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Do you know where your money is going each month?
Many individuals feel stressed about money on a regular basis. Financial wellness should be an important part of our everyday lives. What does financial wellness mean to you?
Financial wellness is having control of your daily to monthly finances. It is having the capacity to absorb a financial devastation. Conclusively it is staying on track to meet your financial goals and have the financial freedom to make the choices that allow you to enjoy life. Improving your financial health takes work and the sooner you start the better. However, it is never too late to start improving your financial goals.
The following are some tips to help you achieve financial wellbeing:
- Consistent Income: Financial wellness starts by having a reliable income and knowing that at a consistent time, you will be paid a certain amount. Consistent income is vital to starting a plan towards your financial goals.
- Creating a Budget: Having a plan will help you prioritize your income and allow you to sort your money by fixed expenses and flexible expenses, it is always helpful to see the full picture of your spending patterns. For example, write down the due dates for your bills on a printed calendar that you can look at regularly as you plan for the weeks ahead. Your goal should be to create a budget that is based on your monthly income, expenses, and savings, and then live within your planned budget.
- Start an Emergency Fund: The purpose on an emergency fund is to have money available when you face unforeseen circumstances. You should plan to have three to six months’ worth of expenses saved in an account. However, you save what you are comfortable with and can realistically save without utilizing it until necessary.
- Understanding Your Credit: Your credit score is a vital part of your financial health. For example, late payments, too much debt or high balances negatively affect your credit score.
Start Your Retirement Planning: Retirement planning knowledge is vital to financial security. Are you saving for retirement and contributing money for your future? The earlier you begin; the more compound interest goes to work for you in your future.