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Eat better. Let’s exercise more. Many of our plans at the beginning of the new year are tied to physical health, and for good reason. But let’s not overlook our financial health. With nearly a full year to go, now is the perfect time to start working on your money issues, including better budgeting, saving for retirement, and planning for your future.
According to a recent survey from the FINRA Investor Education Foundation, 60% of Americans are worried about their finances. We wanted to experience this in our own lives, so we conducted an informal survey among employees of Prudential’s individual life insurance business. The findings were not surprising. Only 25% said they were confident about their finances going into the new year, and 34% said budgeting was the number one thing to focus on to improve his finances in 2024 (See study notes below). .
I often hear the question, “What does it mean to be financially wealthy?” For me, that means being able to pay my bills with ease, manage my monthly expenses without worrying about where the money is coming from, and set aside money for emergencies. It may also mean saving for retirement, protecting your loved ones through life insurance and estate planning, and regularly consulting with a financial professional to ensure you have the right plan. there is.
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No matter where you are on your financial wellness journey, the start of a new year is the time to create a financial plan that gives you confidence and peace of mind. Here are four tips to consider.
1. Take one day at a time.
The key to achieving financial health is to organize and understand your daily finances and then create a workable budget. By tracking your spending, you’ll know where your money is coming from and where it’s going, making it easier to take bigger steps like paying off debt or building an emergency fund.
2. Set financial goals.
Do you know how much you are saving for retirement and how long it will last? If not, have you thought about what your plans are and how you will get there? Other financial goals include buying a home or saving for your child’s college tuition, just to name a few. Setting short-term and long-term financial goals and making progress towards them plays a huge role in achieving overall financial health.
3. Protect from risks.
Protecting yourself and your loved ones from serious financial disruptions and setbacks can help reduce stress as you look to the future. From life insurance to health insurance to retirement savings, having the resources to deal with and manage financial challenges, such as unexpected illness or injury or the untimely death of a spouse, is the key to living a financially secure life. This is the key.
4. Contact a financial professional.
Get help right away. A financial professional can offer advice and strategies you may not have thought of. These will help you create a realistic financial plan that will be part of your blueprint for a happy and healthy future.
Note: 134 employees of Prudential’s Individual Life Insurance business responded to a voluntary employee survey conducted on January 22, 2024.
Financial Wellness Services, including access to third-party referrals, are provided by Prudential Workplace Solutions Group Services, LLC (“PWSGS”). PWSGS is an affiliate of Prudential Financial, Inc. PWSGS is not a licensed insurance company and does not offer insurance products or services or provide financial, investment, or tax advice. Individuals should consult appropriate professionals when making financial, investment, and tax decisions. Financial Wellness Products are available for general financial education purposes. Access to financial wellness products, services, seminars, and tools is not conditioned on the purchase of any insurance or retirement products or services from Prudential.
The financial wellness offerings, including products, services, or other solutions described in this document, are voluntarily and independently selected offerings. They are not part of an employee benefit plan or any employer-sponsored or approved program. 1077228-00001-00
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This article was written by and represents the views of our contributing advisors and not of Kiplinger’s editorial staff. To check your advisor’s records, SEC or together finra.
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