Five Principles of Financial Wellness — Money Foundation (#1)

Great financial wellness starts with a strong foundation

The first principle of financial wellness is understanding the basics of money management as the foundation on which you’ll build your success. In this guide, we cover everything from budgeting and debt management to understanding your overall financial wellness. 

Getting started with budgeting

No matter where you are in your journey with money, it’s important to have a budget in place to help you reach your financial goals. Knowing what income you have coming in and having a general idea of your expenses helps you understand what opportunities you have for future goals. Building a positive relationship between you and your money is our goal, and budgeting is a great place to start. Click here to read more.

Evaluating your needs vs. wants

A key aspect of financial wellness is knowing what you’re spending your money on every month. More than that, though, it’s important to evaluate what expenses are needs and what expenses are wants. Understanding the difference can help you create or adjust your budget to achieve your financial goals. Click here for a breakdown of needs vs. wants and how you can account for both in your monthly budget.

Understanding your debt payoff strategy

Are you looking for a way to better understand your debt and come up with a payoff strategy? This calculator uses the rollover strategy the help you understand how soon you can pay off your debts by evaluating various strategies for paying off your debt. When one debt is paid off, the payment amount normally applied to that debt is made available for use against another debt. The calculator can look at your specific situation and help guide you on the best method for payoff based on your goals. Learn more here

Be ready for irregular expenses

If you’ve spent some time with your budget, you might notice that some expenses only come up once or twice a year and are easy to overlook. Some examples of these might be car registrations, taxes, memberships, and holiday and travel expenses. By planning for these expenses and saving for them monthly, you can help ensure you’ll be ready when the expense shows up. This is called proactive budgeting. Read more here.

Automate your budget

If you are a seasoned budgeter, you’ve probably learned that budgeting isn’t really difficult or restrictive — quite the contrary, in fact, as most budgeters maintain that having a plan for their money actually affords them more financial freedom and control than the free-for-all method they previously employed (no judgment, we’ve all been there). There are some pretty easy ways to robotize many of the tasks that comprise a healthy budget, once you’ve established one that works for you. More advanced budgeters can employ these autopilot tactics and budgeting no-brainers at the outset of the month to do a bit of financial coasting on the way to their monetary goals. Read on to learn more.

Financial wellness as self-care

We’re all aware that self-care means prioritizing our mental health and personal needs rather than succumbing to the stresses, pressures, and challenges life throws at us all. However, not everyone stops to consider the role your finances play in your overall well-being. It stands to reason, though: Financial wellness can suffer if self-care is practiced at the expense (pun intended) of your financial future. Conversely, being in-control of your finances and understanding your priorities makes affording what’s important to you — including self-care — a snap. Read on to learn what financially savvy people of all income levels know about healthy finances.

Audit your subscriptions

With a wealth of subscription services available for seemingly everything under the sun, it’s easy to see how free trials and subscription services can start to add up. That’s why it’s important to take the time to evaluate your subscriptions and see what you’re paying for, how you’re using it, and whether it’s truly something you need. By doing so, you may be able to make room in your budget for other expenses — or your savings. Click here to access the download, for free!

Five Principles of Financial Wellness

At UBT, we want to set you up for success in reaching your financial goals. Our five-part series covers important topics to help you understand your finances, plan for the future, and more, all tailored to your needs and where you might be in your financial journey.

Learning Center articles, guides, blogs, podcasts, and videos are for informational purposes only and are not an advertisement for a product or service. The accuracy and completeness is not guaranteed and does not constitute legal or tax advice. Please consult with your own tax, legal, and financial advisors.