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Financial Wellness Goals in 2022

March 11, 2022

HOW ABOUT THOSE NEW YEAR’S RESOLUTIONS?

By now, you are probably assessing the goals that you set for New Year’s Resolutions. Are you on track? Have you already derailed? Many goals set at the beginning of a new year are geared toward health and fitness. How about a goal for your financial fitness?

Making financial wellness a priority could help lower stress and ease relationship tension. What does financial wellness mean and what are some steps in which you can achieve that? Here are some tips:

MAKE A BUDGET

  • We all have different styles and personalities. So, do it your way. It doesn’t have to be elaborate. Begin by listing your income and expenses.

LOOK AT YOUR BUDGET

  • Look at the expenses and take note of which ones are needs and which ones are wants. Also indicate which expenses are fixed (same amount each month) and which ones are variable (different amounts each month).

TAKE ACTION

  • Are there any expenses you can trim or cut out totally? How do you get less money going out? Check out our blog, “Can You Prepare for Inflation?” to read about ways to save on food, clothing, transportation, and miscellaneous expenses.

THINK OUTSIDE THE BOX

  • Are there any other ways to bring in more income? How do you get more money coming in? Here are a few idea:
    1. Work overtime.
    2. Get a second job.
    3. Sell some things thru a consignment shop, online or yard sale.
    4. Offer your talents for a fee: teaching piano or guitar, tutoring, pet sitting, yard work, babysitting or you can make and sale gifts.

MISTAKES TO AVOID

  • Not making a budget. A budget puts you in charge of your money.  Just do it. You’ll be glad you did.
  • Living in denial as to how much debt you have.
  • Failing to have an emergency savings fund, adequate insurance, responsible debt and short and long term financial goals.

When it comes to financial wellness, don’t procrastinate. Start today with some of these simple tips brought to you by TVFCU.

 

 

 

 

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