Guidance on emergency savings & financial wellness
Is my financial wellness strong? This is a fundamental question that you should be asking yourself if you are an adult earning a stable income. Financial Health, similar to physical well-being, is integral to your personal and professional well-being. A person is said to be financially well when they have enough income or savings to:
- Cover their expenses
- Clear their debts
- Help in state of emergency
- Make choices that allow one to enjoy life
This article will tell you how to manage money to enjoy a happy, stress-free, and financially secure life.
But first, let’s look at why financial wellness is so important
Why Financial Wellness is a Must-Have Employee Benefit
How to Achieve Financial Wellness
- Make note of where your money goes and use this knowledge to build your daily budget.
- Take advantage of the 401(k) match program, if your employer has one.
- Build a safety net by immediately saving a month’s worth of take-home pay.
- Clear high-interest debt as soon as possible.
- Use up to three or 6-months of take-home pay to contribute to your emergency funds
- Once you’ve taken care of high-interest debts, it is advisable to tackle any medium-interest debts you might possess.
- Start making investments with plans to accomplish long-term financial goals.
Becoming Financially Stable
Even with the above guide serving as a comprehensive introduction to wellness, the actual endeavour of accomplishing financial security proves to be overwhelming for some. This is where we at Integrated Financial Services come to your rescue. We are home to trained financial advisors who possess the insight needed to guide you through the complex decisions, tax concerns, and financial policies closely tied to your wealth management. Suffice to say, if you are looking for a reliable ally to assist you with wealth management in Grand Rapids MI, then look no further than Integrated Financial Services.
