Miria Gray, Assistant Vice President and Community Education Officer of Chelsea Groton Bank, is responding to hot topic questions in this installment of Ask an Expert!
What is Financial Wellness?
“Just like you address and monitor your body’s wellness, you can do so also with your financial health. Financial wellness refers to the overall health of your financial situation, how well you manage your money regarding day-to-day finances, planning for the future, and enhancing financial flexibility and independence.”
How do you practice Financial Wellness?
“Practicing financial wellness can look a little different for everyone—it really depends on what you’re trying to work on. For some people, it starts with just learning the basics, like how banking works or how to set financial goals. For others, it might mean building an emergency fund, paying down debt, sticking to a budget, or starting to save for retirement. The most important thing is taking small, intentional steps that move you in the right direction. And honestly, just by being curious and wanting to learn more, you’re already taking a big step toward financial wellness.”
What are the best tactics to stick with a budget?
“There’s no one-size-fits-all way to stick to a budget, but there are definitely some tricks that can make it easier. First, be realistic with yourself— don’t try to cut everything all at once. Start small. Maybe it’s skipping that daily coffee run and bringing your own from home. Little changes like that really add up. Next, track your spending so you actually see where your money’s going—that awareness makes a big difference. Make sure your budget lines up with when your bills are due so things feel manageable, not stressful.
And let’s be honest—impulse spending is tough. One thing I always suggest is the ‘wait three days’ rule. If you still want it after a few days, it’s probably not just a passing urge. And remember, you don’t have to figure this all out alone. Your local bank—like us at Chelsea Groton—is a great place to ask questions and get support. We offer free financial wellness classes all year long. Come join us and take that next step.”
Do you have a financial question you’ve been eager to ask? Email marketing@chelseagroton.com and be on the lookout for your answers in a future post! Looking to talk directly with one of Chelsea Groton’s subject matter experts? Connect today!
