WEST MICHIGAN — The holiday season is here, and it can be very common for people to spend more without sticking to a budget. While your generosity can be appreciated during the holidays, it could fill you with feelings of regret come January. It's always beneficial to take stock of your numbers to make a plan that fits your budget.
Dr. Diana Bitner with True Women's Health says income security is very high on the list of factors driving good health, giving the ability to provide for basic needs like healthcare and to relieve your anxiety about money. When you don't have income security, it can leave you feeling stranded in personal and work situations that are not safe or best for mental and physical health.
Questions to ask yourself:
- How do you want to feel every day/week/month end about your day-to-day expenses?
- How do you picture your retirement?
- What safety net do you want? how long will it last?
- What does a stress-free financial situation mean to you?
- Do you have debt?
- What are you budgeting for the holidays?
3 aspects of financial security:
- Do you have a plan in place for your future and/or retirement with an IRA or 401k?
- Do you have a safety net of 3 months expenses?
- Are your daily/weekly/monthly needs met, and do you have a budget in place?
If you are not happy with your answers, it may be time to get help. By asking a financial professional for help, even if the initial facts are worrisome, you can build back to financial security.
Income security affects overall health, relationships, self image, and resources available to support a healthy lifestyle. By examining your 3 aspects of income security, you are taking the first step towards reduced stress and an ability to have abundance.
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