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Becoming Financially Well

What’s it take to become more financially well? It’s about understanding your current situation; visualizing where you want to be; then, identifying and moving forward with steps you can take to bring you closer to your goal. Finally, it’s important to check your progress and make any adjustments for continued success.

Step One – Take stock

Honestly accessing your current financial health status is the best first step towards success. It might feel scary at first, but don’t worry. You’re not alone! We all have room for making improvements to our financial health! And remember, we’re here to help! According to the Financial Health Network,* being successful in these four areas provides a good indication that you lead a financially healthy lifestyle. Here’s what it looks like to be financially healthy in each of these areas:


You spend less than you earn
You pay your bills on time and in full


You have a sufficient amount of easily accessible savings
You have sufficient savings or assets to meet long term goals


Your debt load remains at a sustainable and manageable level
You have a prime credit score


You have appropriate insurance
You plan ahead for expenses and have an emergency fund for unexpected expenses
You have a plan for meeting long term goals like saving to buy a home or a college education or your retirement

* U.S. Financial Health Pulse: 2020 Trends Report

Step Two – Set goals

Take a look at your own situation and see how you stack up. Don’t be surprised if you find that you’re stronger in one area than another. That’s totally normal! Perhaps you feel like you manage your spending habits well, but your savings outlook could use support. Or, perhaps you’re diligently saving for retirement, but you’d like to strengthen your credit score. Set one or two things as your goal(s) and set your focus there! Some people find that writing down their goals helps to keep them committed to achieving them.

Step Three – Create your plan

For each goal you want to pursue, select several new behaviors or activities to incorporate into your daily life. They don’t have to be big, just something you can commit to doing consistently (like saving a set amount from each paycheck or tracking expenditures). In fact, you’ll have more success in following through when you make your plan specific, actionable, and realistic.

Want help in finding how to turn your goals into action? There’s lots of content in our Educational Resources and Life Events sections to help you get started. Or, reach out to one of our partners.

Step Four – Track your progress

Finally, after those healthy financial habits have become part of your routine, take a moment to evaluate how you’re doing. Are you making progress towards the goals you set? Perhaps you need to adjust course and consider different tactics. Or maybe, you’ve accomplished your goals and it’s time to set new ones!

No matter where you are on your path to financial health, just remember to stay focused on making change for the good!