SUMMARY: For Public Health Week, it is not only time to consider your physical and mental health but also your financial health. Here are some of our tips to help create a healthier financial outlook for the future:
With Public Health Week on the way,1 it is not only time to consider your physical and mental health but also your financial health. When your financial outlook is healthier, you will be less stressed and enjoy what all your hard work has given you. Start this Public Health Week by trying out a few tips to help create a healthier financial outlook for the future.
Be Mindful When You Spend
When it comes to spending money, be aware of what you need versus what you want. That doesn't mean you should not buy the things you want, but it does mean making sure your needs and responsibilities are accounted for first. Thinking along these lines can help you make better spending choices and prevent you from regrets when you making a purchase.
Saving early is important for many reasons. First, if you save for retirement early, your money is more likely to grow faster and could provide you with what you will need to enjoy your retirement. What you put aside will continue you be reinvested and hopefully snowball into a larger retirement fund when the time comes.2
But retirement is not the only savings to focus on. Putting money aside for emergencies such as losing a job will better prepare you financially and alleviate stress when problems arise.
Get a Handle on Debt
Burying yourself in debt may lead to significant financial problems down the road and might even prevent you from obtaining some of your financial goals. If you already have debt, create a plan to pay it down as quickly as possible. Limit spending on items that are not necessary. Then budget in an amount for your income that goes toward paying debt down each month. Once your debt has been eliminated, stay on top of any new debt that you accrue.3
Set and Track Your Goals
While financial freedom is always the dream, it may seem like a large goal to obtain. Instead, break down what financial freedom means to you into smaller, easier goals. This could include saving for a down payment on a home, contributing more to your retirement, or building an emergency fund. Check your progress monthly to see how close you are to your goals and what other steps you may take to get there.
Now is the time to focus on your financial health to set yourself up for a stronger financial future. Need help getting financially on track? Contact the professionals at LPL Financial today to schedule a consultation.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.
Investing involves risks including possible loss of principal. No investment strategy or risk management technique can guarantee return or eliminate risk in all market environments.
All information is believed to be from reliable sources; however LPL Financial makes no representation as to its completeness or accuracy.
1http://www.nphw.org/ 2 https://www.investopedia.com/articles/personal-finance/040315/why-save-retirement-your-20s.asp 3 https://www.cnbc.com/2018/10/03/suze-orman-pay-off-debt-asap-and-not-because-it-costs-you-money.html
http://www.nphw.org/ https://www.investopedia.com/articles/personal-finance/040315/why-save-retirement-your-20s.asp https://www.cnbc.com/2018/10/03/suze-orman-pay-off-debt-asap-and-not-because-it-costs-you-money.html
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