If 2020 taught us anything, it’s that we’re all financially vulnerable. When COVID-19 hit, how did you feel about your finances? Were you worried about your job? Did you wonder if being self-employed would sustain you in this new climate? Did you worry that your rainy- day fund wasn’t quite enough?
Most people asked themselves these questions and more. It’s an unsettling feeling not knowing if you would be financially secure now or even a few months down the road.
But how do we move from this place of vulnerability and into a place of financial wellness?
Before you can do anything, decide what financial wellness means to you. Is it to have an emergency fund large enough to get you through a few months or a few years? Is it to have enough money to get you through retirement?
Once you define your definition of financial wellness, take these steps.
- Create a budget. It’s hard to manage your money without it. Monitor your income and expenses – this is how you plan to create the savings you desire and/or need. It’s a physical representation of your financial life.
- Save an emergency fund. This is non-negotiable no matter what financial wellness looks like to you. You need an Emergency fund to get you through any emergency including a pandemic. Even if you can only save a few dollars now, save what you can. The more consistently you save money, the more financially stable you’ll be. Compound interest and regular contributions are the key to saving a proper emergency fund.
- Cut back on your expenses. Once you have a budget set, you’ll see where you have overspent. It’s easy to spot when you’ve exhausted your money. Figure out where you overspend and see what you can cut back or change to prevent you from going over budget.
- Get help from a Financial Professional. The right Financial Professional will meet you are and help you learn how to achieve your financial goals.
To achieve financial wellness, it’s time to take control of your future. Knowledge is key and we’re here to help you every step of the way.
Are you ready to learn how you too can achieve financial wellness? Contact us today by emailing moreinfo@moorerfreedom.ca or calling 647 948 0010.