Taking the first step toward financial wellbeing: Do One Thing - M4Money Credit Union

This week, we’re joining the conversation during #TalkMoney Week to encourage open discussions about personal finances, money-related emotions, and the importance of seeking assistance when needed. Often, taking that first step to talk about money can be the most challenging, but it can make a significant impact on your financial wellbeing. So, we invite you to “Do One Thing” to get started: check out the cost of living guides available on the MoneyHelper website.

The Power of Talking About Money

Research has shown that individuals who engage in conversations about money enjoy various benefits:

1. Making Informed and Secure Financial Decisions
Talking about money with friends, family, or financial advisors can lead to better and less risky financial decisions. Gaining insights and multiple perspectives helps you make informed choices.

2. Strengthening Personal Relationships
Money discussions can improve personal relationships. Being open about financial concerns, goals, and expectations fosters trust and understanding among loved ones.

3. Instilling Good Money Habits in Children
Talking about money with your kids sets a positive example and helps them form good money habits early in life. It empowers them to make wise financial decisions as they grow.

4. Reducing Stress and Anxiety
Conversations about money can alleviate stress and anxiety. When you openly address financial issues, you’re more likely to feel in control and less burdened by financial worries.

5. Building Financial Confidence and Resilience
Regular money conversations enhance your financial confidence and resilience. They prepare you to face future financial challenges with greater ease.

Five Ways to Improve Your Financial Wellbeing

In addition to initiating money talks, here are five more strategies to enhance your financial wellbeing:

1. Automate Your Savings
Set up automatic transfers from your checking account to a dedicated savings or investment account. This ensures consistent saving and helps you build a financial cushion.

2. Tackle High-Interest Debt
Prioritize paying off high-interest debts, such as credit card balances. Reducing these debts will free up more of your income for saving and investing.

3. Increase Retirement Contributions
If you have a retirement account, consider increasing your contributions. Taking full advantage of employer matches and saving regularly can help secure your future.

4. Diversify Your Investments
Ensure your investment portfolio is diversified across various asset classes to spread risk and potentially increase returns over the long term.

5. Regularly Review and Adjust Your Budget
Frequently review your budget to identify areas where you can cut expenses or redirect funds towards savings or investments. Adapting your budget to your changing financial goals is essential.

Taking the time to discuss money-related matters and implementing these five strategies can significantly enhance your financial wellbeing. You don’t have to embark on this journey alone. If you’re looking for guidance and support on managing your finances, consider exploring the free, impartial, and government-backed resources available through MoneyHelper. Their guidance can provide you with the tools and knowledge needed to achieve your financial goals.

Let’s make #TalkMoney Week the starting point for more open conversations about money and a step towards a brighter financial future.