A virtual wellness program offered by the National Institute for Fitness and Sport and provided to you through your employer.

Tips for Managing Your Finances

Studies have shown that stress can contribute to poor health and the development of chronic disease.  Unfortunately, managing finances is typically a great source of stress for many Americans.  Few people have a good handle on their finances.  No matter the income, almost everyone seems to live outside of their means.  The more money we make, the more we spend, and the more we justify making purchases on credit cards.  So how do you take control of your finances and reduce stress?

Get Real!  Face up to the debt you have and take responsibility.  We may dream of paying off our debt by winning the lottery or by coming across some windfall of money, but do not count on it.  Stop the madness of debt by:

•       Destroying all credit cards.

•       Delaying any large purchases until outstanding debt is paid.  

•       Paying more than the monthly minimum amount towards each credit card/loan, even if it is just a few dollars. 

Get Organized!  Organizing your bills, expenses, and income can help you get a handle on money coming in versus money going out. 

Get organized by:

•       Determining which monthly expenses are necessities and which are desires.  This can be challenging in a world  where cable or satellite TV is considered a must have. 

•       Prioritizing the desires and deciding which can be eliminated.  For example, do you really need a land phone and a cell phone? 

•       Creating a budget and sticking to it.  There are many resources available to help you with budgeting.  Books, software programs, and financial advisors are just a few examples.

Set Goals!  Take time to think about your future financial goals and make a plan to help you reach those goals.  Having future financial goals can help you to stay focused and stick to your budget.

Managing finances is stressful and difficult.  Think of how wonderful it would feel to reduce or eliminate your debt, ease stress, and live a happier, healthier life.  Now is the time to take control. Make a budget and stick to it. 

Sources: MSN Money; Smart Money