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12 Steps to Financial Wellness

Financial wellness is an ongoing journey, and revisiting your plan periodically is key to maintaining long-term stability and growth. Let's take a look your approach for the future.

Step 1: Track Your Spending

Are you regularly tracking your spending? Knowing where your money is going will help you make more responsible spending decisions in the future.

Step 2: Create and Stick To a Budget

Budgets need to be reviewed and tweaked every few months or so to ensure they still work for present life circumstances. If your budget no longer works for you, tweak until it does.

Step 3: Pay Down Debt

Have you made as much progress in your debt-paying journey as you’d hoped to by this point? Can you beef up any payments to make debt disappear sooner? Choose a debt payment method that work best for you. 

Step 4: Talk Money with Your Partner

Have you had the big money talk with your partner? Need to revisit any of the topics you’ve discussed, such as sharing accounts, dividing expenses and saving up for a shared dream? Open communication about managing finances is essential for building an honest and trusting relationship. 

Step 5: Spend Mindfully

Review some of your recent purchases. Are you blowing money on stuff you don’t need instead of relieving stress in a healthier manner? If so, look for better ways to de-stress. Practicing mindful spending can significantly improve both your financial health and overall well-being.

Step 6: Pay it Forward

Are you remembering to pay it forward? The money, time and smiles we share are the only moments that are truly ours.

Step 7: Pay Yourself First

Are you remembering to feed your savings? Pay yourself first by  prioritizing your personal savings above other expenses.  You may want to consider increasing the amount you’re regularly putting into your personal savings.

Step 8: Know When and How to Indulge

Are you remembering to work your just-for-fun expenses into your budget so you can indulge without guilt? Now is a good time to look back at your indulgences to figure out if they were really good uses for your money. Discover the art of indulging wisely—learn how to enjoy life's pleasures while staying on track with a healthy financial lifestyle.

Step 9: Check Your Credit Score

If you’ve been following the rules for boosting and maintaining a high credit score, like paying your bills on time, having several active cards and keeping your credit utilization low, your score should have improved during these last few months.

Step 10: Think About Retirement

Review your retirement accounts and assess whether your funds have reached the place you’d hoped they would by now.

Step 11: Start Investing

Make sure your investments are performing well and that your assets are optimally diversified.

Step 12: Review Your Overall Financial Health

Regularly reviewing your financial health is essential for maintaining financial fitness and ensuring long-term stability.

Free Financial Coaching with RGCU 

Rio Grande Credit Union offers free financial coaching, even if you aren't a member. Our certified coaches can help you make a budget, plan for the future, and help guide you on a path to make your dreams come true. 

 



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