Do you consider yourself financially healthy or are you wondering what that even means? It’s easy to see when your house needs cleaning: clothes are on the floor; dirty dishes are stacked in the sink. But it may be a little harder to know when you need to tidy up your finances.
Are you living paycheck to paycheck?
If you barely make ends meet at the end of the month, it’s time to buy yourself some wiggle room for unexpected events. Start by cutting back on at least one major expense and putting that money into an emergency fund. The goal of an emergency fund is to be able to cover a three-month period of unemployment at a minimum. Consider downsizing to a smaller home or apartment, going from a two-car household to one, or commuting by bus or bike. Getting a side gig is another way to boost your emergency funding. Learn more about starting an Emergency Fund.
Are you carrying credit card debt?
There is good debt—mortgages for homes and loans for education—but there is also bad debt. Credit card debt is the worst kind of debt you can have, and the longer you carry it, the more money you end up losing in interest. Debt can sneak up on you and escalate out of control. Unfortunately, there are no quick-fix solutions for debt or resulting bad credit, but there are solutions. Talk to us at Atlantic about a Debt Consolidation loan. This could not only reduce your monthly payments, but could shave off some interest.
Do you have a budget in place?
Do you follow a budget? Many Americans don’t, even though it’s probably the most effective way to manage money. Without a budget in place, you’ll have a hard time seeing where your money is going, where you’re overspending, and where you can make changes.
Are you saving for retirement?
According to Northwestern Mutual’s 2018 study, 21% of Americans have not saved for their retirement. If you’re one of those people, it’s time to start. Your goal should be to save 15% or more of your monthly income for your retirement. If you’re not used to saving, going from 0 to 15% might be hard. So, start small and simply set aside $50 each month. Increase that amount when you get a raise or get a better handle on your expenses.
If any of these signs apply to you, then it may be time to clean up your finances.
Would you be interested in a Free Financial Health Check Up? Atlantic will do all the work and share the results with you.
The goals will be to:
- Save You Money
- Improve Your Credit Score
- Plan a Better Future
Email or call Atlantic at 1.800.834.0432 to secure your Free Financial Health Check Up before February 28th. We want to help you do better.