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Money
Talk:
Five Tips for
Financial
Wellness
By Annette Racond,
Staff Writer
Even though stress can’t be completely eliminated (and shouldn’t
be), there are steps you can take to
minimize those days when you feel
like your nerves are getting the best of
you. It’s no longer a secret that stress
can literally make you physically sick,
and financial considerations can be
significant stress triggers.
Tim Cothran, who works at The
Lexington Athletic Club, says that
nothing is worth getting sick over.
“It’s important to be proactive about
keeping your finances in tiptop
shape. Money doesn’t mean much if
you’re so stressed out about it that
you’re confined to a hospital bed. You
want to be able to reap the rewards
of your labor, so becoming aware of
financial wellness is key.”
Here are five simple tips to help
you keep your finances in check. Even
small changes can make a significant
difference, so go easy on yourself as
you take that first step towards financial wellness.
Give Yourself Credit:
You’re entitled to a free annual
credit report, so take advantage of
this perk. It’s much easier to resolve
any discrepancies when you’re not
rushed for time and time isn’t on your
side when dealing with credit bureau
disputes. Plus, you’ll get a good picture of your financial status in the
process.
Hide-n-Seek:
You might not even be aware of
where your money is going. Get a
baseline of where and how you’re
spending your hard-earned dollars.
You may be thrifty when it comes
to buying clothes, but you might be
gulping down pricey lattes on a daily
basis. Or, you might be careful about
restaurant bills, but you’re rent poor.
Figure out where and why your dollars are disappearing and work on
alleviating unnecessary expenses.
Haste Makes Waste:
When contemplating big purchases, such as electronics, furniture, cars,
and luxury items, it’s best to shop
around. Prices can vary considerably,
but it’s also important to consider the
quality of the item. A cheap printer is
great, but if it’s only good for one season it might not be your best bet. Do
your homework before jumping in
for the kill. Instead of spending hours
playing video games, take the time
to check sale circulars for household
items like detergent, batteries, and
paper goods. Money can be one of
the greatest vanishing acts!
Go Into Withdrawal:
Have 10 percent of your paycheck
automatically withdrawn and deposit
the funds into a savings or retirement
account. Be informed about how
much you’re permitted to deposit into
your IRA or 401K each year and put
those dollars to work for your future.
It’s never too late – or too early – to
start saving.
Be Inventive:
Instead of dropping mega bucks
dining at five-star restaurants, prepare
your own fine-dining atmosphere.
Buy yourself your favorite flowers,
&
25
break out your fine silverware and
opt for a white tablecloth to set the
mood. If it’s a special celebration,
break out the balloons (but don’t
break them). Go Italian, Chinese,
American – or even Middle Eastern
– and make your guests (or just yourself) a homemade feast. You’ll be in
much closer proximity to the coach
after you’ve finished your meal.
About the Author
Annette Racond is a Certified Health
Coach who has had her work published in The New York Times, The
Miami Herald, Chicago Sun-Times,
and Newsday, along with other major
publications.