The new year is truly upon us and January is Financial Wellness Month. Wellness means different things to everybody, so contemplate what it would mean to you to be “well” financially. It could be understanding your investments, knowing how to save or create a spending plan, confirming if you are on track for retirement, comprehending all the options for a college savings plan or paying down debt.
There are a lot of different choices to start you on your way to wellness. For tracking expenses, consider using an app. Research which ones have the features you may need (recurring costs, link to your bank account, sharing data) and then find the one that is easy for you to use.
For learning about topics you are interested in, consider your current brokerage, mutual fund or investment company. Many have short (5 minute or less) videos about various topics along with short articles. There may also be videos on streaming services. Be aware that these options often want to help you to invest your money.
Your employer may also offer free, in depth, unbiased classes on a variety of subjects. Employers are realizing that morale and productivity increases when employees are physically, mentally and financially well. If your employer does not offer financial wellness as part of the benefits package, they may need a nudge or many requests to include financial classes.
Whatever area you feel the need to explore to create your feeling of wellness, there is a great resource out there to help you. If it feels overwhelming, just take it in small, bite size pieces. The financial knowledge you gain will build on what you already know. You will become an informed financial consumer and feel “well.” Happy January.