Health Meets Wealth
When we think of health and well-being, we may first think of physical fitness and behaviors like healthy eating and a well-established exercise routine. Finances may not initially come to mind; however, having a healthy financial life can be the cornerstone of an overall healthy life. This doesn’t mean that wealth is necessary to be healthy. The Consumer Financial Protection Bureau defines financial well-being as having control over your ongoing finances, the capacity to absorb a financial shock, being on track to meet financial goals, and having the financial freedom to make the choices that allow you to enjoy life. Of course, temptation is everywhere these days. Unbudgeted purchases are often just a click away, and marketing techniques continue to get more personalized and persuasive. Here are a few tips to help you stay on the right track:
- Pay yourself first. Decide how much you want to save each month and set up an automatic transfer for that amount to your savings account. Be sure to also take advantage of any automatic contributions to a retirement account available through your employer.
- Take a break before making a purchase. Dave Ramsey suggests that one of the best ways to avoid a bad purchase is to wait overnight. You may not even have to wait that long. Often just leaving the store can help you think more clearly about whether it is a good purchase for you.
- Set and track your goals. Studies show written goals with ongoing tracking are keys to success. Check out apps or tools available through your bank, or check out this list of the best financial apps of 2019.