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When beginning an exercise program, you might consult with a doctor first because everyone’s health is unique. A financial wellness plan can have a similar approach. The tips that follow this month are general in nature – because the best advice is to have a trusted financial professional you can talk with about your specific situation, needs and goals. And of course, if you have questions, Mechanics is here for you.
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The New Year is a natural time to reflect on the previous year and think about the one to come. Many times, we give thought to our physical health and set many resolutions around that topic (which is great), but what about your financial wellness? What areas would you want to improve? What has worked, and perhaps, what hasn’t?
As with almost anything in life, you can’t measure what you don’t know. So a great place to start is by creating a budget. It sounds simple, but a detailed budget to track what income is coming in and what expenses are going out may surprise you. Tips to keep in mind when creating a budget:
- Start with a monthly budget
- Calculate your net income (after taxes)
- Track your fixed expenses (costs that do not change month to month such as rent or mortgage payments, car payments, insurance, etc.)
- Track your variable expenses (costs that can change month to month such as utilities, groceries, dining out, entertainment, personal care, etc.)
Next, examine what is left or what gaps remain. Now that you know exactly how much money is coming in and how it’s being spent, determine if this is how you want to spend your money – or if you want to use it differently. What financial goals do you have? Does your current budget help you get there – or not?
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It’s easy to “do what we’ve always done” but with a New Year comes the renewed enthusiasm for a fresh start – using this opportunity to examine your financial wellness and start a monthly budget is a great first step. Once you know where your money is going, you can determine what changes you may want to make to reach your financial goals, including savings, which we’ll touch on later this week.
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