6 Tips for Your Financial Wellness

Here are 6 tips to get started. 

Review and Set Financial Goals 

• Evaluate your current financial situation by calculating your income, expenses, debts, and savings to understand where you stand financially.
• Set clear, measurable financial goals. These can include paying down debt, building an emergency fund, saving for retirement, or saving for a big purchase like a home or car. Make sure your goals are specific, achievable, and time bound. 

Create (or revise) Your Budget 

• Track your spending. You can save time by using budgeting tools or apps to monitor where your money is going and look for ways you can cut back and save more.
• If your income or expenses have changed, revise your budget to reflect these changes. Make sure to include your savings goals in your plan. 

Start (or build) an Emergency Fund 

• Set aside 3 to 6 months' worth of living expenses. This will provide a financial cushion in case of unexpected situations, like job loss, car breakdown, or medical emergency.
• Even saving a small amount each week adds up over time. Gradually build this fund as part of your overall savings strategy. 

Pay Down Debt 

• Tackle credit card debt first because typically those come with high interest rates. Focus on paying it off before moving on to lower-interest debts like student loans or mortgages.
• If you have multiple debts, consider consolidating them into one loan with a lower interest rate that can simplify payments and save you money on interest. See our debt consolidation promotion. 

Educate Yourself 

• Attend financial wellness workshops to learn more. Members Trust offers free financial education webinars on a variety of topics. Take advantage of these resources to improve your financial literacy.
• Read our blogs about personal finance. The more you learn, the better equipped you’ll be to make sound financial decisions. 

Seek Professional Help 

• Consider working with a financial planner for personalized advice. Meeting with a financial advisor can help you make informed decisions about investing, taxes, retirement, and more.  
• Seek credit counseling if you're struggling with debt. Credit counseling services can help you develop a strategy to get back on track. 

By focusing on these financial wellness tips, you can create a solid foundation for a healthier financial future. Every step you take in January can set the tone for a financially secure year. 

Reach out with any questions. Members Trust is ready to help.