One of the five essential factors to well-being, as listed by the GALLUP/Healthways Well-Being 5 framework, is financial well-being. Financial well-being does not necessarily focus on the amount of money an individual makes to measure financial success. Instead, it pertains to how well one is able to manage his/her finances, create a stable income, and establish a degree of stability that leads to contentment with overall lifestyle. According to research conducted by GALLUP, financial stability is critical to overall well-being due to the stress it can bring on a daily basis, which can lead to a digression in the other four aspects of well-being. Someone who has financial security has more time to work on the other factors of well-being, such as spending time with friends and family.
Considering how financial stress can create a deficit in all aspects of well-being, it is important to be familiar with some of the ways that one can manage his/her finances in a positive way. Some simple steps that can help alleviate financial stress are:
- Monitoring daily spending habits
- Planning ahead for large expenses in the future
- Maintaining necessary insurance coverage
- Developing a rigid plan to get out of debt
- Seeking advice from a financial expert or advisor
GALLUP has also provided three recommendations that one can follow in order to boost financial well-being:
- Gain positive experiences by going on vacation
- Spend money on others instead of purchasing individual possessions
- Create automatic payment plans in order to reduce constant stress about money
With financial stability, it becomes easier to maintain a positive lifestyle and to work toward achieving future goals. According to GALLUP, how one manages and spends his/her money is the key to determining if he/she sustains financial well-being.
It is the IACP’s position that no injury to or death of a law enforcement professional is acceptable. The IACP Center for Officer Safety and Wellness strives to improve awareness on all aspects of officer safety, health, and wellness. Please feel free to contact the Center at firstname.lastname@example.org and let us know what well-being means to you.