Financial wellness is not about how much money you have.
Everyone dreams of a retirement filled with many healthy and happy years. Don’t let money matters take away those dreams and harm your health. Even if you’re a little behind in your planning, you can still make the most of this time in your life. It’s never too late to start saving and boosting your financial health.
So how can you boost your financial wellness? For starters, it’s vital to have a good grasp of your finances. You don’t want to wait until you have money problems before getting a clear picture of your finances. Here are some steps you can take to make sure you stay financially healthy.
Step 1: Make a budget
A budget will show you at a glance if you are spending more than you make. To start, make a list of all the money that comes in each month and how much goes out. List your salary, Social Security payouts, pension, 401k disbursements, or annuity or bond payouts. On the expense side, list all your bills and other costs, like food, gas, clothes, and so on. Don’t forget your health care costs. The next step is to tailor a budget so that your expenses are lower than your income each month. That way, you’ll have enough money to save and reach your financial goals.
Step 2: Cut out things you don’t need
Some people have more “fun” money than others. But most people may need to tighten the belt from time to time. If your expenses are higher than your income, look for places you can cut down. If you keep spending more than you bring in, you may go into debt. The bigger your debt grows, the harder it becomes to pay off. Debt can raise your stress levels, derail your goals, and harm your financial wellness.
Step 3: Pay down your debts
Make sure you set aside enough money in your monthly budget to pay down your debt. If you have credit card debt, make repaying that a top budget priority. And try to pay off new expenses in full each month. This way, the interest doesn’t add to your debt.
Step 4: Organize and protect your documents
Sort through your documents and keep them in order. You might be able to find some of your papers online, so you don’t need hard copies. Store papers you do need to print in a small fireproof and waterproof box. Or you could store them in your safety deposit box at the bank. These may be mortgage papers, insurance papers, and stock certificates. Be sure your family members can get to these papers if needed.
Step 5: Get help
You may want to talk with a financial advisor. He or she can help you plan your long-term goals. An advisor can help get you on the right track and teach you how to make your money work for you. If you bank with a credit union, they may have free financial planning services. Just be sure to choose an advisor wisely. And keep in mind that you are not obliged to follow any guidance you are not comfortable with.
Depending on your income, you may also be entitled to financial assistance to pay utility bills or groceries. Call your local Council on Aging or Senior Center to find out if there is aid in your area that you may qualify for.
Not a member? You can find more helpful healthy living tips like this by joining the Silver&Fit® program today! Learn more about everything the program has to offer here on our website.
This information is not intended to take the place of regular medical care or advice. Please check with your doctor before using this information or beginning any self-care program.
References
Consumer.gov (n.d.). Managing your money. Retrieved from https://www.consumer.gov/section/managing-your-money
Consumer Reports (2018). 5 Things to now about financial wellness programs. Retrieved from https://www.consumerreports.org/financial-planning/things-to-know-about-financial-wellness-programs/
Fay, B. (n.d.). How to create and manage a budget. Retrieved from https://www.debt.org/advice/budget/
Mapping your future. (2024, June 26). Manage your money. https://mappingyourfuture.org/manage-your-money/ https://mappingyourfuture.org/manage-your-money/
Money Advice Service (n.d.). Beginner’s guide to managing your money. Retrieved from https://www.moneyadviceservice.org.uk/en/articles/beginners-guide-to-managing-your-money
This article was written by Jason Nielsen; edited by Candace Hodges; and, clinically reviewed
by Elizabeth Thompson, MPH, RDN.
