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If we’ve learned anything from this year, it’s to be flexible enough to adapt to new environments. Over 57 million Americans have applied for unemployment insurance due to the COVID-19 outbreak. Knowing how to navigate through these financial uncertainties is vital. The first step is to create a financial wellness plan that can help you meet your financial goals.
Approximately 28% of Americans, according to a recent survey by Charles Schwab Corp., have written financial plans. Of the remaining 72%, half say they don’t have enough money to make a plan worthwhile. For the rest, it is too complicated and time-consuming.
It has been proven that having a financial wellness plan in place can build confidence and peace of mind, as well as help you achieve your financial goals.
Savings are not required to start your journey to financial wellness. It starts with shaping your spending habits to benefit your future self. Start by setting up a budgeting percentage with the 50/30/20 method and linking your bank account to an app that tracks your spending habits. With this approach, you can see where your money goes, which will allow you to prioritize your goals.
| Budget Percentages | ||
| Needs (50%) | Wants (30%) | Savings & Debt (20%) |
| ● Groceries
● Housing ● Utilities ● Transportation |
● Shopping
● Dining out ● Hobbies ● Leisure |
● Investments
● Student loans ● Credit Card
|
Making better financial decisions and feeling more confident can be accomplished with a financial plan. Like any journey, it helps to have people along the way pointing you in the right direction.
When you reach a certain goal, what’s next? Can you get help through a private or public program if something unexpected happens? You may want to consult a financial advisor.
Your first step to financial confidence can be creating a financial wellness plan with Countrywide. You can use the services of Countrywide’s financial wellness counselors to get out of debt, save up for a home, manage bankruptcy, and everything in between.
Sources: Federal Reserve Bank of St. Louis and Charles Schwab Corporation
*Credit Healing LLC is not a bank, lender, home improvement company, or insurance company. These are independent offers for services and not companies that are part of Credit Healing LLC.
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