Special podcast: Financial wellness and New Year’s goals with Teana Sykes

MANSFIELD — Wellness can take many forms, from physical and mental to emotional and relational.

But what about financial?

There’s no one definition of financial well-being — it can be defined as financial security and freedom of choice or the ability to meet one’s needs and manage money in the short and long term.

Some experts say financial wellness is about more than just dollars and cents — it’s about how a person thinks about money and whether financial woes keep them up at night.

In this special episode of Source Daily, we sat down with author and financial coach Teana Sykes to talk about her own definition of financial wellness and how to work towards it.

She also shared insights on different approaches to debt repayment and about how to talk to kids about money.

Sykes is a graduate of Mansfield Senior High and the Ohio State University, where she earned a degree in actuarial science. In her spare time, Sykes spills the tea on all things personal finance via her Tea Talk accounts on Facebook and Instagram.

Start with a budget

Sykes’ advice for anyone looking to set a financial New Year’s resolution is to understand their current financial state and go from there. That means analyzing expenses and making a budget.

For those struggling to make ends meet, Sykes offered a word of encouragement.

“First I’ll say, I’ve been there and there is a way out,” she said.

Sykes’ passion for personal finance started when she became pregnant with her first daughter while still in high school. During a visit to the grocery store with her mom, she examined the price of baby items and began to realize just how expensive raising a child would be.

“It was in that moment that I was resolute in the idea that I was going to be independent,” she said. “I was going to do what was necessary so that I could not only take care of myself, but also my daughter.”

Sykes said starting with a budget is crucial for understanding your finances and making a plan.

“Looking at your budget determines whether you have an income issue or a spending issue,” Sykes said.

“If you have a spending issue, take steps to change it. It doesn’t have to be a drastic change. These can be baby steps.”

“(If it’s an income issue) take a look at your skillset. What are you using at your current job that could perhaps make you more money, whether at that organization or elsewhere? What are your passions that you can turn into money? Do you do nails on the side? Can you braid someone’s hair? Can you fix the sink and earn an extra 50 bucks?”

Beyond the budget

For those who earn more than they spend, Sykes recommends thinking ahead. Setting funds aside for retirement, creating an emergency fund and paying off debt are great places to start.

But saving isn’t just for major life changes. Sykes said it can be helpful to think about what’s coming up in the next few months and set money aside for short-term goals and expenses.

“Do I have a birthday that’s coming up or baby shower or graduation? Am I going to need tires?” she said. “These are the things that we have to navigate in life and looking ahead is the best way to do that.”