C R Y D E R
P O I N T
JANUARY 16
Financial wellness is even more critical
as many Americans seek personal change
(BPT)–As we continue to navigate the economic impact
of the pandemic, a Prudential Financial survey*
finds more than half of Americans have made a significant
change in their lives in the past 18 months, and
three-quarters are considering life changes in the future;
changes that include switching jobs, taking time off from
work and retirement.
According to Brad Hearn, Prudential’s president of Retail
Advice and Solutions, for those considering making
a major financial change, now isn’t necessarily the time to
throw caution to the wind. “For many, the impact of the
pandemic has been life changing, from income disruption,
job loss and even reduced or eliminated employer
contributions to insurance and retirement plans. Any
financial decision needs to be carefully planned before
executing,” said Hearn.
To help get your financial status ready to support a significant
16 CRYDER POINT COURIER | JANUARY 2022 | WWW.QUEENSCOURIER.COM
change in your life, Hearn offers these tips:
Conduct a financial wellness assessment: Take advantage
of free tools like this financial wellness assessment
to help you create a plan to reach your financial goals.
From retirement planning to household budgeting, you
can see where your finances currently stand and how to
plan ahead for the future.
Set clear goals and make a plan: What do you plan
to achieve with your money in the next few years and
in the long run? Maybe it’s to plan for a secure retirement,
maybe it’s to manage debt or it’s about upping
your investing game. Set a detailed plan toward the
goals. You can also tap a financial advisor for guidance
and help.
Focus on building up your savings: Charting a new
path doesn’t mean you should stop building savings.
Quite the opposite. It can be even more important to establish
a routine to fuel a savings account as you begin a
new chapter in your life. Doing so will provide flexibility,
relief and, in some cases, security should there be any unexpected
twists and turns.
These simple steps can help you establish a more secure
foundation, whether or not you’re one of the many Americans
embarking on a new path in 2022.
*The survey was conducted on YouGov Direct: 1,200
U.S. adults 18+ were surveyed on Nov. 16, 2021, from
2:49 p.m.-4:45 p.m. Eastern time. Data is weighted on
age, gender, education level, political affiliation and ethnicity
to be nationally representative of adults 18+ in the
United States. The margin of error is approximately 2.8%
for the overall sample.
Creating
healthy
financial
habits that
stick
(BPT)–With prices on the rise, nearly everyone is looking
for ways to make their money go further. In fact, the
latest Google Search data shows that individual searches
for “monthly budget template” increased a whopping 350
percent in the last five years in the U.S. alone.
While there’s no silver bullet when it comes to managing
your money, you can build healthier financial habits
that help you move toward your goals. Here are four tips
for taking more control of your money:
Know where your money is going
The first step toward any goal is starting with a cleareyed
view of where you are. Your finances are no different,
and to build a better relationship with your money,
you first need to know where it’s going.
Digital personal finance apps make it easy to see exactly
how much money you have, what you’ve spent
and where you’ve spent it–all from your mobile phone.
You can quickly see how much you’ve spent by category
(like groceries and gas) or by business (like your favorite
neighborhood coffee shop or big-box retailer). The detailed
view can help you identify which expenses you can
cut back on without feeling it too much.
Try the 50/30/20 rule of thumb
Once you know where your money is going, you’ll
need a rough plan for how to allocate it in the future. The
50/30/20 split can be a helpful rule of thumb for managing
spending. The general idea is that about 50 percent of
your money should go toward essentials (housing, transportation,
medical costs, groceries, etc.), 30 percent toward
wants (dining out, new clothes, entertainment, etc.)
and about 20 percent toward paying off debt or saving for
the future.
Take advantage of special deals and offers
Online offers and deals are the modern-day coupons
without all the clipping and sorting. With personal finance
apps like Google Pay, all of the deals available to
you are accessible and searchable through your mobile
app. Just tap and activate the offers you like and the next
time you make a purchase from that business, the offer
will be automatically applied. No more fumbling for the
right coupon at checkout.
Aim for progress, not perfection
Just as overly restrictive diets don’t usually work for
long, the same is true for restrictive budgets. Both fail
because they aren’t sustainable and can lead to counterproductive
splurging.
Rather than aiming for perfection, small, consistent
steps can make a real difference. The goal of taking control
of your finances is not to deprive yourself of living
an enjoyable life–it’s to create better habits, one step at a
time, to set yourself up for a more secure and prosperous
future.
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