7 Simple Steps (and 9 Resources for) Financial Wellness

We love a good checklist. It keeps you organized and focused. And when what’s in front of you is overwhelming, a checklist can help break it up into manageable chunks.

Whether you feel good about your financial health or when you think about your financial situation, you get anxious or feel sick, there are some simple steps you can take to leverage that fresh start effect for the beginning of the year. 

We’ve got 7 financial items to get your year off to a good start with resources to get you going.

Set Financial Goals

Outline clear and achievable financial goals for the year. Maybe you want to start saving for a vacation, pay off a specific debt, or boosting your emergency fund. Having defined objectives will give your financial efforts direction.

Did you know that in 2024 your employer can count student loan repayment towards your 401(k) match?

If you want to read more about financial wellness designed for women, check out Ellevest’s resources page. 

Review and Update Your Budget

Take a close look at your budget from the previous year and make necessary adjustments. Consider changes in income, expenses, and financial priorities. Ensure your budget aligns with your current financial goals.

Nerdwallet’s got a list of apps for you. 

Emergency Fund Checkup

Assess the status of your emergency fund. Does it meet the recommended three to six months' worth of living expenses? If not, set a goal to boost your emergency savings throughout the year.

Morgan Stanely’s got 6 steps to starting an emergency fund if you don’t have one. 

Debt Repayment

Evaluate your outstanding debts and create a repayment strategy. Prioritize high-interest debts and explore ways to accelerate your debt payoff. This could involve making additional payments or considering debt consolidation options.

Credit Karma has a debt repayment calculator you might want to check out. 

Experian’s got one specifically for credit card debt and some tips too. 

Financial Education Initiatives

Financial health starts with your financial literacy. Attend workshops, read books, or take online courses to expand your knowledge of personal finance. This can empower you to make informed decisions and better navigate the financial landscape.

Khan Academy has a financial literacy course that’s free!

Organize Financial Documents

 Getting organized is a simple way to make it all less stressful. Streamline your financial life by organizing important documents. This includes tax records, insurance policies, investment statements, and estate planning documents. 

Not sure what you need to keep? The Street’s got you covered with a helpful article.

Negotiate Bills and Expenses

Review your recurring bills and identify areas where you can negotiate or cut costs. This could involve negotiating with service providers, finding better deals on insurance, or reassessing subscription services to eliminate unnecessary expenses.

If you’re wondering if those bill negotiation services are worth it? CNBC has some answers.

By prioritizing these 7 items, you can lay a strong foundation for financial wellness and set yourself up for success.