Maintaining a healthy lifestyle is not only about physical well-being but – believe it or not – financial wellness as well. As we head toward 2024, I wish you peace and universal support in the days ahead… and would like to offer you some advice for the new year to come.
Here are ten financial tips for a healthy lifestyle:
- Begin With You: When you align your financial resources in support of your dreams and goals, magical things can happen! You can try out life-planning exercises on your own or even engage a Registered Life Planner. Visit: lifeplanningforyou.com to learn more.
- Get Organized: Part of financial self-care is creating the time and space to organize your financial documents and priorities. Make a list of everything you own and everything you owe, and then work to maintain a net worth statement on a regular basis.
- Raise Your Expense Awareness: Think about your annual expenses on a monthly basis. Write them down or build a simple spreadsheet in Excel. These kinds of exercises help you understand where your money is going. You may be surprised and even find some opportunities to save money where you didn’t realize how much you had been spending!
- Start an Emergency Fund: If you don’t have one yet, start putting aside some money in a separate, interest-bearing account as your emergency fund. This should build up to at least 3–6 months’ worth of living expenses. This fund can provide a safety net in case of unexpected emergencies or financial setbacks.
- Get Educated: Learn more about personal finance and investments. In this ever-changing market, it’s important to stay up to date with best practices. A sound understanding of financial concepts can help you make smart, informed decisions to secure your future health and well-being.
- Manage Your Stress: High stress levels can lead to unhealthy financial decisions. Invest in stress-reducing activities such as yoga or meditation to maintain overall feelings of peace of mind and financial stability.
- Monitor Your Debts: Create a plan to pay off high-interest debts like credit card balances. Reducing debt can save you money on interest in the long run, and free up money to put toward your financial life goals.
- Save Money: Set financial goals for the things that are most meaningful in your life! Try not to leave out supporting your healthy lifestyle, such as gym or massage memberships; a nutritionist or an alternative care physician that may not be covered by insurance.
- Invest in Insurance: Learn what your options are for health and life insurance and make an investment in your future. These provide financial protection in case of unexpected medical expenses or emergencies down the road.
- Find a Fiduciary: Planning can be a wonderful experience with a professional advisor. If you feel like you need some guidance or help with any of the above steps, you can try having a conversation with a Certified Financial Planner® practitioner or a Registered Life Planner®.
Pause and take a moment to consider the important reminders above…I think you will find yourself feeling grateful you did! And please remember, seeking outside advice from professionals when you need it for tax, legal, or financial advice can make the overall process easier and less stressful for you. If you don’t know where to turn, please don’t hesitate to contact us at TrinityPoint Wealth!
Dana R. Mascalo, CFP®, RLP®, AAMS®, C(k)P®, is a Managing Partner with TrinityPoint Wealth, an independent SEC Registered Investment Advisory firm in Milford, CT and Charlotte, NC. Dana advises high net worth clients with complex needs and is sought after by individuals, families, business owners and executives all over Connecticut and the United States. Acting as their personal CFO, Dana looks at a client’s entire financial life with a visionary lens, advising on investment portfolios, retirement planning, stock options, life transitions, exit planning for business owners, customized advanced cash-flow planning and multi-generational wealth transfer strategies.
This material presented is for informational purposes only and is not intended to serve as a substitute for personalized investment advice or as a recommendation or solicitation of any particular security, strategy, or investment product. TrinityPoint Wealth, nor its investment advisory representatives are permitted to provide legal or tax advice, and nothing contained in these materials should be taken as legal or tax advice.