Achieving Financial Health by Taking 5 Steps During National Heart Month

By
Lee Stephens
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Nancy J. Hite, CFP, Fiduciary and Author
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At the beginning of the New Year, many of us think about our physical health but not as many think about their financial health. And as we approach February and celebrate American Heart Month, consider your financial health as well as your heart health

“This is a great time for everyone to take steps to lower their financial stress in addition to taking physical steps to benefit their cardiovascular health,” explains Nancy J. Hite, a certified financial planner and fiduciary. “Too often, we overlook one of the leading causes of hypertension which is stress.  Excess stress results in high blood pressure. When I’ve spoken to cardiovascular physicians, they’ve told me it’s a shame that people don’t pay more attention to the devastating effects of stress.”

Hite, a well-known author, offers the following “Five Healthy Financial Tips” for a better and healthier 2022:

  1.  Realize the importance of a budget and do a monthly budget-check. 
  2.  Look for unnecessary expenses in your December and January bills. Plan how to avoid excess expenses during the next 12 months. 
  3.  Take immediate steps to pay off debt by paying off the lowest balance credit card first.
  4.  Consider unexpected bills or financial challenges you may face in 2022: unemployment or fewer work hours; surprise home repairs or auto repairs or medical expenses. 
  5.  Examine your family’s financial health and where your emergency fund stands. Keep enough savings to cover six months of living expenses. Once you’re in a good position with your savings, work on paying off all credit cards.

“On the first Friday of every February, Americans unite and we see a wave of red clothing from coast to coast to raise awareness for heart health,” Hite adds. “This is also a good time to think about unnecessary expenses as red flags warning you to take care of financial health. Lowering your financial stress could also improve your financial health.”  

 A best-selling author, Hite has written The Retirement Mirage: Time to Think Differently and may be found at www.thestrategicwealthadvisor.com

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