Financial Wellness

As we approach the end of this year, it's important to take stock of your finances and make any necessary adjustments to ensure you’re on track and ready for the new year. If you’re not sure where to start, here are action steps you can take to help make this your best year yet.

If you want to make the most of the holiday season but finances are tight, not to worry, here are some tips for you. Although you may not be able to spend a lot, there are still plenty of ways to make the holiday season meaningful.

Of all the financial surprises that can arise throughout life, medical debt is one of the most common. Because of this, it can often be difficult to solve, especially considering that medical debt is almost always unexpected.

It's never too soon to invest in a child’s future. Teaching kids solid financial habits is a gift that can pay off for the rest of their lives. Whether you have a young child or a teenager, explaining to your child the value of saving and investing money can better prepare them for independence, even if that's years away.

An important part of estate planning and financial management is determining who should receive your property after you pass away. One way to communicate your wishes and ensure your property goes to the person or entity you intended is to name a beneficiary on all applicable accounts and assets.

Many families aspire to offer their children and future generations a better life than they had growing up. This often involves leaving behind assets and wealth that can help secure their financial future. Estate planning plays a key role in turning this goal into a reality.

It’s never an easy conversation. Your parents don’t want to feel like they aren’t capable of handling their finances, and you don’t want to overstep. But it’s critical that you have a plan in place to help your parents in case they become unable to handle their financial responsibilities without support.

There tend to be three types of people: those stuck in the past, those that are content in the present and those looking ahead to the future. With that being said, it tends to be that the people that are the happiest are the ones in the present!

A crucial part of safe financial planning is having a fund in place for disasters. Many people keep some form of rainy-day fund to help bail them out of financial trouble when an unexpected expense lands on their lap, like an unforeseen home or car repair, a sudden medical issue or something else.

Your innate financial traits and habits play a significant role in your choices, lifestyle and overall well-being and you may not even realize it. By identifying your core behaviors around money, you can gain insight into your money management style and make better-informed decisions to enhance your financial situation.

If you encounter a situation where you need to draw on your emergency funds, the chances are that you'll need access to the money right away. For this reason, emergency savings are typically kept in cash or in a traditional savings account. There are, however, a few other options.

The new year is a perfect time to reflect on your spending and money habits. Just a few small tweaks can make the difference between an early retirement, your ability to switch careers, travel the world, or otherwise achieve the financial freedom you desire.