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Reaching financial wellness may seem confusing to just about anyone. Whether that person is starting at their first job, has substantial debt, or wants an easier life in the future, no exact dollar amount of spending or saving exists. The good news is that, though the path to financial wellness doesn’t seem straight, it can quickly become evident.
Oportun has a few best practices that anyone can follow, from setting smart saving goals to using personal loans to your advantage.
Spending money is easy, but spending money well takes some learning. First, people should make sure not to spend more money than they have coming in as income. While this seems straightforward to understand, expenses can quickly add up if someone isn’t paying attention to the number of responsibilities they’re taking on.
Paying bills on time is an easy way to keep finances in check. Someone who pays their bills on time understands how much money they need to fulfill their responsibilities and saves money by not paying late fees or penalties.
Saving money is paramount for someone who might not want to work as hard as they’re working now. Whether that means saving up for a vacation or retirement, creating saving goals and rules is a great place to start.
Long-term savings options like investment portfolios or savings accounts are fantastic to have and understand how to use. That said, anyone can benefit from having a “rainy day fund” or a pool of money withdrawn quickly. Emergencies happen, after all.
Borrowing money is essential to traveling down the path to financial wellness. Having and paying back manageable debt informs creditors that someone is a responsible borrower.
When a person takes out a mortgage to buy a house or a personal loan to finance any number of things, they enter into an agreement with a lender. The payoff is not only the house or the financed purchase but a credit score that reflects their responsibility. Suppose they choose to borrow money again in the future; lenders will typically reward them with lower interest rates and more favorable borrowing terms.
Proper planning prevents poor performance, no matter what the situation is. It’s crucial for someone who wants to borrow money or use a financial product to know insurance will back their decision. Make sure to borrow from only FDIC-backed institutions and look into insurance policies that protect your loved ones if you’re incapable of doing so yourself.
The last and final step is to know what financial goals are worth spending, saving, and borrowing for in the future. While nobody knows what awaits them, making a plan to reach retirement—or even pay off debts—by a certain age can help them achieve financial wellness. Digital lending platforms like Oportun can be an excellent resource for anyone who can use guidance.
