Start your Financial Wellness journey with Fitz Villafuerte

Start your Financial Wellness journey with Fitz Villafuerte
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They say money can’t buy happiness. True enough, but your money mindset can truly keep away unhappiness. 

All of us are thinking about ways to further stretch our incomes especially now as the dreadful COVID-19 pandemic continues. But do we consider how this affects our well-being? 

Notable author of Ready to Be Rich blog and registered financial planner Fitz Villafuerte further explains the first steps on how to begin ones’ financial wellness journey on the Level Up! podcast with hosts Jenn Simons and Firas Abboud. 

According to Fitz, it’s typical to think in the negatives when we start thinking about money- we default to thinking about how bad we are at math; what not to spend on; how we can take away from our  expenditure in order to grow savings, and so on. But we tend to forget one important thing: ourselves. 

Managing your Finances is Like Basic Arithmetic 

He reinforced what Uploan’s data shows: that people who have unstable financial support tend to be less effective at work, and have an unbalanced emotional state. They tend to overthink money issues so that even during work hours, their mind is circling their financial problems. 

Fitz advises that it is better to not overwhelm ourselves with these financial challenges as these are actually simpler than the math problems we’ve encountered back in school.

“If you know how to add, you’re good to go. A lot of people pag dating sa mga sale, if you can calculate how much discount you get, then you’re in the intermediate level when it comes to handling your finances,” he shares. 

 

Think Small to Start

Fitz remarks that all great things had small beginnings. That is why he also underscored that one of the reasons why we fail to step up the ladder of financial wellness is because we haven’t learned how to nurture good habits. 

Managing finances is just like wanting to start a habit that doesn’t require too much willpower. It’s just like any  other aspect of self-development. 

He recommends starting small, just to start somewhere. He calls this doing a ‘micro version’ of your financial wellness plan until you scale up eventually. You can even equip yourself by saving just 1% of your salary then gradually increase it to a larger percentage in the coming months. 

Fitz also highlighted how having a savings account in the same bank where you receive your payroll is one of the best ways to start your financial wellness. Move your savings (remember- it’s just fine to start with 1%) out of your payroll and into a savings account. Even if it’s with the same bank, he described this as a good strategy “remove the money out of your sight” once you receive your salary – think of this as you paying yourself first. Then you can use the remainder of your income to cover monthly bills or obligations as well as your enjoyment. This is what others have called “Income minus Savings = Expenses”

 

Focus on  Your Own Progress

Nowadays, we tend to compare ourselves to what we see around us, and on social media– our friends buying investments, getting into the stock market, going on beach vacations every weekend. This FOMO can make us think twice about how successful we are. It causes us to examine if we are actually progressing in life and if we’re actually financially successful if we’re not living like others live. 

In this episode, Fitz tells us how we should gauge our progress with financial wellness. 

“Don’t feel bad. Don’t compare yourself. Each of us has our own lives and all our circumstances are different. What happens around us, that’s out of your control. what is always within your control are the things you can do for yourself.”

Thinking of starting your financial wellness journey? Go ahead. Just like what Fitz said, it is not too late as long as you start. 

To listen to the whole episode, head on to our Level Up! podcast on Spotify. 

About the Guest: Fitz Villafuerte is a registered financial planner who owns the famous business and investments blog named Ready to Be Rich Content Network.

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