LIFESTYLE & TRAVELBUDGETING

Plan a Financial Wellness Day

The idea of taking a mental health day has become popular over the last few years. How about a financial wellness day? Many of us try to work on our financial to-do lists between classes, shifts at work, or in the evenings. As you know that can be very frustrating when we need support and only have certain business hours to work within. Behavior psychologist, Wendy De LaRosa suggests scheduling a financial wellness day to focus on your personal finances. Below are ideas of what you can accomplish in that day.

Tackle fixed expenses

Review your fixed expense, or bills that stay the same amount month to month. What expenses make your monthly spending plan tight? Evaluate your options such as shopping around for different car insurance, lowering your cell phone data plan, or planning to move to save money on rent.

Have financial conversations with others

If there is anyone sharing your financial responsibilities, have conversations with them to get on the same page. This could be talking with a roommate about ways to cut back on utility costs or checking in with parents on if they plan to claim you on their taxes.

Create a savings goal

Set a new savings goal and create actions steps to reach it. Open a new savings account with automatic transfers to assist you in reaching your goal.

Consider debt payments

Make a list of all your current debts, payment amounts, and balances. Check your credit report to make sure your payments are being reported correctly. Analyze your monthly spending plan and see if there is room to increase payment amounts to one or more of your debts.

Evaluate interest rates

After you list out your debts, know your interest rates. Can your current credit score qualify you for a lower interest rate? Some financial institutions will lower your interest rate, on certain loans, when your credit score increases. Take the time to call and see what your options are; you may even consider refinancing loans with different companies to lock in a lower interest rate.

Change due dates

Do you have any bills with due dates that are always hard to meet? Call and see if you can have them moved to a date that works better with your spending plan.

Redesign online environment

Unsubscribe from promotion emails, or create a secondary email specifically for signing for rewards of subscriptions. These emails can prompt unplanned spending by making you feel like you may miss a great deal.

Spend on happiness

Reflect on your spending habits and think about how they align with your values. Plan to spend some money on things that truly bring you happiness! This could be a vacation or experience with family, or time-saving services.

Schedule follow-up

One financial wellness day may not be enough to accomplish all your plans. Schedule yourself a follow-up morning, afternoon, or a whole other day.

Sources:

https://www.ted.com/talks/wendy_de_la_rosa_10_steps_to_boost_your_financial_health_that_you_can_do_in_a_day