Financial wellness is just as important as physical and emotional well-being. Try these healthy financial habits to reduce stress and help you achieve your long-term goals like buying a home or saving for a child’s college.
Create a budget. Knowing where money goes each month can help you set parameters for living expenses, bills, savings, and discretionary spending.
Live within your means. Spending less than you earn helps to bolster savings for an emergency fund, big purchases or saving for retirement.
Pay off debt. Make a plan for paying off loans and credit card balances as quickly as possible to reduce interest and improve your credit score.
Automate savings. Pay yourself first! Set up an automatic transfer to a savings account after each payday. Aim to save at least six months’ salary for emergencies. Even $25 a week can add up to $1,300 in one year.
Save for retirement. Automatically deduct retirement from your paycheck. Contribute as much as you can to employer-sponsored retirement plans, especially if your employer makes matching contributions.
Consult an expert. For information and resources to help improve financial well-being, contact your employer’s Employee Assistance Program (EAP) for financial consultation services or hire a financial advisor to structure investments so you can gain tax advantages.