fbpx window.dataLayer = window.dataLayer || []; function gtag(){dataLayer.push(arguments);} gtag('js', new Date()); gtag('config', 'UA-156569540-1');

Financial Wellness In The New Year

Financial Wellness In The New Year


With the new year comes all sorts of resolutions and goal setting. It is excellent to vow to lose weight, eat healthier, spend more time with your family, etc. but have you taken inventory of your finances and your financial goals? Many of us have probably overspent during the holidays, and it is time to get ahold of our financial health and resolve to get our finances in check.

Achieving money–related balance and financial wellness isn’t necessarily about investing a set dollar amount or your ability to pay for something expensive without flinching. It is much broader. It is about getting your entire house in order. It can be as simple as chatting about starting your travel fund, saving $20 a month, or whether or not your company offers a 401(k) match. Financial independence allows us to live the life that we want. It is about developing a healthy relationship with money and feeling a sense of control over short-term obligations while working toward those long-term goals.

An essential first step towards financial wellness is actively talking about your finances. That is not to say you have to divulge personal details about your savings and debt to your whole group of friends, but choosing a mentor or meeting with a financial advisor to put together an action plan can help.

Here are some tips to help get you on the path to financial wellness.

  • Develop goals and identify priorities.
  • Assess your current assets and resources.
  • Identify any barriers to achieving your goals. For example, if you have student debt or large balances on credit cards, tackle these. Then, work with a credit counselor to consolidate your debt and make it more manageable to pay off.
  • Incorporate strategies into your plan like brewing your coffee and preceding that $3 cup from the local chain coffee shop. It’s incredible how small steps add up fast.
  • Put your plan into action. Start saving more for your retirement. Even if it increases your contribution to your 401(k) by just 1% each year, the long-term benefit of this will surprise you.
  • Consider looking into long-term care insurance. According to the statistics, we are all living longer, and more than 70 percent of Americans will require some care in their later years. Talk to your financial advisor today and see which LTC coverage is best for you.
  • Monitor your progress, evaluate where you are, and adjust your plan as necessary.

Good planning and consulting with a financial advisor can take some stress out of your life and get you on the path to financial wellness today!

Engage with the entire Blakely Financial team at WWW.BLAKELYFINANCIAL.COM to see what other financial tips we can provide towards your financial well-being.

STEPHEN LAFRANCE, CFP®, MBA is a financial advisor with BLAKELY FINANCIAL, INC. located at 1022 Hutton Ln., Suite 109, High Point, NC 27262. 336-885-2530.

Blakely Financial, Inc. is an independent financial planning and investment management firm that provides clarity, insight, and guidance to help our clients attain their financial goals.

Securities and advisory services offered through Commonwealth Financial Network, Member FINRA/SIPC, a Registered Investment Adviser.