And just like that January has come and gone, but let's not lose sight of those New Year Resolutions! Many people make the commitment to improving their health and wellness in the New Year, but your financial wellness is just as important. If financial wellness was not one of your resolutions in 2022 it's not too late to start! Creating financial goals is a great step in the right direction, these goals vary by personal circumstances, so there is a lot to consider along the way.
Wellness actions to consider for 2022:
- Create a financial plan and learn more about financial options and potential obstacles
- Consider age-based milestones as you plan your financial future. Where do you see yourself in the next 10, 20, or 30 years?
- Create a budget and track your spending. Consider ways to save money, such as cutting back on nights out, or canceling subscriptions you seldom use.
- Add to your savings account
- Evaluate your net worth and create a net-worth statement to review and update regularly. As you prepare for retirement, do what you can to take advantage of compounding earning potential in your 401(k) account
- Be prepared for emergencies and unexpected expenses by creating an emergency fund. Rule of thumb, this emergency fund should cover at least three months of living expenses.
- Take steps to pay off debt
- Add notifications or reminders to your digital calendar to help you take care of upcoming expenses.
- Review your portfolio often and work with a financial professional to help achieve your goals.
- Periodically check your credit report to ensure there are no errors. Use it as motivation to pay bills on time and stay within your credit limits.
It may seem like a long list, but financial wellness is well worth it. For deeper insights into your financial situations contact me at Courtney@growtrust.com or (616)949-8300 to get scheduled with one our financial advisors today!