The Triada HRM team wants you to feel confident not only in your physical and mental health, but also your financial health. We’ve put together 5 tips to help you take hold of your financial health by creating a plan and hopefully reduce your stress!

Assess your current standings. Take the good, the bad, and the ugly all into consideration. You’ll want to look at (or create) your monthly budget and overall financial goals. Then jot down all debts that need to be squared away along with due dates, minimum amounts due, interest rates, etc.

Pick a plan of action. Decide what payment strategy works best for you. For some, paying down the debt with the largest interest rate makes the most sense in the long run. Or maybe tackling the smallest balance first and eliminating that bill first is a better option. No matter what strategy you use, make sure to always pay on time!

Cut back where you can. This is prime time for utilizing coupons and comparisons ads when stocking up on your essentials, cutting back on anything that is not necessary, and looking for additional savings in your fixed expenses. Can you save any money on subscriptions or reduce your phone/cable bill? You can also adopt small changes like carpooling more often, having breakfast and coffee at home, bringing lunches to work, going to free local activities instead of the movies, etc. to save even more.

Double up on payments. Using your savings from cutting back, try to double your minimum payments for a few months. If you cannot do double, add whatever you can. Extra money per payment will go directly to your principle balance, which will help you pay it off that much quicker!

Save! Once you feel that have recovered and reached a comfortable position, continue using your budgeting skills and put money that used to go towards your debts to savings instead. Building 3 months’ emergency fund, contributing more to your 401k retirement plan, or even saving a little bit each month to go towards the next holidays will leave you much more prepared and less stressed about the future.

 

Find out more at www.uwac.com