The stress that comes from living a life of financial bondage can be absolutely overwhelming. Too many people live in bondage to the debts they owe.
Studies have shown that financial struggles hurt more than just your pocketbook. The stress of financial uncertainty is linked to obesity, digestive tract issues, insulin resistance, ulcers, poor nutrition, poor sleep, marital conflict, and more.
That’s why Melaleuca is such a strong proponent of total financial freedom. It provides options and resources that can improve almost every aspect of life.
Financial wellness—getting out of debt and securing your financial future—along with physical wellness, environmental wellness, and personal wellness, is part of the total wellness concept that Melaleuca teaches and encourages. Indeed, financial freedom is at the heart of Melaleuca’s mission of enhancing lives.
When people stop paying interest and start earning interest, they discover a sense of peace that they’ve never had before. That peace can be achieved by following a simple, step-by-step plan that is focused on aggressively conquering debt, carefully budgeting finances, and wisely building wealth.
If you’ve achieved total financial wellness in your own life, help others achieve what you have achieved. If you’re still living with debt, then it’s time to dump it once and for all.
The following seven simple principles will help you achieve financial wellness. Try implementing a few of them today!
- Start An Emergency Fund. Debt that spirals out of control usually begins with an emergency. Your car breaks down or your child breaks a leg and you don’t have the means to pay for it. You’re already living paycheck to paycheck, so what do you do? You pay for it with a credit card. Then the monthly credit card bill becomes too much to pay. Avoid that nightmare and instead work over the next 90 days to establish a savings fund of $1,000. If you can save more, that’s great. That money can and should only be used to save you on a rainy day.
- Reduce Your Expenses. Find ways to cut your spending. You’ll be surprised at how many things you pay for that you don’t really need. Using coupons, giving up cable subscriptions, buying in bulk, and carpooling to work are all easy ways to save money. You can also eat at home instead of going out— which usually comes with health benefits, too!
- Increase Your Income. Look for ways to find extra income to eliminate your debt. If you already work fulltime, consider a side business or a family paper route to bring in extra cash. Sometimes increasing your income is as simple as asking for a raise. If you work hard at your job, you have a right to discuss compensation with your boss.
- Power Roll Your Debt. When budgeting, compile a list of all your debts from smallest to largest. Make the minimum payments on all your debts except the smallest. Do everything you can to pay that one off as fast as possible. Once it’s paid off, you can take the money you were paying toward it and put it toward the next debt. Each time you pay off a debt, the amount of money you have to pay off the next debt will continue to grow.
- Pay Off Your Mortgage Early. This is usually the last debt people have to pay off. If this is your only debt, don’t be fooled into paying the minimum monthly mortgage. Doing so over the course of a 30-year loan means you’ve paid an incredibly large amount toward interest. That’s money wasted. Paying your mortgage off 10, 15 or 20 years early can save you tens of thousands of dollars over the life of your loan.
- Save And Invest Monthly. Having a plan to cover future costs like retirement and medical expenses is the only way to be truly financially free. Begin by investing 10 to 25 percent of your monthly household income. Maximize 401(k) and other low-risk retirement funds.
- Invest Wisely and Give 10 Percent. Diversify your savings portfolio so you can smooth returns and limit losses. Then give 10 percent of your income to those in need. Doing so will transform the way you view money. It will help you appreciate more the resources you have and allow you to bless the lives of others.
As you celebrate financial freedom, we want to celebrate it with you. If you’ve cut up a credit card, started a savings fund, or paid off a nagging loan, share it on social media with our new “That’s Why I Love Wellness” poster and our official Melaleuca hashtag #whyilovewellness.