Most of us visit our doctors for our annual physical and check-up, but have you measured your financial health recently? Here are a few ways to test your financial fitness:
- First, ask yourself if you can comfortably pay your monthly bills on time. If not, it may be time to reconsider the services you are paying for OR take a closer look at your budget.
- Second, how well can you withstand a financial shock? An unexpected auto repair bill or job layoff can send your budget into a tailspin unless you have emergency savings. If you don’t have an emergency stash, it’s time to start one.
- Third, are you using a budget to guide your spending and savings goals? Think of your budget like it’s your fitness trainer – the budget is there to help you plan for expenses; keep you disciplined as you control your spending; and to encourage you to save regularly.
Whether it’s our physical health or our financial health, we all can work on staying fit and building good habits.
The information on this page is provided for educational purposes only and is not tax, legal, financial planning or investment advice. Neither the information nor any opinion expressed in this section constitutes an offer to buy or sell any securities or advisory products. The information provided is general and is not information reasonably sufficient upon which to base an investment decision and should not be considered a recommendation to purchase or sell any particular security. You should not regard this information as a substitute for the exercise of your own judgment. Investing involves risk.