Mastering Money: Tips for Financial Wellness

Focusing on improving our diets and increasing physical activity is very important. However, amidst our aspirations for better health, let's not neglect our financial well-being. A recent study by the FINRA Investor Education Foundation found that 60% of Americans have financial anxieties.

What is Financial Wellness

Financial wellness is when you can easily cover expenses, pay monthly bills without stress, and have savings for emergencies. It also involves protecting your family's future with life insurance and estate planning.

Regularly communicating with a financial advisor is essential. This ensures that your financial plans align with your goals.

Here are four pointers to contemplate:

Take it One Day at a Time

To be financially secure, it's important to keep track of your money and make a budget that fits your lifestyle. By keeping track of how you spend your money, you can see where it comes from and where it goes. This can help you save money to pay off debts or save for unexpected expenses.

Set Financial Goals

Are you aware of your retirement savings and its longevity? If not, have you considered devising a plan and plotting the course to reach your target? While retirement serves as a primary instance, other financial aspirations may encompass homeownership or funding your child's education. Establishing short- and long-term financial goals and consistently working towards them can greatly help achieve overall financial wellness.

Protect Against Risk

Protecting yourself and your loved ones from big financial problems can help reduce stress as you prepare for the future. Whether it's through life insurance, health coverage, or bolstering your retirement nest egg, possessing the means to confront and overcome financial hurdles such as unexpected illnesses, injuries, or the untimely loss of a partner can be pivotal for ensuring a financially stable existence.

Engage with a Financial Advisor 

Assistance is within reach. A financial advisor can offer valuable guidance and introduce strategies that may have eluded your consideration. They will help you create a practical financial plan that aligns with your goals towards a successful future.

Bottom Line

Financial wellness encompasses not only covering expenses and saving for emergencies but also safeguarding your family's future and regularly consulting with a financial advisor. By following the outlined pointers—taking it one day at a time, setting financial goals, protecting against risk, and engaging with a financial advisor—you can pave the way towards a more secure and prosperous future, both physically and financially.

Sources:
https://www.kiplinger.com/personal-finance/tips-to-get-your-financial-wellness-in-shape

Disclosures:

This information is an overview and should not be considered as specific guidance or recommendations for any individual or business.

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