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National Financial Wellness Month

National Financial Wellness Month

National Financial Wellness Month

When it comes to New Year’s resolutions, most Americans focus on losing weight or improving their health and fitness1. Staying healthy is extremely important—especially during a pandemic! But financial wellness is also important. We’re now in National Financial Wellness Month—and the timing is perfect. January is when we feel the impact of our holiday spending, start organizing our tax documents, and begin making plans for the year ahead. Maybe this is the year we’ll be able to reunite with family and friends on a well-deserved vacation—or pay off a loan that has been adding to our stress levels.

Check off your financial goals

Checking off financial goals can help provide confidence. And, if financial wellness wasn’t one of your resolutions for 2022, it’s not too late to start! Financial wellness goals vary by personal circumstances, so there is a lot to consider along the way.

Here are some financial wellness actions to consider for 2022:

  • Create a financial plan and learn more about your financial options—and potential obstacles. LPL has provided online articles, videos, tools and other resources to help you make your financial plans.
  • Consider age-based milestones as you plan your financial future. Where do you want to be financially in 10, 20, or 30 years?
  • Set a budget and track your spending, considering ways to save money. Cutting back on nights out, or eliminating any subscriptions or other services you seldom use might be a good start.
  • Add to your savings to address your short-term and long-term goals.
  • Evaluate your net worth and create a net-worth statement to review and update regularly.
  • As you prepare for retirement, do what you can to take advantage of compounding earning potential in your 401(k) account.
  • Be prepared for emergencies and unexpected expenses by creating (or adding to) an emergency fund to cover at least three months of living expenses.
  • Take steps to pay off your debt.
  • Add notifications or reminders to your digital calendar to nudge you to take care of upcoming expenses, such as estimated tax payments.
  • Review your portfolio regularly and work with a financial professional to help work toward your goals—especially if you need help with legacy planning or other potentially challenging situations.
  • Periodically check your credit report to ensure there are no errors, and use it as motivation to pay your bills on time and stay within your credit limits. You can request a free credit report every year from Experian, Equifax, and TransUnion.

It may seem like a long list, but financial wellness is well worth it! For deeper insights into your financial situation, consult a financial professional.