Financial wellness is a journey, not a final exam. That means, as you strive toward your next financial goal, whether that’s getting out of debt or buying a home, don’t be too hard on yourself. The objective is to enhance your financial well-being and live a healthier, happier life. Let’s take a look at five tips to help you achieve your goals without causing undue stress in your everyday life.
- Start Where You Are. Instead of thinking you should have reached your financial goals years ago, start from where you are. For example, track your spending for a week or two before working on your monthly budget. Or set up an emergency savings account and establish automatic monthly deposits before stressing over the financial “what ifs” that can happen to any family. Over time, those small steps will add up and build momentum. Eventually, you’ll realize you are light-years ahead of where you were just a short time before.
- Establish Small Goals for Big Wins. Yes, paying off your student loans or saving enough for the down payment on a house are great goals. But those goals can seem overwhelming. Instead, break them down into achievable actions. First, estimate how much you’ll need to pay per month to pay off a loan or build up your savings to buy a house. Then, set up automatic deposits and stick to the goal.
- Think Outside the Box. Help is out there, including campus resources as well as free or low-fee options from PAHO/WHO FCU. Those might include wellness-builder savings options, financial counseling, free workshops and educational materials, as well as financial literacy programs and coaching. Keep your eyes open and attend a class or event whenever possible.
- Reset Your Financial Life. If life throws you a curveball, give yourself permission to step out of the batter’s box and reassess things. That might include adjusting your budget and minimizing how much you put toward an emergency savings. Remember, it’s just a reset. With time, you’ll likely get right back where you were before life happened.
- Celebrate Your Progress. You’re not looking for perfection. Instead, focus on how far you’ve come. Set aside a time every week or month to review your overall finances, determine if you’ve reached your small goals, and look for more ways to think outside the box.
Boost Your Financial Wellness
More Financial Wellness Matters blogs on topics ranging from financial self-care to protecting your financial health are coming soon. Twice a month, we’ll dig a bit deeper into the relationship between financial health and overall well-being, shedding light on the behaviors and beliefs that drive money relationships. With simple tips and proven insights, we hope to enhance your financial well-being and help you live a healthier, happier life.