10 Ways Financial Health Can Improve Your Life

Right or wrong, in general, finances and financial health are tied to people’s well-being and quality of life. Money allows people to buy and do the things they want, within reason. Beyond that, financial freedom brings other benefits to the surface of your life. Here are ten different ways financial health and freedom can improve your life overall.

 

  1. Setting financial goals 5 to 10 years in the future will give you a renewed sense of purpose and a long-term goal to work toward. Your goal could be anything from making a large purchase, renovating a room in your house, paying off a student loan, or saving a certain amount of money each week/month/year.
  2. Tracking your spending can be a great way to relieve yourself of the constant burden placed on your shoulders by losing sight of your spending habits and expenses. For a person who has never before tracked expenses, the task may seem tedious at first. However, stay strong and persevere. There are many mobile apps available for little to no cost that can help keep track of your spending. Looking for something simpler? Use an online spreadsheet or keep a notepad in your car designated for only notes about your spending.
  3. In months with an extra paycheck (for people being paid bi-weekly), consider making an extra payment toward debt this week. While you will most likely not be paying off the entire balance, anything extra is a big help.
  4. Before making any purchases (groceries, clothes, shoes, appliances, etc.) spend the time to find a coupon or promo code. If these are unavailable, shop around online to see if any alternative products or cheaper price options are available. If considering a large purchase near a large holiday, potentially hold on any purchase decisions until all of the holiday sales and ads are posted.
  5. If your last professional raise was more than 12 months ago, it may be time to gather the nerve to petition for salary negotiation. Check out these tips for structuring the conversation and remaining in control of the negotiation process, while still being sensitive to the company process. You may be pleasantly surprised at not only what your boss can do for you, but also how a small percentage increase in annual salary can improve your overall financial health.
  6. Start working an online side-gig to help make ends meet or event to add some extra cushion in your budget. There are a vast array of online jobs available to people in any field or industry. For example, freelance or contract work gives you the freedom to choose the projects of the most interest.
  7. Listen to a finance-focused podcast or audiobook on your commute. Adding this to your daily routine cannot only help you relax but give you a fresh perspective and education opportunity when it comes to making time to improve your finances.
  8. Make a shopping list before you hit the grocery store. Shopping without a list, even weekly, can result in added products in your shopping cart that you don’t need. Using a list makes it easier to avoid spending extra money as you stroll through the aisles.
  9. Reach out to your credit card companies to negotiate a lower interest rate. Again, this may not be successful each time, but considering “the average American has 3.1 credit cards,”[1] it never hurts to ask. Even half of a percent could result in huge savings over time.
  10. Remove yourself as a cosigner from any loans. Simply reach out to the primary borrower on the loans and ask them to refinance or consolidate the loan to be removed as a co-signer. This is a major step in protecting or rebuilding your credit and improving your financial health overall.

 

Take the time to review your financial status and make a personal vow to improve your physical health. Contact EmployeeMoney to get financial relief from unexpected medical expenses, home repairs, or auto repairs.

 

 

 

[1] LendingTree: Credit Card Usage and Ownership Statistics (2019 Report)