Tips for getting your financial house in order.
January is National Financial Wellness month, so we asked Pat Wolfe, senior vice president and financial advisor at Wealth Enhancement Group, for tips on improved financial fitness.
5 Tips for Financial Fitness in the New Year:
- Save/invest more: Boost your savings by paying yourself first. Have money automatically deducted from your paycheck and deposited into a savings or retirement account. People who contribute automatically have a much easier time saving. And since the money is deducted before you receive it, you won’t miss it.
- Live a healthier lifestyle: People who are healthy and exercise regularly tend to pay much less for health care costs during retirement.
- Pay off inefficient debt: This is especially important after the holidays if you’ve used credit cards to finance the festivities. Credit card interest isn’t tax-deductible, and slow and low payments can result in increased interest rate charges.
- Revisit your risk tolerance: Re-examine your investment asset allocation. Rebalancing your portfolio may potentially help decrease risk and overall investment volatility.
- Meet with a financial advisor: From taxes to insurance, achieving a complete financial plan can be complicated. Meeting with a financial advisor can provide independent insight into your finances and help evaluate whether you’re on the right track.
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Wealth Enhancement Group
7601 France Ave. S.
952.746.0330
