10 Ways financial managers help you achieve optimal financial wellness

Almost 90 percent of Americans ended 2022 with a renewed focus on financial wellness. If you’re concerned about keeping your financial strategy on track despite inflation and market volatility, financial managers say you’re in good company. 

Create a plan that’s realistic for your timeline, goals, and lifestyle so that you can stay on track, even when outside economic forces are unstable.

Follow a financial wellness checklist

We’ve compiled the following list of 10 ways financial managers and advisors can help you develop and revise strategies for cash flow management and financial literacy. 

• Track your spending. Knowing where your money goes will help you decide how to spend wisely. 
• Monitor your income. Does your income cover your expenses? 
• Make a budget. See your income and make informed decisions about where to spend funds. Once you create a budget, stick to it! Everyone makes mistakes, but don’t let one month ruin your path to financial success. 
• Create precise goals. Goals should be short-term, for example paying all bills on time, and long-term, such as retirement or homeownership.
• Take advantage of investment opportunities. Investing helps your money grow over time.
• Pay down debt. Keep your debt controlled, so your debt can’t control you. 
• Track donations. Donations and other contributions may qualify you for various tax mitigation strategies. 
• Protect your assets. Work with your manager on estate planning. 
• Consistently save. Make sure you are saving and creating an emergency fund. Some people find it helpful to use automatic savings apps to help save a little money with every withdrawal transaction.
• Set up alerts. Use financial software tools to your benefit. Get notified about all account activity. 

Reaching financial wellness goals is difficult and takes discipline. You might be doing some of these checklist items to one extent or another already, but are you working to realize your maximum potential? 

Working closely with financial managers on each action item on the list contributes to a comprehensive financial plan that is stable or “healthy.” 

How do I know if I’m financially healthy? 

That’s easy. You get a check-up. Most of us get regular check-ups to monitor our physical wellbeing. Why should our financial wellbeing be any different? Some take an “out of sight, out of mind” approach. This can lead to serious financial issues that could have easily been prevented.

Financial managers will monitor your assets and notify you of potential issues while recommending opportunities for improvement. Regular financial check-ups will help you navigate the complicated world of finance and give you the tools and insight you need to reach your personal goals.

Good Life financial managers are here for you

Our advisors are ready to handle any or all of your finances. Our comprehensive financial planning process includes all 10 of the tips mentioned here. Working in your best interest for your current situation and future financial goals is what we do best. The economy might make you feel nervous, but don’t stress! Take the first step toward realizing your financial goals by scheduling a consultation today.