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Move Forward with a Financial Wellness Plan

By Zuri Cortes|2020-09-02T15:39:47+00:00September 2nd, 2020|
  • View Larger Image Achieve Your Goals with a Financial Wellness Plan

If this year has taught us anything, it’s the importance of being flexible enough to adapt to new environments. The COVID-19 outbreak has brought about an economic downturn that has forced more than 57 million Americans to apply for unemployment insurance. Learning how to confidently navigate through this financial uncertainty is essential. The first step is creating a financial wellness plan that can help you meet your financial goals.

According to a recent Charles Schwab Corp. survey, only 28% of Americans have a written financial plan. Of the remaining 72% who don’t, half of those believe they don’t have enough money to make a plan worthwhile. The rest feel it’s too complicated and time-consuming to do so.

However, consider the fact that having a financial wellness plan in place has proven to build confidence, peace of mind and the ability to understand and achieve financial goals.

Starting your journey to financial wellness does not require a lot of savings. It starts with shaping your spending habits in ways that benefit your future self. A good place to start would be to set your budgeting percentages with the 50/30/20 method and link your bank account to a budgeting app that helps you track your habits. This approach gives you an idea of where your money is going, so you can make decisions that prioritize your goals.

Budget Percentages

Needs (50%)Wants (30%)Savings & Debt (20%)
●     Groceries

●     Housing

●     Utilities

●     Transportation

●     Shopping

●     Dining out

●     Hobbies

●     Leisure

●     Investments

●     Student loans

●     Credit Card

 

Having a financial plan in place can help you make better financial decisions and boost your confidence in the process. And, like any journey, it helps to have people along the way pointing you in the right direction.

Once you meet a certain goal, where to next? If something unexpected happens, what private or public programs exist to help you through it? Consider the help of a financial advisor to guide you.

Creating a financial wellness plan with Countrywide can be part of your first step to forward to financial confidence. The Countrywide financial wellness counselors can help you develop actionable plans you can use to help get out of debt, save up for a home, manage bankruptcy and anything in-between.*

Sources: Federal Reserve Bank of St. Louis and Charles Schwab Corp

*IDIQ® is NOT a bank, lender, home improvement or insurance company.  Offers made on this page are offers for services by independent parties and are not companies of IDIQ.

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1 https://www.javelinstrategy.com/press-release/identity-fraud-hits-all-time-high-167-million-us-victims-2017-according-new-javelin

2 https://www.idtheftcenter.org/2016databreaches.html

3 https://www.consumer.ftc.gov/blog/2017/05/how-fast-will-identity-thieves-use-stolen-info

4,5,6,7 See Plans and Pricing

8 1,000,000 ID Theft Coverage – provides up to $1,000,000 in coverage for: funds stolen by unauthorized electronic funds transfer from an account in your name, legal fees, miscellaneous expenses, and up to $1,500 per week (five weeks maximum) for wages lost while resolving a stolen identity event. Family members means the enrollee’s children under the age of twenty-four (24) who permanently live in the same residence as the enrollee at the time of the stolen identity event. Underwritten by AIG.

9 https://www.forbes.com/sites/robinseatonjefferson/2018/08/22/ssa-issues-warning-of-social-security-and-medicare-fraud

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