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Steps to Good Financial Health

So far 2024 has me doing a whole lot of seminars and talks speaking to financial health and literacy. I have so much to say about this, it's often hard to cram it in over a set time frame. This picture was from me speaking to a friend's real estate team of women, what an amazing and powerful team!

Every household is so different, it's difficult to make sure I'm speaking to everyone as much as possible. It means an awful lot to me to make sure the attendees have a tangible take away to be financially better off.

I bet you're interested in some of the strategies I speak to? You're in luck, I'm willing to share a few tips to get you financially healthy.

#1: Determine what type of household you are

Surplus: Your bank account is growing and you may need to be more strategic with savings.

Net Zero: Or paycheck to paycheck. You're making ends meet, but aren't equipped to handle a major expense.

Deficit: You're spending more than you make, your credit card and line of credit balances are increasing.

#2 Tidy up your banking to streamline strategies

When your money is spread across several bank accounts and maybe even institutions, it's much more difficult to keep an eye on what your money is doing. We often end up in these situations because it's too hard to switch/merge bank accounts, especially when we blend households together. Please don't tell me you keep your bank account because it's the first one you opened 30yrs ago. Also, don't get me started on the mess you may be leaving your executor to sort out should you pass away (sorry, I'm a planner and we talk about that!).

#3 Don't be in a hurry to allocate surpluses

Expecting a big tax return? Have some other sort of windfall coming your way? Do not, I repeat, do not mentally spend this money before it's even landed in your account. I strongly recommend, in particular if you're a Net Zero or Deficit houshold to park that money in a savings account. This money could be your super hero keeping you out of debt should a major expense come up. If at the end of the year that money is still sitting there, then feel free to allocate a portion of that.

OK! Those are my top tips to being financially sound. Do any of these resonate with you? For me, it's making sure that I'm not mentally spending windfalls, unless it's the multi-million lotto, then go ahead!


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