Asking questions can be a great way to gain wisdom and insight.

When you spend time with younger children who are full of questions about a range of topics–why is the sky blue? for instance–it becomes clear.

When we think of our financial health and wellness, asking questions can help us find new solutions.

Take a look at the following three questions you can ask about your own financial health.

What Makes Financial Health Important in These Current Times? 

The ongoing pandemic is certainly impacting all of us. As a result of the economic fallout of the COVID-19 crisis, which we still continue to live through, people may be experiencing changes in income, a temporary reduction in hours or pay, or other uncertainties.

The temporary CARES Act relief options are also up in the air. Deferrals on student loan payments, temporary mortgage forbearance, and other relief related to debt all contribute to uncertainty.

Many people are looking to understand how to better manage monthly payments when relief ends, as well as how to handle any increases in consumer credit card balances.

Considering the uncertain times we’re living in, it’s important to prioritize monthly expenses to get a solid footing on money management and financial health.

What Big Opportunities Can Help Improve Financial Health and Wellness? 

All of us have goals when it comes to our money. For instance, recent college graduates, as well as other groups such as Millennials, might be hitting key milestones in their lives: establishing careers, managing student loan debt, building credit history, starting a family, looking at a home purchase, or thinking about other big investments. Retirees are likely looking to understand their budget on a fixed income.

Whether it’s setting a spending plan for monthly bills, understanding how to manage credit cards, or other money matters related to people’s goals, taking steps toward financial health and wellness is important.

Some of the biggest opportunities can be found with some tried and true suggestions, such as making the best use of credit cards. Other steps worth exploring include:

  • Keeping receipts helps with tracking your monthly activity.

  • Having a spending plan will help you reduce the chance of impulse buying. When you have a plan, there’s less chance you will overspend on items you don’t truly need.

  • Sometimes it’s necessary to use credit cards to cover important expenses such as food, gasoline, and utilities. If that becomes a regular pattern, it’s helpful to review your budget.

What Specific Actions Can Be Taken to Better Manage Debt? 

A secure financial future depends on building healthy habits, especially around credit and debt.

When it comes to credit history and credit scores, you can take action by knowing your numbers. To get smart about credit, take time to pull reports that show your full credit history and your current credit score. Having a healthy credit score means you get favorable interest rates on any loans you might be thinking of applying for such as a car loan or mortgage. Once you’re ready to take those steps, keep GOLD in mind for your financing needs. We’ve got auto loans and mortgage options designed to meet your needs and budget. 

It’s important to pull your credit report regularly so you can fully understand what’s being reported and check for errors as needed. now allows weekly updates of all three credit bureaus. If something is inaccurate, talk to your creditors first. If needed, you can dispute with credit bureaus.

Want to learn more about credit and how you can use credit to reach your financial goals? GreenPath is hosting an online webinar, “Five Tips to Improve Your Credit” on Wednesday, March 24, from 1:00-2:00 PM. Their financial experts will be on hand to provide you with tips to help you improve your credit, maintain positive credit history, and how to use credit to build a healthier financial future. Register to attend the webinar on March 24.  

Trust in GreenPath 

Another action you can take is accessing support from our partners at GreenPath Financial Wellness. Similar to GOLD’s very own mission and vision, GreenPath focuses on you and your needs, and empowers you to take control of your finances. GreenPath helps you to gain a better understanding of your spending habits, and works with you to create a budget to achieve your dreams. Their financial coaches are kind and caring, and will assist you in better understanding your finances to create a plan to meet your goals.

Want to talk about where you’re at today and what you need to do to accomplish your goals? Request a call with a financial expert.

GreenPath Financial Wellness

GreenPath Financial Wellness

Our partner, GreenPath Financial Wellness, provided this blog content. GreenPath is a national non-profit organization whose mission is to empower people to take charge of their financial futures. As a Member of GOLD, you have access to GreenPath’s educational tools and resources that are geared to help you along your journey of reaching financial success. 

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