We all recognize the importance of keeping our minds and bodies healthy. Many of us build reminders into our day to help us stay on track. We go to the gym, try to eat right and take time to recharge. But living a healthy life involves more than just staying strong physically and mentally. Consider the importance of keeping financially fit with these strategies:
- Keep your eye on your goal. It’s much easier to stick to your financial strategy if you have an end goal in mind. Whether it’s getting out of debt, saving up to buy a new home, or being able to afford a big vacation, it’s easier to commit to using your money wisely when you stay focused on what you want. That means evaluating each and every purchase. Do you really need to go out to dinner four times a week? Does it make sense to charge that new watch? Can you wait to purchase a new computer until you have the money saved?
- You’re in charge—tell your money what to do. When you’re getting in shape, you usually have a trainer or a fitness plan telling you what to do, right? Well, if you wonder where your money has gone each month, it’s time to flip the script! You need to be the trainer. Establish a budget to help you put your money exactly where you want it to go—including contributions to your retirement, emergency or savings accounts, and other financial goals.
- Use the right equipment. It’s much easier to get your body in shape with the right equipment. The same can be said for becoming financially fit. There are many tools to help you develop a plan and keep track of the progress. At Mountain America, we have calculators, action plans, and a robust money management tool both online and through the app to chart your savings and expenses. Don’t forget about your credit score! It’s important to know what your score is and what you need to do to get it where you want it to go.
Just as it is with beginning a new health regimen, starting on the path to financial fitness can be an adjustment. But with the right tools and a little motivation, you can change your financial mindset and achieve success!