You hear a lot about the value of keeping physically fit, but do you keep your money in shape too? Financial wellness isn’t about how wealthy you are. It’s about the health of your finances, regardless of your income. It’s knowing you can pay your bills, save money each month, and have enough cash left over to live without financial worries.
Throughout the month of May, FinPath is partnering with Salary Finance, a benefits provider focused on low-interest employee loans, to share inspiration, tips, and best practices to help you live financially-well. Follow the campaign on Facebook, Instagram, or Twitter!
As you prepare to work on the next 31 days of Financial Wellness, get started with the following tips.
Reset Your Attitude towards Money
Your attitude about money matters. Use the power of positivity to reset your outlook on money. Remind yourself that you are worthy of managing your finances and not allowing them to control you. When you make an intentional mental switch, you can make the behavioral switch you need too. Move forward feeling confident that you are on your way to a successful financial future.
Talk about your money with your partner
Talking about money can feel uncomfortable, but refraining from talking about money denies you the opportunity to learn from your partner. Openly share your honest thoughts and experiences on financial matters. Start by talking about future goals and where you see yourselves in 5, 10, and 30 years. Talking about your hopes and dreams can deepen the conversation into making a plan on how to get there. Make it a habit to chat about money regularly and try reaching an agreement on everything financial as partners.
Become a better saver with automatic savings
Remove the step of personally moving money into savings by setting up a direct deposit into a separate account. Considering having a percent of your paycheck deposited directly into the savings account or having a weekly transfer from your checking account. Talk to your partner and find the best method together.
Use the 50/30/20 budget rule.
You’ve probably heard seen this classic rule. 50% of your income goes to “needs” like groceries, housing, utilities, health insurance, car payments, and car insurance. 30% goes to “wants” like Netflix, gym membership, and cosmetic repairs to your home. Come to an agreement on these items with your partner. 20% goes to savings and debt repayments. Note: the minimum payment on any debt is a “need” and it counts toward the 50% category. Any additional funds that go towards debt repayment fall into the 20% category.
Take action and call an expert
Begin to read finance-related books, blogs, and articles. Challenge yourself and your partners to become more financially literate. Having a basic understanding of financial literacy is important to stay on track and can even help you select the right advisor. For the more technical aspects of growing wealth, seek an expert who aligns with your needs, and has dedicated their life to financial planning. Schedule a TeleWealth Virtual Meeting and receive help from an advisor with building a plan to reach your goals and explore alternative solutions that you may not consider on your own.
Update: June 1, 2020
Watch a recap of our 31 Days of Wellness