Any time you have a life event, big or small, we are here to help adjust your plan accordingly. In addition to keeping an open line of communication with your Trust Point professional, here’s a checklist of simple actions to keep you on pace for meeting your financial goals and achieving financial wellness.
7 Tips To Achieve Financial Wellness
1. Get Organized
If you’re struggling to keep things in order, financial planning can quickly become stressful. Trust Point has a way to simplify this process for you. Download our Information Organizer from our website to start putting some of the most important parts of your financial life, such as assets, accounts, and more, in order.
2. Review Your Budget and Spending Pattern
If you don’t already have a budget, we encourage you to create one and maintain it indefinitely. There’s a variety of free resources online—including quicken.com—that can assist in helping you create a budget from scratch. Regularly review your bank and credit card statements for recurring fees automatically charged for services, such as TV streaming, as you might be able to eliminate some of those.
3. Sign Up for a “My Social Security” Account
Whether you are receiving benefits or not, it is smart to set up your online account now. See your earnings and payments records, and estimated benefits, or update your address and direct deposit information. Establishing an account early can also prevent someone from establishing a fraudulent account and attempting to receive your hard-earned money. To get started, visit socialsecurity.gov/myaccount.
4. Avoid Scams
Scammers have become more advanced in tricks to scam people of their financial information, such as pretending your loved ones need financial help. Make sure to do your due diligence so you don’t fall victim. Get up-to-date information from the Federal Trade Commission (ftc.gov/coronavirus/scams-consumer-advice) to protect yourself and those you care about.
5. Start the Money Talk with Kids
If you’re a parent, you have the greatest individual influence on your children’s money habits, and it’s never too early to start guiding the next generation. Budgets, paying bills, and saving for a purchase are all good topics to start with.
6. Update Your Beneficiaries
It is important that beneficiary designations be completed and reviewed with care to ensure assets go where you wish. You want to ensure that the wealth you have worked hard to create is passed to the recipients you actually intend, as tax-efficiently as possible.
7. Plan Your Future
Do you want to travel, take up a new hobby, or buy a second home? Remember that to properly save for the future, you need to know what you want that future to look like. Use your end goals to adjust your financial plan, and remember Trust Point is here to help.
Trust Point Can Help You Achieve Financial Wellness
With the right planning, you can turn your dreams into reality. Contact our team of professionals today and get started on your path to financial wellness.
