Make This Your Best Financial Year Yet: 5 Tips and A Bonus for 2024
Financial Wellness
How does your financial wellness stack up? One of the most overlooked aspects of health and wellness in life is whether one is financially well. The imbalance of money is a significant cause of personal stress and stress in relationships. Even if you have enough money to support your current lifestyle, not knowing where you’re headed in the future can be quite disconcerting.
At Nora Wealth we ascribe to a simple philosophy. We encourage our clients to Align your financial means with your ambitious dreams™.
- First, start by recognizing your primary values and base your future life goals on what you want to accomplish.
- Then, identify, describe and understand clearly where you want to head
- Lastly, assess your earning capacity and spending habits to set you on the path to achieve what you truly want.
We know that you will benefit greatly if you do this. We’ve seen it happen time and again.
5 Tips for Your Best Financial Year Yet
Of course, an individual’s path will depend on personal circumstances and what stage of life they are in. Despite all our differences, here are 5 tips … plus a BONUS tip … we recommend doing to help take stock of your own life and decide how you can better address your personal financial wellness:
1. Know thy$elf: Be honest and face the facts. Forgive yourself for any past mistakes that may be standing in your way. The number one reason that people don’t ask for help with money is the fear of being judged. You are your own worst critic, and you’re not alone. So, let it go.
2. Make your financial life a priority: Put financial self-care right up there with yoga, the gym and clean eating. Or, if you don’t have time for any of those, put your finances on an even keel with other critical items, like childcare or eldercare. If you delegate your finances to a spouse, partner or anyone else, take time to learn the basics and communicate openly about them. Make sure your values are reflected and you are staying abreast of your financial plan.
3. Find a strategy that works for you: Yes, this may include a budget, but budgets should be empowering, not restrictive. They help you make better decisions about your money, so you get what you REALLY want. If you already budget and track expenses, make certain your savings and investment strategies are leading you to your end goals.
4. Build in accountability: Just as in your professional or business life, you need metrics and check points built in to measure success and to help re-route when the inevitable life changes occur. Establish accountability with a thought partner whom you can trust to be honest and objective as you navigate the way.
5. Stay focused yet flexible: Things change. Having a financial plan in place gives you the framework to make adjustments and help re-route when the inevitable life changes occur. Getting started is the hardest part, and it’s never too late. Communicating and addressing needs along the way are critical and can make an enormous difference in your financial outcome.
BONUS TIP: Become an example. Teach your kids and others better financial habits. Make financial well-being part of your legacy, along with improving your chances of providing for loved ones and other charitable giving interests.
If these tips have got you thinking, but you’re wondering where to start, Nora Wealth is the perfect place for you.
We offer complimentary conversations to help you assess your personal financial well-being and place you on the path to finding Wealth Your Way™.
Or, if you are a current client and these tips have got you thinking about your own financial wellness or about someone else who might benefit from our process, please feel free to reach out to us or book a call now!