Boost Your Financial Wellness: 8 Proven Strategies That Work

1. Create and Maintain a Budget

A well-structured budget helps track income and expenses, ensuring that your spending aligns with your financial goals. Having a budget in place is a foundational element of any financial wellness strategy, helping you stay in control of your money.

Free download: How to Create a Budget in 8 Steps >

2. Establish an Emergency Fund

Aim to save at least three to six months’ worth of essential expenses to provide a financial buffer against unexpected costs. This is a particularly effective way to boost your financial resilience.

3. Look For Ways to Reduce Discretionary Spending

Identify areas where you can cut back, such as dining out or subscriptions, and redirect these savings toward financial goals.

4. Automate Savings

Set up automatic transfers to your savings and retirement accounts to make consistent saving effortless.

5. Manage and Reduce Debt

High-interest debt can be a major roadblock to financial wellbeing. With steep interest rates, it’s easy for balances to grow faster than they can be paid off. Make a plan to tackle your highest interest debt first, and consider consolidating where relevant.

Related: 5 Tips to Take Control of Your Financial Life > 

6. Invest for Long-Term Growth and Income 

Start by contributing to retirement accounts like a 401(k) or TSP, especially if your employer offers a match, or an IRA. Focus on a diversified investment strategy that includes stocks, bonds, and other assets to build wealth over time.

Explore WAEPA’s Federal retirement planning resources > 

7. Monitor Your Credit Scores

Regularly check your credit reports and take steps to improve your scores, such as paying bills on time and reducing debt. 

8. Meet with a Financial Planner

A professional can help you create a personalized financial plan, optimize investments, and navigate major financial decisions.

By implementing these strategies, you can strengthen your financial resilience, reduce stress, and work toward financial wellness. 

WAEPA’s Free Financial Wellness Program

WAEPA members have access to a free Financial Wellness Program through our partnership with Ernst + Young (EY). This program includes access to tools and financial advisors to help manage day-to-day finances and work towards long-term goals.