5 tips to boost your financial wellness
Taking control of your spending, using your HSA, and setting financial goals can all help you improve your overall health. Sponsored by Premera
Money is a major stressor for many people, so improving your finances can be a great form of self-care and increase your personal well-being.
“For me and with [what] I see with clients, financial self-care really means developing habits that work for you and reflect what you want to do with your money, ”said attorney Darcel Lobo. “And to make it even easier, it really is in control of your money, and your money is not in control of you.”
Lobo offers five tips that you should follow to improve your finances and stay in control of your money:
- Understand your current spending habits. You can have bad habits without realizing it, including shopping when bored and impulse buying. Problems usually arise when there is a lack of planning and budgeting of expenses.
- Find a budget method that works for you. Whether you prefer pen and paper or one of the many budgeting apps available, you can find a method to stick with for the long term. Know what your goals are and what your spending should be.
- Check your bank statements. View your total weekly or monthly expenses. You may be using your debit card without knowing where the money was spent. This can help you identify habits and reduce unnecessary spending.
- Set up automatic payments and contributions to an HSA. Set up automatic payments for necessities like rent, mortgage, car loan, etc. Also, double-check your paychecks and deductions to maximize savings, especially for what your employer equals like 401k. Use an HSA to benefit from tax savings and save future health expenses for you and your family.
- Set financial goals. This can keep you motivated and ensure that you stay on track. Make them small and doable. This will help you build momentum for financial self-sufficiency. Goals could be to pay off a credit card by the end of the year, create an emergency fund, or build up a small savings.
The road to financial wellbeing can seem daunting, but these simple tips can help you stay on track and achieve your goals.
“It’s not scary,” said Lobo. “It doesn’t have to be.”
To learn more about practicing financial self-care, visit the Premera website.
Sponsored by Premera as part of the special presentation “Self-Care Essentials” by KING 5th segment producer Rebecca Perry. Check out New Day Northwest at 11:00 AM on weekdays KING 5 and stream it live on KING5.com. Contact New Day.