Financial health is about more than just dollars and cents. It’s about peace of mind, confidence in your choices, and a sense of security for what lies ahead. We’re here to support you with tools, resources, and benefits that help you maximize your financial wellbeing.
Take control of your finances
Financial wellbeing means knowing you can manage your day-to-day finances, protect yourself from unexpected expenses, save for short- and long-term goals, and retire on your own terms. Financial coaching and resources are available to help you, including a budgeting and spending support tool.
Create a budget that works for you
The key to budgeting is building a strategy you can stick with over time. Consider the 50/30/20 approach: allocating 50% of your income to necessities, 30% to discretionary spending, and at least 20% to saving for your short- and long-term goals.
Prioritize paying off debt
Although it can feel overwhelming, there are ways to get debt-free faster. As a start, be sure you pay at least the minimum due on your accounts to avoid late fees and penalties. Then aim to pay down the balances with the highest interest rates.
Stay on track with financial goals
Setting financial goals helps you clarify what you’re trying to accomplish and identify the steps to get there. Knowing your direction is key to making progress and achieving financial wellbeing success.
Build a safety net for the unexpected
An emergency savings fund can keep you from going into debt when unexpected expenses arise. Consider an account like Vanguard Cash Plus, which provides easy access to your money and the ability to earn more interest than a regular savings account.
Learn how to maximize your savings
Different 401(k) retirement plan contributions, such as a Roth or traditional after-tax, offer varying degrees of flexibility and tax advantages, and each has unique strengths. The better you understand your options, the more empowered you’ll be to choose what best fits your long-term vision.
You may also consider enrolling in a health plan that features a Health Savings Account (HSA), which is a tax-advantaged account that lets you use pretax dollars to pay for current eligible health care expenses—or to save for future healthcare needs.
Start small today to see a big impact tomorrow
Taking some small steps now can set you on the path to lasting financial wellbeing. Begin by reviewing the financial wellbeing checklist and completing a few actions to jumpstart your plan. Then, dive into Vanguard’s financial planning articles for helpful insights on everything from budgeting and saving to smart investing and retirement prep.
Need personal guidance? My Secure Advantage (MSA) offers one-on-one financial coaching, personalized action plans, and real-world support to help you stay on track and reach your financial goals with confidence.