Building Financial Wellness in the Year Ahead

Create a Budget

Having a clear picture of your monthly spending in relation to your income is worth the effort. Try tracking your spending for 30 days so you can identify where all the discretionary income is going and identify areas where you may be overspending unintentionally. Based on your findings, build a budget as a “control panel” for managing spending, reducing debt, and saving for goals going forward.

Automate Savings

Rather than saving what’s left over after paying bills and spending, save first. Set up automatic, periodic transfers from checking to savings to establish a “forced saving” habit.

Have Emergency Savings Set Aside

You want to have cash reserve to tap into the event of a job loss, high medical expenses, or some other financial hardship. Work toward having an emergency savings fund worth at least three to six months of basic living.

Save for Retirement

Your employer-sponsored retirement savings plan is one of your most important benefits. Be sure you’re contributing at least enough to the plan to get the full amount of any match your employer may offer. Check in on the plan at least once annually to review your investment mix or possibly increase your contributions.

Tap Into Your Financial Curiosity

Think about spending some time each week to learn about financial topics of interest to you. Talk with friends or family, listen to financial podcasts, or follow financial experts.

Limit Credit Card and Online Purchases

If you’re a spender, credit cards and online shopping are constant temptations. Try resisting the urge to splurge for a month or two and see the improvement in your finances.

Get Help from a Pro

Having open and honest conversations with a financial professional who understands your needs and goals is a great way to put a plan in motion, stay on track and remain focused on your financial wellness.

WAEPA’s Free Financial Wellness Program

WAEPA provides FREE financial wellness planning through our partnership with EY. As a WAEPA member, this program gives you access to important tools and financial advisors to help manage your day-to-day finances and build a retirement plan for your future. Visit EY Navigate to learn more.

Join WAEPA

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