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Back Jan 13, 2023

Financial Wellness Tips You Can Follow All Year Long

Financial Wellness Tips You Can Follow All Year Long

Since many people use the start of a new year as an opportunity to make positive changes to their lives, it’s very fitting that January is Financial Wellness Month. There are small actions you can take to ensure every bit of cash you earn is used valuably. These tips below should help you start off your year with wise money habits that you can continue to practice even when Financial Wellness Month is over.

1. Do Not Neglect Your Emergency Savings

A 2022 Bankrate survey found that only around four out of 10 Americans have enough money saved for an unexpected $1,000 expense. Don’t underestimate the value that comes from putting what you can into your savings for emergencies. This way, you can afford a suddenly needed car repair or a flight and hotel stay for a family emergency. This small step that you take to prepare for the unpredictability of life can help ease some anxiety about the future.

2. Include Long-Term Goals in Your Budget

When creating or making changes to your personal budget, remember these four factors: how much money you currently have, your salary, your monthly expenses, and how much money you owe. After doing so, you might wonder what to do with any extra money that you may have once all of your bills are paid and necessary shopping is done. Do you spend it on a new pair of shoes? Or how about the latest version of earbuds? There’s nothing wrong with treating yourself, but it might be more rewarding to set long-term goals and save up for even bigger purchases. For example, have you and your family always wanted to go on a vacation to Italy? Or maybe your children are out of the house and you finally have the time to explore a pricey hobby like ballroom dancing. Considering these elements when deciding what to do with your extra cash sets you up to make the most out of your finances.

3. Make Room for Self-Care in Your Budget

Self-care activities and habits can lead to a better quality of mental health, which can lead to a more productive life, which can of course help you financially. Self-care activities don’t have to cost that much. They can be as small as buying a new journal. However, don't be afraid to treat yourself to more expensive self-care purchases like a spa day!

Once you’ve paid all your monthly bills and put money away for your emergencies and goals, set aside some funds for self-care. Look at these purchases as rewards for your hard work and opportunities to recharge.

4. Find and Use the Right Financial Calculators for You

When reviewing your finances and editing budgets for current and future expenses, use a financial calculator to make everything easier. Northfield Bank even has a wide variety of financial calculators available on our website. So whether you’re trying to calculate how much money you’ll save by packing your office lunches or whether or not you should refinance your mortgage, we’ve got you covered! Our financial calculators can be used here: https://www.enorthfield.com/calculators