Every year on April 7th it’s World Health Day. This marks the founding of the World Health Organization (WHO) and is seen as an opportunity to draw worldwide attention to health-related causes globally. It’s one of eight official global health campaigns marked by WHO, according to Wikipedia, who also designates days of the year to specific diseases that have a major impact on the health of our world.
While we focus on making our planet healthier, let’s use this day as an excuse to focus on creating a healthier financial future for ourselves and our loved ones.
Here are four healthy tips to a stronger financial future:
BUDGETING: Often overlooked and initially difficult to work through, keeping a disciplined budget is instrumental to growing wealth. Communicate with your family and set clear budgeting goals that will run your household efficiently, free up excess savings, and can be applied to your financial goals. Review your budget frequently because the best way to stick to one is to start one.
RETIREMENT PLANNING: Planning for retirement should happen as soon as starting your first job. Begin planning as soon as possible and ask yourself where your retirement plan stands today and how much do you need to save to reach your goals. Contribute to your 401(k) or IRAs to maximize retirement savings and take advantage of tax deferred growth.
MORTGAGE ACCELERATION: Making one extra mortgage payment could shorten a 30-year mortgage by 4 to 5 years. Accelerating your mortgage will free up money that can go towards saving for retirement, providing more cash flow, or paying off student loans. Home is the nicest word there is so take a look at how quickly you can get yours paid off.
PROTECT YOUR LEGACY: Making sure your family achieves their financial goals even after you are gone should be of paramount focus. Prepare by understanding and implementing insurance planning that will replace your income and is tailored to your needs in the event of a life changing occurrence.
Manage your financial health responsibly so that you can be free to enjoy your life. These four tips are a great addition to World Health Day and your financial future.