January is Financial Wellness Month

With the hustle and bustle of the holidays behind us, it’s a great time to mention that January is Financial Wellness Month. How should you observe this ‘holiday’? Consider it a reminder to prioritize and pay closer attention to your financial health and finances for the new year (and beyond). 

Financial wellness encompasses many things, the most obvious of which is your relationship with money and how secure that money is. In addition, financial health plays a pivotal role in your ability to limit stress (what’s more stressful than money, right?), envision a comfortable future, plan for your legacy, and so much more. 

Consider observing Financial Wellness Month by undertaking the following activities:

1. Review Your Credit Reports. Your credit score depicts your creditworthiness and is a critical component in how companies view you as a loan risk (or not). Read through the report from each of the three companies (Equifax, Experian, and TransUnion) to make sure the reports are accurate and ensure that there are no erroneous accounts.
2. Get a Handle on Your Spending. Write down all of your recurring monthly expenses (both fixed and flexible). Compare that to the income you receive each month. If you have extra monthly income, make sure that money is being thoughtfully applied to the proper areas. Otherwise, make adjustments if you are not living within your means.