How to Create Lasting Financial and Family Well-Being

Balancing financial success with family well-being can be challenging in today's fast-paced world.

Between busy schedules, rising costs, and unexpected events, it is hard not to feel overwhelmed at times. But what if you could simultaneously take small, practical steps to strengthen your finances and your family's happiness? You can do this using the PERMA-V framework designed to improve our well-being.

Let's dive into how each part of the PERMA-V model can make a difference.

1. Positive Emotions

Focusing on positive emotions helps us stay optimistic and approach life's challenges with resilience.

So, start with daily gratitude. Take the time to appreciate what you have and recognize what you've achieved, whether big or small. Also, take time to acknowledge your progress toward any financial goals you're currently working on.

This small change in mindset can help reduce stress and make it easier to handle any financial challenges coming our way.

2. Engagement

Activities that fully engage us flood us with positive chemicals in our brains, enhancing our well-being.

So, start making finances a family affair by creating challenges to strengthen money management skills. For example, you can try budgeting together, saving toward a shared goal, or having a "no-spend day" once a week. Working as a team makes mindful spending fun and helps everyone learn to track and manage their expenses.

Most importantly, it creates a shared purpose for everyone to feel connected.

3. Relationships

Healthy relationships and social connections are essential to a fulfilling life.

As social beings, we all seek to fulfill our need for belonging, safety, and inclusion. So, start talking about your finances with your family. Such conversations can deepen the trust and understanding within the family. For example, share financial goals, challenges, and dreams openly, without judgment.

Supporting each other's financial aspirations can build a strong foundation of shared values and accountability within the family.

4. Meaning

For many, meaning can come from religion, career, etc.

So, first, you'll need to identify what your family values most and then direct your finances toward those priorities. Whether it's a family trip or supporting a charitable cause, these shared values will give purpose to your financial decisions and make your sacrifices more meaningful.

5. Achievement

Feeling a sense of accomplishment is one of the most important things in life.

It reminds us that we've done well and that our lives have meaning. However, goals aligning with your core values come before achievements come.

So, you can start by using the SMART goals-setting framework to help you set your goals.

6. Vitality

Lastly, always be sure to take care of your health.

No amount of wealth is worth destroying your health. So, be sure to consistently sleep well, eat nutritious meals, and work out regularly. Healthy living minimizes the risk of potential long-term medical costs and improves our mental well-being.

So, what are you waiting for? Begin with just one. Gradually add other steps as your family feels more comfortable.

Every small effort toward financial and emotional wellness can lead to lasting positive changes.