It’s a Month for Dollars and Sense
January’s not just a time for recovering from the holiday season…it’s also Financial Wellness Month. Now is an ideal time to take stock of your own 2024 budget and perhaps share some tips with your network on how to improve their financial wellbeing.
Here are some strategies to consider and share:
Create a detailed budget. You can’t manage what you don’t measure, so be sure you’re tracking your income and expenses and setting spending limits. If you followed a budget last year, it’s time to review and tweak if needed. A plethora of apps and online services are available to help with your budgeting needs.
Pay off high-interest debts if possible. Debts with double-digit interest rates, such as carried credit card balances, can be a financial drain. If you have clients who are struggling with high-interest debt, consider referring them to me to explore debt-consolidation strategies.
Set short- and long-term financial goals. Few people stumble into financial security by accident, which is why creating goals is important. Example objectives include establishing an emergency fund (3-6 months’ worth of living expenses), saving up for a specific goal (like buying a new home) or contributing a certain amount of your income toward savings and investments (20% is a common goal).