May 9, 2023
Financial wellness is the state of being in control of your money and having the ability to meet your financial goals. It also means having peace of mind and being prepared for unexpected expenses. Read on as we share these financial wellness tips that will help you get closer to financial freedom!
1. Investing for Beginners
Regardless of the type of investment or how much you have to invest, make a financial plan and develop a solid savings strategy. Understand risk and strategies to manage it, as well as your personal risk tolerance. Also, start looking into diversification and asset allocation strategies, such as active versus passive investing and value versus growth investing. Helpful tip: sites such as Nerd Wallet, Clever Girl Finance, and Charles Schwab offer detailed financial planning guides.
2. Starting an Emergency Fund
An emergency fund typically consists of savings that cover half a year's worth of expenses. In order to build your fund, set a goal and make contributions such as recurring automatic transfers, or your tax refund. As for where to put your fund, a high-yield savings account or any regular FDCI-ensured savings account is adequate. Do not tie your emergency fund to long-term investments. Helpful Tip: Use Nerd Wallet's Emergency Fund calculator to get an idea of how much you need to save.
3. Buy Groceries Online with Different Payment Methods
Buying groceries online can save time and act as a safer method during COVID. Opt for pickup on sites like Walmart, Safeway, and Amazon, and buy your groceries using a credit, debit, or virtual card, like your Clair Debit Mastercard. If you have an Electronic Benefits Transfer (EBT) card, you can also use that by selecting it as your payment method, and swiping your card at pickup.
4. Get Part of Your Paycheck Early with Clair
Clair gives you a portion of your next paycheck early, for free. This means no more resorting to high-interest payday lenders or fee-based loan services to pay off bills or buy everyday necessities before you get your paycheck. Now, you're in control of when you get paid.