Financial Health relates directly to money
and resources one has at their disposal. Education and occupation play a significant role in one's finances by impacting the ability to earn money. Planning and maintaining a budget, saving for the future, making investments, limiting unnecessary expenses to avoid debt, and living within one's means also affect financial health.
Building Blocks for Financial Health
Revenue refers to money that is received, while expenses is money spent. Revenue is often directly connected to occupational health in the form of employment wages. Other forms of revenue include bonuses, dividends from investments, receipts from real estate rentals, and other profits. Expenses are anything that costs money on a one-time, occasional, or regular basis. Financial health is typically achieved when one's revenue is more than one's expenses. Read more
Saving is the conscious act of setting aside money over time without intending to spend it immediately. Having savings can allow for financial flexibility, and provide peace of mind in the event that money is needed in an emergency. Investing is the act of making purchases with the intention of earning money from the purchase, or selling it for a profit after it has increased in value, though neither is guaranteed. Investments include bonds, CDs, mutual funds, and stocks, and often come with some level of risk. Read more
A budget is a list of finances including expenses, invesements, revenue, and savings, and is kept in order to monitor one's financial status. This monitoring of finances is called budgeting. A budget is typically planned with the intention to keep expenses lower than revenue so that one can have money available for future expenses. Budgeting can be done on paper, or digitally using spreadsheets or other budgeting software. Read more
Resources
Here are some additional resources to learn more about financial health:
http://www.investopedia.com/terms/p/personalincome.asp
http://money.howstuffworks.com/personal-finance/budgeting/personal-budget1.htm
http://www.businessdictionary.com/definition/savings.html
http://www.investopedia.com/terms/i/investment.asp?lgl=no-infinite
http://themoney.one/different-types-of-investments/
http://www.investopedia.com/terms/b/budget.asp
For more information, tools, and resources about the aspects of mental health, visit:
http://www.finra.org/investors/types-investments
https://www.msn.com/en-us/money/smartspending
https://www.sec.gov/investor/alerts/ib_fees_expenses.pdf
http://www.smartconsumer.ct.gov/smartconsumer/site/default.asp
http://www.success.com/article/9-smart-spending-and-saving-tips
https://americasaves.org/for-savers/make-a-plan-how-to-save-money/54-ways-to-save-money
http://www.bankrate.com/finance/savings/save-money-on-a-tight-budget-1.aspx
https://myra.gov/why-choose-myra/
https://www.usa.gov/saving-investing
https://www.consumer.gov/sites/default/files/pdf-1020-make-budget-worksheet_form.pdf
https://studentaid.ed.gov/sa/prepare-for-college/budgeting/budgeting-tips
https://www.mint.com/budgeting-3/keep-track-of-your-finances-with-a-free-budget-template
http://money.usnews.com/money/blogs/my-money/2015/01/14/7-simple-and-free-budgeting-tools