That’s right – by taking advantage of Truliant’s free financial counseling and education services, you can gain the knowledge and tools you need to make sound financial decisions, stay on track with your goals, and improve your overall financial wellness.
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What is financial wellness? Financial wellness is a state of being where you have the ability to meet your current financial obligations and also have the capacity to plan for and manage your financial future. In other words, it’s about being in control of your finances and feeling confident in your ability to manage your money.
There are many factors that contribute to financial wellness, but some of the most important include having a budget, staying out of debt, building up savings, and investing for the future. And while it may seem like a daunting task to achieve financial wellness, it’s actually not as difficult as you might think.
Here are some tips to help you get started on the path to financial wellness:
Make a budget
The first step to take control of your finances is to create a budget. A budget is simply a plan for how you will spend your money. When you have a budget, you can track your spending, ensure you are staying on track with your goals, and make adjustments as needed.
There are many different ways to create a budget, but one of the simplest is to use the 50/30/20 rule. This rule suggests that you should spend 50% of your income on essentials (such as housing, food, and transportation), 30% on non-essentials (such as entertainment and dining out), and 20% on savings and debt repayment.
Stay out of debt
One of the best things you can do for your financial wellness is to stay out of debt. That means using cash or a debit card instead of credit, and only borrowing money when you absolutely need to.
If you are already in debt, there are several strategies you can use to pay it off. One popular method is the debt snowball method, which involves paying off your debts from smallest to largest. Another option is the debt avalanche method, which entails paying off your debts from highest to lowest interest rate.
Build up your savings
Another key element of financial wellness is having a savings cushion to fall back on in case of an emergency. Experts typically recommend that you have at least three to six months of living expenses saved, but even a small amount can give you peace of mind and help you avoid going into debt if an unexpected expense comes up.
There are several different ways to save money, but one of the simplest is to set up a budget and automatically transfer a fixed amount of money into a savings account each month. You can also take advantage of Truliant’s Save to Win program, which allows you to earn chances to win cash prizes just by saving money.
Invest for the future
Investing is another important aspect of financial wellness. When you invest, you are essentially putting your money into something that has the potential to grow over time. This can help you build wealth and secure your financial future.
There are many different ways to invest, but some of the most common include stocks, bonds, and mutual funds. If you’re not sure where to start, Truliant offers a variety of investment options through our Truliant Invest program.
No matter where you are on your journey to financial wellness, Truliant is here to help. We offer a variety of products and services designed to help you improve your financial wellbeing, including free financial counseling, educational resources, and more. To learn more, visit us online or give us a call today.
