These unprecedented times demand us to focus on the present and be more hopeful for the future, especially when it comes to financial wellness. With insights and resources from CareerSource Central Florida and their partners at Addition Financial, improving your financial well-being is more doable than you think. Get-in-Shape Tips for Your Financial Wellness.
What is financial wellness? It’s all about your relationship with money. Financial wellness refers to an individual’s overall financial health. Here are ten ways to promote a healthier financial lifestyle:
- Set and commit to a budget. You need to know what you’re spending money on and how you can do it wisely. A budget gives you the control and freedom over your finances because you know what you need for expenses what you have left to enjoy.
- Have an emergency fund. Ideally set aside 3–6 months of expenses, but that’s not realistic for many of us, especially given our current economic obstacles. Therefor saving just one month of expenses is easier to do yet still makes a big difference.
- Save money consistently. Get in the habit of “mindlessly” setting aside a modest amount of money. Set up an automatic monthly withdrawal from your checking to savings. You won’t have to think about, yet it adds up handsomely over time.
- Save now for education with a 529 Plan. Whether you have young children now or plan to in the future, opening a 529 savings plan is a smart move. You’ll grow your money tax-free, and help pay future tuition costs.
- Pay off debts in small bites. If you’re facing a mountain of debt, pay off the little ones first. Taking care of smaller bills like department store credit cards can give you the confidence to tackle larger balances.
- Track the due date of your bills. Add the due date of each bill to your calendar. This will not only help ensure you never miss a payment; it helps you plan for these expenses in the weeks ahead.
- Set up alerts in your checking account. No one likes to pay overdraft fees on their checking account. That’s why many financial institutions like Addition Financial let you set account alerts for when your balance is getting low so you can take steps to avoid added charges.
- Don’t over apply for credit and loans. When you apply only for the credit or loans you need, it keeps you credit score healthier and promotes your financial wellness.
- Check your credit report yearly. Get in the habit of checking your credit score and credit report on an annual basis to make sure it’s error-free.
- Get paid to open a checking account! A checking account is a must-have for managing expenses, so why not take advantage of earning free money to open one?! In fact, our partners at Addition Financial will give you $100 for opening a checking account, plus waive the $10 membership fee.
For help with specific financial challenges, check out Addition Financial’s convenient financial wellness courses. From saving for a child’s education to buying or leasing a car, most of these courses are only 20 minutes long, and all of them are free!
Earn More Money with Our Future-Building Career Options
Put these personal finance basics to work for you with a paycheck you can be proud of when you explore the training and employment options at CareerSource Central Florida. From advancing your skills to scholarship opportunities, CSCF helps you thrive in the workforce.
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