5 Steps toward financial wellness

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By Jennifer Thomas By Jennifer Thomas

PHOENIX -- April is National Financial Literacy Month, and it couldn’t have come at a better time. Between rapidly increasing prices in gas and food along with sluggish economic growth, consumers are feeling more pinched each week. In fact, according to a recent survey by Career Builder, 77 percent of American consumers are living paycheck to paycheck.

Financial Literacy Month offers the perfect opportunity for individuals and families to change their financial situation by learning about important financial matters like creating and managing a budget, paying down debt while saving for emergencies, and creating achievable financial goals. Here at Money Management International, we care about your financial future. We are committed to bringing you the financial education you need to reach your financial goals.

The following five steps will help you on the path toward financial wellness.

1. Make a commitment. Changing your relationship with money is not an easy task; it takes hard work and a strong commitment. Visit FinancialLiteracyMonth.com and take the pledge to start on the path toward financial security.

2. Assess your financial situation. A simple quiz can help you understand your current financial position. Knowing where you are today will help you determine the best path toward meeting your financial goals.

3. Get organized. Getting your financial house organized is a great way to begin on a clear path toward financial wellness.

4. Set priorities. Understanding the difference between needs and wants will help you establish financial priorities and set realistic goals.

5. Live on a budget. Spending less than you earn is easier said than done, but a solid budget is the most important element of any successful financial plan.

Changing your financial habits and your relationship with money can be hard work, but the payoff is priceless. The important thing to remember while on your journey to financial freedom is to stay flexible. Revisit your financial plan often and make changes as needed.