MAKE YOUR FINANCIAL HEALTH A PRIORITY Financial Resolutions for 2025 (Family Features) A bumpy economy and rising cost of living have Americans rethinking their finances. In fact, about 36% of households feel anxious about their current financial situation, according to the Financial IQ Study by World Financial Group. Although short-term pressures and demands can make it difficult, developing a financial strategy based on both literacy and resilience is key to establishing a solid financial future. To many, financial literacy and financial resilience mean the same thing. In fact, financial literacy refers to knowledge, while resilience means you are more likely to be prepared for unexpected financial events. Wondering where to start? Here are some tips to help build a more financially sound future. REVIEW YOUR CURRENT FINANCIAL SITUATION Having a firm grasp on your current income and expenses can provide insight into adjusting your finances to reach your goals. Most households believe the day-to-day cost of living is a key short- term financial priority. While meeting your immediate needs is essential, so is planning for the future. Determining what money is coming in and what you owe each month tells you how much is left for discretionary spending and saving. START SAVING NOW It’s never too early to start saving. Even a modest amount set aside every month will grow into a more meaningful account balance over time. A common rule of thumb is 20% of your overall income. You can stretch your income further by taking advantage of options like employer retirement savings programs that deduct funds before taxes, especially if the employer matches your contributions.
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