CITY – It’s common to come across challenges in our financial wellness at some point in life, so what can we do about it?
In the latest Let’s Get Moving with Maria podcast episode, Maria Shilaos spoke with Dr. Dan Pallesen, Financial Psychologist and Host of The Behavioral Wealth Podcast, to learn some smart and helpful tips we can use to improve our financial wellness.
Dr. Dan described financial wellness with a simple phrase: peace of mind.
“It really doesn’t have to do with the amount of money you have… It’s more appropriate nowadays to look at how satisfied you are with your life,” he said.
Money tends to be one of the biggest things that people struggle with every year. It’s even more so now since inflation has been stressing people out.
When asked what causes people to have problems with money, Dr. Dan thinks it’s about the mindset.
“I think unwillingness to look at your true financial situation is what causes financial anxiety,” he said.
The first step is to be honest about evaluating where you are with your finances.
“If you could automate your savings, you would do such a better job,” Dr. Dan said.
For example, if you’re an employee with a 401(k), you can defer some of your paycheck into that plan every time you get paid. Even if you don’t have a plan like this, you can still systematically put money away for retirement.
Listen to the full episode below to hear the rest!