Start Your Financial Wellness Journey Today

Dr. Sharice Bradford CNW Staff Writer

There is no time like the first quarter of the year to begin your financial wellness journey. Beginning the year with a new financial plan allows individuals to start the year by budgeting better and provides an opportunity to prioritize financial health by taking a hard look at financial issues and then working on budgeting and planning better. Taking the time to focus on your finances is beneficial. It can reduce anxiety around money issues. Financial problems can be a cause of anxiety and depression for many people. Understanding that our financial problems can be salvaged by taking steps to budget and plan can reduce or alleviate that anxiety. In addition it encourages financial stability.

Here are three steps to start your financial wellness journey:

1. Create a plan

Start with creating plan for the year. Make a budget listing all monthly your expenses (fixed and flexible), your earnings, what you plan to save and any investments. This is the start of your financial picture.

If possible speak with a trusted financial professional to assist you with creating a financial plan.

2. Create a budget

Create a budget and do your best to stick to the budget. When you live within the parameters of the budget you create, it helps to reduce your overall debt and save more. There are many budget templates available online. Your financial institution may also have budget templates available on line for personal use.

3. Review your credit reports.

When was the last time you checked your credit report? Reviewing your credit report can help you understand your creditworthiness and see if there are any in- accurate entries that are negatively affecting your credit report. Addressing incorrect information on your credit report can raise your credit score once the incorrect items are deleted. www. annualcreditreport.com will allow you to check your credit report at no charge.

Illinois Treasurer Michael Frerichs has created the Illinois Financial Wellness Hub to assist residents with reaching their financial goals one step at a time. For more information about the program head over to https://illinoistreasurer.enrich.org.

Organizations such as Operation Hope, and www.operationhope.com.org also provide resources and counseling to assist with credit and money management. Both of the aforementioned programs are offered at no charge. It is important to know that you can address your credit issues without paying hundreds of dollars for assistance. There are organizations committed to helping all of us achieve our financial goals once we are ready to do the work. There is no better time to start your Financial Wellness journey than today.