by Bo, July 08, 2014
I don’t think any of us plan to have budget or income issues when we craft out our life. We get out of school, start working and eventually our lifestyle forms and our income tends to match our budget. But the fact is, many financial issues can come our way during our lifetime. Some of these issues we can plan for with a good budget and financial plan in place. For other larger issues, like critical illness or market crashes, we may not be able to plan completely or be prepared enough.
Planning for financial wellness is something that you may think you are doing well and granted, we all sometimes fall off the wagon. But sticking to a plan is something we have to do to survive the ups and downs of financial issues through our lifetime.
* Seek the advice of a financial professional – There are so many different methods and vehicles for saving today, it is worth the fee to get a professional guideline and advice for success.
* Protect your health and property with insurance – Insurance was made to protect you from catastrophe so make sure you are using it and have it set up properly for your assets.
* Pay yourself first – Pay into your emergency funds and savings accounts first. Then maximize your bill payments to pay them off quickly.
* Set up strong retirement accounts – You are never to young to start paying into a retirement account. It takes years to develop and grow your retirement so planning for your future retirement starts now.
* Track everything for success – Your overall financial wellness depends on managing your expenses, income and savings all together. By tracking your monthly incoming and outgoing, you know exactly where you are financially all the time. If you have to guess, you need to manage it weekly or biweekly.
Taking control of your finances is not hard but it does require due diligence. Use financial tools and systems that are available to help you be successful and enjoy a healthy financial life. What tips and tricks do you use for financial wellness that you can share with us?