October 5, 2015

By: Vanessa Brown


October 5, 2015

Your mortgage is due on the 15th, utilities by the 10th, insurances need to be covered by the 28th, and what about setting aside for your savings every 1st of the month? Your personal finances can be a complicated affair. Understanding and organizing your expenses is key to maintaining fiscal health and improving your overall financial wellness.

Isn’t making as much money as possible considered financial wellness? While many people try to live their lives comfortably, that is by no means considered being financially well. Financial wellness is having a comprehension of your economic situation, and being able to account for unexpected changes – health not wealth.

Taking the reigns of your economic health isn’t rocket science, but it’s also not as easy as passing “go” in Monopoly. Through the simple effective steps below, you can work toward obtaining improved financial wellness.

Three Important Steps in Financial Wellness:

Understand Your Situation

How Are You Spending: Thoroughly analyze all of your spending habits. Know where you are putting your dollars, to better manage your expenses.

Necessities vs. Luxuries: Do you need to go out to dinner three nights a week and have that timeshare in Key West? Compare what you actually need to what you simply want. Minimizing your luxuries and better supporting your necessities can reduce stress, and put you more economically at-ease.

Basic Forecasting

Emergencies: Bones break, economies crash – life happens. Try to set aside for any emergencies that come your way. It’s better to prepare now and have some savings for a rainy day, than have to refinance, juggle, and shuffle your finances when an emergency arises.

Investments: After you have a substantial rainy-day fund in place, take that excess security, and use it to make more – invest. Empower your money to work for you through advised, strategic investing (down the road, it can lead to increased payoffs and financial relief).

Create Security

Education: An integral part of maintaining and improving your financial wellness is through constant fiscal vigilance. Know what your contracts, investments, and charges mean; stay up-to-date on all credit policies; and always ask questions and stay one step ahead of the game – attend classes, and enroll in any programs your employer might offer!

Assessment: Constantly review your finances, and make sure that your expenses not only make sense, but also are necessary. For example, is there a better way to make your payments (perhaps automatic withdrawal at a lower interest rate) or can you lower your principal if you increase your monthly payments?

As they say, money can’t buy happiness – and that’s especially true in regard to being financially well. An understanding of your expenses and needs; emergency preparedness and making your money work for you; and staying abreast of current fiscal trends help create a more well-rounded, financially-whole individual.

Since 2003, Apex Benefits has built a reputation on providing customized, calculated solutions that aid our clients in making effective benefits decisions for their employees. We believe that a company is only as good as its employees, which is why our team works with you personally to find employee benefits plans that truly benefit your company. We’ll provide the tools, resources and expertise to aid in benefits decisions, creating a continuous conversation about strengthening your workforce and making your business better.