In this series for Money Smart Week, Everwise Credit Union is sharing tips on personal finance.
Use these eight tips to make financial wellness a routine:
1. Set reminders.
Utilize calendar alerts or apps such as budgeting software as reminders to review budgets, credit reports and retirement accounts. Set these reminders for specific times on a regular basis.
Budgets need to be reviewed and adjusted every few months to ensure they still work for present life circumstances. Fluctuations in consumer prices, income and various life expenses need to be accounted for.
Check each of the three credit reports once a year, at a minimum, to make sure the information is accurate, and no unknown accounts have been opened. Get a free copy of your credit report from each credit bureau once a year by visiting annualcreditreport.com.
Take time each week to review retirement accounts and to assess how they are performing.
2. Use visual aids.
Post visual reminders, such as sticky notes or a whiteboard, in prominent places such as a desk or refrigerator. These can serve as daily reminders to check on the key factors that contribute to financial health, such as a budget, credit score, debt-paying journey, or progress on saving for a new car, vacation or other short and long-term goals. Words of encouragement can be powerful reminders.
3. Automate your budget and savings goals.
Use budgeting apps or software that automate some aspects of budgeting, such as tracking expenses or categorizing transactions. This can make the process easier and more efficient. It could highlight opportunities to increase payments toward debt to make it disappear sooner.
4. Make it part of your routine.
Consistency is key. Try to make reviewing financial health a habit by associating it with another regular activity, such as checking email or cooking dinner.
5. Involve others.
Involve a partner, children or close family members in the financial wellness journey. This not only helps share the responsibility but also serves as a reminder when discussing financial matters.
6. Track your progress.
Review budgets, credit and retirement accounts regularly to keep track of progress toward reaching financial goals to stay aligned with short-term and long-term financial objectives. It also instills a sense of discipline and accountability in managing money. Seeing that progress can be very motivating and reinforce good financial habits.
7. Reward yourself.
Consider rewards for sticking to a financial wellness routine. It could be something small, such as a coffee or a movie night, as a way to celebrate achievements and financial discipline.
8. Reflect and adjust.
Periodically reflect on lessons learned in this journey and adjust as needed. Life circumstances and financial priorities may change, so staying flexible and adapting accordingly is important.
Celeste Jones is an Everwise Area Manager in Central Indiana.
The information provided is for educational purposes only. The views and opinions expressed are solely those of the author. This information should not be considered to constitute financial, tax, legal, or accounting advice or recommendations. Please consult with an attorney, financial or tax professional for guidance.
