How to improve your financial health


Start by doing a self-check to determine your financial health. See where your accounts are now, including statuses and balances. Your account balances can be used to calculate your net worth, which is a numerical indicator of your overall financial health from an accounting perspective.

Also consider your feelings and relationship with money, including the emotions you have when someone brings up money-related topics. Next, determine if you are a saver or a spender. Understanding how you feel about your finances and why you have those feelings can help you improve your overall financial health, along with this advice from the financial experts at Kinly, a financial services company helping black America build generational wealth.

Set financial goals
To improve your financial health, start by setting SMART financial goals (specific, measurable, attainable, relevant, time-bound) for the short, medium and long term. SMART goal setting can help you be more specific, provide a way to measure your progress, allow you to create a plan to make things more achievable, make sure your goals align with other goals, and provide deadlines, so your financial goals aren’t. get lost in the chaos of everyday life.

Create a money plan
A money plan is a guide that details how you want to use your monthly income. This plan should take into account the money you want to save and the money you want to spend. As you add to your spending list, take this opportunity to see where your money is going and if your spending matches your financial goals. This is also an opportunity to look for ways to reduce or eliminate expenses so that your money can be used for things that are important to you, like saving for a down payment on a car or a house, or buying a home. item from your wishlist.

Develop your financial knowledge
Explore ways to become more comfortable with money and take control of your financial future. Your relationship with money and what you think about it make up your money story. Money stories involve emotions, beliefs, and experiences with money from childhood through adulthood. Start by spending 10-20 minutes each day exploring topics related to money or personal finance to help build your knowledge base. You can do this by listening to podcasts, reading books, browsing reputable personal finance websites, or exploring financial education resources provided by your financial institution.

If you need a more personalized approach to developing a better relationship with your finances, consider working with a financial coach. Your financial coach can work with you on a range of fundamental money management skills. For example, a financial coach can help you overcome your financial anxiety or develop a debt repayment strategy. The Coach can guide you, teach you, empower you, and challenge you to become a smart money user.

When determining your financial health, remember that personal finances are personal. The financial decisions you make today impact your overall financial health. Figure out what financial success looks like to you, and incorporate mindfulness, resources, and other financially beneficial strategies to help you improve your relationship with your finances. Find additional tips and resources to help you manage your money on bekinly.com.

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French Michel
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editors.familyfeatures.com

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