The 5 Elements of Financial Wellness

2/13/2023 Tim Hortberg


The 5 Elements of Financial Wellness

Setting Financial Goals and Creating a Plan: Achieving Financial Success



Financial wellness is a term that refers to the overall health and well-being of an individual's finances. In order to achieve financial wellness, it is essential to understand and manage the five key elements of personal finance: spending, saving, borrowing, planning, and protecting.

1. Spending: Managing your day-to-day expenses and creating a budget is the first step towards achieving financial wellness. A budget is a plan that helps you control your spending and ensure that you are living within your means. By keeping track of your income and expenses, you can identify areas where you can cut back on unnecessary spending and allocate more money towards savings and debt repayment.

2. Saving: Setting aside money for emergencies and long-term goals is crucial for achieving financial wellness. An emergency fund is a savings account that can be used to cover unexpected expenses, such as a medical emergency or car repair. Long-term savings, such as a retirement account, are essential for ensuring that you have enough money to support yourself during your golden years.

3. Borrowing: Understanding and managing debt, including credit cards and loans, is an important aspect of financial wellness. It is important to understand the terms of any loan or credit card you take out, and to make sure that you can afford the monthly payments. Carrying too much debt can be detrimental to your financial well-being, so it's important to make a plan to pay off any outstanding debts as soon as possible.

4. Planning: Setting financial goals and creating a plan to achieve them is essential for achieving financial wellness. This includes setting short-term and long-term goals, such as saving for a down payment on a house, or paying off all your credit card debt within a year. A financial plan should include specific steps to achieve these goals, such as increasing your income or cutting back on unnecessary expenses.

5. Protecting: Insuring against potential financial losses and risks is the last element of financial wellness. This includes having insurance to cover unexpected events, such as a medical emergency or a car accident. It also includes protecting your assets, such as your home and car, by purchasing insurance that covers damage or loss.


In conclusion, achieving financial wellness is a process that requires a holistic approach. By understanding and managing the five key elements of personal finance, you can take control of your finances and create a better future for yourself and your family. Remember, it's never too late to start making changes to your finances and take the first step towards financial wellness.


With help from our financial advisor, Dallas Lee Whittaker, you can manage your finances and achieve your goals. 

Dallas Lee Whittaker

(217) 547-1371

I would like to learn more about Marine Bank's Financial Planning program. Please contact me

Dallas Lee Whittaker CFP®, CMFC®, CLU® 
Senior Vice President

Dallas has over 20 years of experience in all areas of wealth management and financial services. He is passionate about adding value to the lives of his clients through education and addressing their financial goals in a collaborative manner. With a deep knowledge of insurance which is an added benefit when doing financial planning, Dallas is an asset to our clients and the Marine Bank Wealth Management team.

Dallas is a Certified Financial Planner™ and currently holds a Chartered Mutual Fund Counselor (CMFC) designation awarded through the College for Financial Planning and a Chartered Life Underwriter (CLU) designation through the American College. As Senior Vice President of the Marine Bank Wealth Management Department, Dallas focuses on comprehensive financial planning to help individuals and businesses achieve peace of mind in their financial lives with an emphasis on retirement strategies, legacy planning, and generational wealth management.


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