East Coast Office
East Coast Office
Midwest Office
205 Webster St · Bethlehem, PA 18015
28411 Northwestern Hwy · Southfield Suite · 1150 · MI 48034

How to improve your financial wellness

As the new year begins, it’s a great time to start fresh with our finances. The blank slate of a fresh year motivates us to reevaluate past financial decisions and set new goals for a more secure future.  With a new mindset and a chance to start anew, the new year is a perfect time to work on improving our financial health.

Financial wellness refers to a state where an individual effectively manages their economic life, having a sense of security and satisfaction with their current financial situation while also preparing for future financial needs. Achieving financial wellness involves more than just having a high income—it encompasses various aspects such as budgeting, saving, investing, managing debt, and planning for retirement.

To improve financial wellness in the new year, consider the following five tips:

  1. Practice Mindful Spending: Before making purchases, ask yourself if they align with your values and long-term goals. Differentiate between needs and wants, and consider the long-term impact of your spending habits on your financial wellness. Implement the 24-hour rule—delay non-essential purchases for a day to decide if it’s necessary.
  2. Regularly Review and Adjust Financial Goals: Circumstances change, so it’s vital to review your financial goals periodically. Assess if your goals are still realistic and adjust them as necessary. This ensures that your objectives remain relevant and achievable as your life evolves.
  3. Protect Your Financial Health with Insurance: Invest in appropriate insurance coverage to protect yourself from unforeseen events that could significantly impact your finances. Health, life, disability, and property insurance can safeguard your financial stability during unexpected emergencies.
  4. Seek Financial Support or Counseling: Don’t hesitate to seek professional guidance if you’re facing financial challenges or uncertainties. Financial advisors or counselors can offer tailored advice, strategies, and support to help you navigate complex financial situations and make informed decisions.
  5. Practice Regular Financial Self-Care: Just as you care for your physical and mental health, prioritize your financial well-being. Set aside time regularly to review your financial situation, track progress towards your goals, and celebrate milestones. Establishing a routine for financial check-ins can keep you accountable and motivated to stay on track.

By implementing these additional tips, individuals can improve their financial wellness and create a more secure and resilient financial future. These practices go beyond the basics of budgeting and saving, focusing on mindfulness, protection, continuous learning, seeking professional guidance, and prioritizing self-care in the realm of personal finance.

For additional tips, click HERE to read our financial wellness article released in August 2023, as part of our 8 Dimensions of Wellness series.

how can we help you?

Contact us at the BSI office nearest to you or submit a business inquiry online.

“What happens to one of us matters to all of us.”

Tony DaRe
CEO, BSI Corporate Benefits