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January 2023

Financial wellness is easier to sustain than you may realise. What's more, it frees your mind from worry, which in turn boosts your physical and mental health.

If you have sound financial health, it means that you have a reliable source of income, solid investments and savings, as well as regular expenses that are manageable.

Here are some tips to help you stay on track.

Budget Carefully

Your budget needs to be designed to ensure you live within your means and stick to a savings plan that helps you achieve your goals and cover unexpected expenses. Your emergency fund should amount to a minimum of three to six months of your expenses.

Monitor your monthly expenses and keep your spending within the limits you outlined in your budget.

Spend Wisely

It’s best to spend less than you earn and allocate a limited percentage of your income to the things you want versus those you need. This prevents overspending.

Manage Your Debt

Maintaining good financial health includes borrowing wisely and looking for loans with payment terms that are comfortable for you.

Stay focused on your top priorities and avoid comparing your home, clothes and other material possessions with anyone else’s. Take on debt only for the things that are important to you and understand all the borrowing terms and conditions before selecting your preferred lender.

Save for Retirement

You’re never too young to start saving for retirement. The earlier you start, the more money you’ll have in your golden years, so you won’t need to rely on a pension alone.

Imagine the financial freedom you can enjoy thanks to the interest earned from a Registered Retirement Savings Plan.

If you want to manage your finances well, you need a sound plan and advice from the right professionals who are happy to explain the choices available to you. It’s best to choose a financial institution that has your best interest at heart.

At AffinityPlus Credit Union, we offer a range of savings and loan options to help you accomplish your financial goals and safeguard your future.

Maintaining Financial Health