Custom

3rd Quarter 2017

Saving Forward: Symptoms of Financial Wellness

Symptoms of Financial Wellness In the last issue of the Quarterly News, we asked readers what financial wellness means to them. Nearly 20 percent said it means reducing or eliminating debt; about 10 percent cited long-term saving in their retirement account; and 10 percent said living within or below their means. And more than 60 percent said it means all of those things. Here are a few steps that can work together to help you manage your money now and reach your financial goals.

Track your spending. Monitoring your spending for a month may make it surprisingly easy to see ways to cut back. Doing so can free up money for other goals.

Minimize high-interest-rate debt. Spending a lot of money on interest each month can make it much more difficult to reach the rest of your goals. Make paying down high-cost debt one of your top priorities.

Build your emergency fund. This is a key to avoid landing in debt to cover unexpected expenses, such as car repairs or a leaky roof.

Check your credit report. A good credit record can help you save money on a mortgage, a car loan, and car and home insurance. You can check yours for free every 12 months at www.annualcreditreport.com.

Assess your progress. Use the retirement-savings calculator at www.icmarc.org/ontrack to see if you’re on track to reach your retirement goals.

Financial Poll Question

Answer the poll question, immediately see how others responded. Your responses help us to focus on topics you may find helpful for future Quarterly News articles.

Financial Poll Question

Return to top