January is National Financial Wellness month, so we asked Pat Wolfe, senior vice president and financial advisor at Wealth Enhancement Group, for tips on improved financial fitness.
5 Tips for Financial Fitness in the New Year:
- Save/invest more: Boost your savings by paying yourself first. Have money automatically deducted from your paycheck and deposited into a savings or retirement account. People who contribute automatically have a much easier time saving. And since the money is deducted before you receive it, you won’t miss it.
- Live a healthier lifestyle: People who are healthy and exercise regularly tend to pay much less for health care costs during retirement.
- Pay off inefficient debt: This is especially important after the holidays if you’ve used credit cards to finance the festivities. Credit card interest isn’t tax-deductible, and slow and low payments can result in increased interest rate charges.
- Revisit your risk tolerance: Re-examine your investment asset allocation. Rebalancing your portfolio may potentially help decrease risk and overall investment volatility.
- Meet with a financial advisor: From taxes to insurance, achieving a complete financial plan can be complicated. Meeting with a financial advisor can provide independent insight into your finances and help evaluate whether you’re on the right track.
Wealth Enhancement Group
7601 France Ave. S.