HealthyLife Articles

Tag: Manage Money

An Annual Financial Review

FINANCIAL HEALTH

Managing your finances is a long-term investment. Following a budget is the blueprint for financial health. But, how do you know if it’s working?

A yearly financial review provides a snapshot of how well your financial management achieves your financial goals. And it allows you to identify and adapt to changes in your financial health.

Step 1: Review your debts

Begin by making a list of all your debts and their interest rates. Evaluate your progress in reducing your debt burden in the past year. Determine if your current payoff plan is working or if you need to allocate more resources to reduce debt.

Step 2: Reevaluate your budget

Compare your budget to your actual monthly expenses. Make adjustments so it accurately reflects your current bills and income. It’s normal for things to change over the course of a year. Identify areas where you are overspending and need to adjust either your budget or your spending habits.

Step 3: Assess your savings

It’s wise to have a rainy-day fund set aside in a separate savings account. That account should be paid into each month to provide a safety net in case of unexpected expenses. Check to see how well you did contributing each month.

Step 4: Review retirement accounts

Check in with any retirement or investment accounts and consider whether they are growing at a comfortable pace. Make sure you are taking full advantage of any matching retirement funds from your employer. Double-check how the maximum IRA contribution may affect you in the coming year.

Step 5: Update your financial goals

Using all the information you have gathered, set both short and long-term financial goals. Paying off debts, reducing expenses, increasing savings or retirement, or planning for a large purchase can all be part of your updated goals. Keep the goals specific and measurable.

© American Institute for Preventive Medicine

January 23, 2026
4 Behaviors For A Healthy Wallet

FINANCIAL HEALTH

1. Make a budget and stick to it.

Many money experts will tell you that you need to know where your money is going each month. Creating a budget helps to see how much you spend on certain things and where you can cut back to save even more.

2. Check your credit report each year.

You are entitled to a free credit report once per year. This is an important step to help spot identity theft early. Your credit report can affect your mortgage rate and ability to get a loan.

3. Shop around for a good APR on your next loan.

The annual percentage rate (APR) on a loan is an important number. This is the total cost, including fees and interest, described as a yearly rate. The APR can vary widely between banks or lenders. It pays to take some extra time to find the best rate. Make sure you understand exactly what you will pay.

4. Put money away for an emergency fund.

Having an emergency fund offers peace of mind and protection from unexpected costs. Even a few dollars a week can add up, so save what you can.

Paycheck checkup

The Internal Revenue Service (IRS) says employees should look at their paycheck withholdings each year. Withholdings are taxes that are taken out of your paycheck.

It’s especially important to check your withholdings in 2018, the IRS says. The Tax Cuts and Jobs Act, signed in December 2017, may change how much you want withheld.

The IRS has a withholding calculator on their website at:apps.irs.gov/app/withholdingcalculator. This calculator can help you be sure that you aren’t having too much or too little tax withheld from your paychecks.

© American Institute for Preventive Medicine

January 23, 2026
Are Payday Loans Worth It?

FINANCIAL HEALTH

When you need money, payday loans may seem like a quick, easy option. But these loans may not be worth the money they cost you.

Payday loans are also called cash advance loans. They’re a short-term loan. You pay a fee – often a big one – to borrow money for a short amount of time.

How does a payday loan work?

* You give the lender a check for the amount of money you want to borrow plus the fee to borrow it. For instance, if you borrow $500 and their fee is $75, you give the lender a check for $575.

* The lender keeps your check and gives you $500 cash.

* On your next payday, you pay the lender $575. You can have the lender cash your original check or you can pay in cash.

If you can’t pay back the $575 on your next payday, you may have to roll over the loan. This means you may pay another fee. The high fees for these loans add up quickly. It can get so expensive that you end up paying back an amount much higher than what you borrowed.

Other loan options

Payday loans are often not worth the cost. Consider borrowing money from your bank or credit union or use your credit card instead. Even if your credit card interest rate is 20%, this may still be lower than a payday loan.

Sometimes you can ask for more time to pay your bills. A credit counselor may be able to help with this.

Compare loan costs

If you need a loan, ask about these things before you sign and agree:

* What is the annual percentage rate (APR)?

* What are the fees?

* When do I pay it back?

* What happens if I can’t pay it back on time?

Sometimes things happen and you need some money quickly. If you’re in this situation, try to find a loan with low fees. Think about the amount you need. Only borrow what you know you can pay back with your next paycheck.

Source: Federal Trade Commission

© American Institute for Preventive Medicine

January 23, 2026
Are You Addicted To Shopping?

WELL-BEING

Whether you like to look at clothing, housewares, tools, or electronics, shopping is a favorite pastime for many people. As the holidays approach, shopping becomes even more popular. Big sales, special deals, and promotions all seek to get more people to buy, buy, buy.

But for some people, shopping is more than just fun around the holidays. It can actually be an addiction, according to the National Institute on Alcohol Abuse and Alcoholism.

Signs of Shopping Addiction

Many people think addiction is only for drugs and alcohol. But many behaviors including shopping can become an addiction. Access to online shopping can make the problem worse. You can buy whatever you want from the privacy of your home and just a few mouse clicks.

It can be difficult to know if you just like to shop, or if it’s really a problem. If three or more of these statements apply to you, you may be addicted to shopping:

* You frequently buy things you don’t need.

* You have many unopened packages of items or clothing with the tags still on.

* You purchase things you can’t afford by using credit cards.

* You hide your purchases from your spouse or family.

* You feel a strong need to shop when you’re sad, angry, or anxious.

* You have secret credit cards or open new cards when others ones are maxed out.

* You think obsessively about shopping and money.

* You buy much more than planned, and feel guilty or ashamed afterward.

* Your relationships with family or friends have been affected by your shopping.

© American Institute for Preventive Medicine

January 23, 2026
Avalanche Your Debt

FINANCIAL HEALTH

If you carry multiple credit card balances, reducing your debt can feel overwhelming. But there are many techniques to help you tackle your debt. One strategy is to create a debt avalanche.

Here’s how it works:

* Make a list of your credit cards, their balances, interest rates, and minimum payments.

* Evaluate your budget to determine how much money you have available to pay toward your debts.

* If you don’t have much extra beyond your minimum debt payments, consider ways to bring in extra money to get your avalanche started.

* Identify the credit card with the highest interest rate. This is the one to pay off first.

* Each month pay the minimum balance on ALL your cards.

* Use any extra from your budget to pay more on your highest interest rate card.

* Once that card is paid off, move on to the card with the next highest interest rate while continuing to make minimum payments on all other cards.

* Each time you pay off a card, the amount of extra you can put towards your highest interest rate card goes up, creating a debt-paying avalanche.

* Your avalanche will pick up speed over time until you are credit card debt-free.

* Put away your cards, and don’t use credit unless you know you have the money to pay the bill in full.

© American Institute for Preventive Medicine

January 23, 2026
Eat Healthy & Save On Groceries

FINANCIAL HEALTH

Many people assume that healthy food, such as fresh fruit, costs more than processed and less nutritious foods like crackers and cookies. Although the best foods aren’t always the cheapest, healthy foods are worth the money spent. A healthy diet can help you feel better physically and mentally, which could mean fewer doctor visits and a better quality of life. If you’d like to eat healthier but are afraid it will hurt your budget, try these tips to get the most bang for your buck at the supermarket.

*Plan your meals.Once or twice a week, sit down and write out the recipes you’d like to cook for the next few days. Write down the ingredients and shop for only those items. You’ll be less likely to resort to takeout because you have “nothing to eat” and you can avoid unneeded purchases.

*Buy what’s in season.There’s a reason strawberries cost more in the winter months. They become harder to grow, and they must be shipped to your store from greater distances. Instead of trying to eat “summer” foods year-round, find out what’s freshest during each season. Citrus fruits and pears, for instance, are often best during the colder months.

*Start a garden.You don’t need a huge yard to take advantage of growing your own food. Even a few small pots on a back deck or porch can allow you to grow some of your favorite fruits or vegetables. They’ll be fresh and delicious when you harvest them, and you won’t have to buy them.

*Stock up.Canned goods, packaged cereals and other nonperishable items can be bought in larger quantities when on sale and stored. If you’re not a fan of clipping coupons, try buying them in bulk when possible.

*Don’t overlook store brands.Buying canned and frozen items of the generic or store brand could save you a few dollars each time you visit the grocery store. Also, consider store brand bread, pasta, juice and other items. You probably won’t taste the difference.

*Don’t shop while hungry.Some studies suggest that shopping while hungry could lead you to purchase more food than you need. Uneaten food, even the healthy kind, is money wasted.

© American Institute for Preventive Medicine

January 23, 2026
For The Health Of Your Wealth

FINANCIAL HEALTH

Do you want to take control of your financial life? It’s up to you to understand your own money, says investment advisor Paul Taylor, a member of the National Ethics Bureau. Taylor offers the following suggestions:

For your cash flow, keep in mind the four A’s: Accounting, Analysis, Allocation, and Adjustment. The four A’s describe a systematic and disciplined approach to your daily, weekly, monthly, and yearly spending habits.

* Accounting involves gathering all your relevant financial information-income, recurring bills, and other expenditures-creating a central list of each item, and pulling it together in a place where it’s easy to find.

* Analysis is reviewing the information to determine whether you have a shortfall or surplus, and finding places to reduce expenses. Saving $100 a month on dining out, for instance, would allow you to apply $100 to your mortgage loan principal, saving you a substantial amount in interest payments.

* Allocation involves determining your financial commitments and priorities, needs versus wants, and distributing your income accordingly.

* Adjustment involves periodic reviews of your financial information and shifting assets to meet changing needs.

© American Institute for Preventive Medicine

January 23, 2026
How To Stop Impulse Buying

FINANCIAL HEALTH

Many people have bought something at the store that they didn’t plan to get. If you buy something simply because you see it and want it, this is called an impulse buy.

Some estimates show that the average American spends a few thousand dollars a year on impulse buys. These purchases can add up to big spending.

If you’re trying to save money, take a look at your buying habits. It’s possible that your unplanned impulse purchases are standing in the way of a healthy budget and your long-term financial goals.

Try not to dwell on past impulse purchases. Instead, look to the future and decide that you will resist the urge to buy things you don’t need.

Why we impulse buy

Stores use certain tricks and techniques to make impulse buys happen. Plus, specific things happen in our brains while shopping that can lead to an impulse buy. Some of the reasons we buy things on impulse:

1. A love of shopping and new things. Shopping can release feel-good chemicals in the brain. Once we experience this kind of pleasure, it can become a habit that is hard to break.

2. Fear of missing a deal. Our desire to save money can lead to impulse buying. We see a deal on something and wonder if we will regret not buying it later.

3. Hope that having this item will make our life better. For example, someone may think that buying a new blender means they will make a vegetable smoothie every day. Or, if someone is feeling depressed or angry, they may think this new item will fix their problem.

How to stop impulse purchases

If you think impulse buying is affecting you, there are ways to stop. Keep these things in mind when you go shopping:

* Stop and think about the price. Ask yourself whether that item is truly worth what it costs. Think about how many hours you would have to work to pay off that item. Is it really worth buying?

* Bring a list. Make your shopping list in advance and buy only those items.

* Don’t use credit cards. If possible, only shop with cash or a debit card. This means you won’t have seemingly unlimited funds. If that’s not possible, picture next month’s bill with that item on it. That number on your statement may make the item less appealing.

* Don’t shop when you’re hungry, stressed, angry or sad. These emotions can prompt you to buy unwanted things.

© American Institute for Preventive Medicine

January 23, 2026
Managing Financial Stress

FINANCIAL HEALTH

Do finances keep you awake at night? If so, you’re not alone. More than 75 percent of Americans say money is a big source of stress, according to the American Psychological Association (APA).

Although we can’t always change our financial problems right away, we can learn to cope with this type of stress. This can help you stay healthier and learn to deal with challenges in a positive way.

If you’re stressed about money, try these tips:

*Remain calm and make a plan.It can be easy to get caught up in the panic of the moment when a problem arises. A sudden expense needed for an emergency or stories about a “bad economy” in the news can make things feel hopeless. Instead, think about small steps you can take now to improve your budget. This may be writing down a few specific ways you can cut back on expenses. Or, look at your past spending and make a plan to cut back on things you can do without for now.

*Look at the positive side of being thrifty.Eating meals at home instead of at a restaurant can be a fun family bonding time. Have everyone help prepare the meal or pick out their favorite dish for the weekly menu. Can’t afford a fitness membership? Exercise with a family member or friend at home and make it fun.

*Be proud of progress.If you saved $5 by making your coffee at home rather than buying it at a coffee shop, that’s a step in the right direction. Think about the little ways you can save money and how they add up over time. These small successes can get you to your goal.

*If you can’t pay your bills, ask for help.Banks, utilities and credit card companies will often give you extra time to pay if you’re in a financial crisis. It doesn’t hurt to call and ask.

*Identify unhealthy behaviors.If you deal with stress by drinking alcohol, smoking or gambling, this will often make matters worse. Not only do these habits cost more money, but they can cost you your health, job and relationships. Healthy ways to cope with stress include exercise, deep breathing, eating a balanced diet, listening to music or calling a friend. If you need help with unhealthy behaviors, ask your doctor or look into community support groups.

Source: American Psychological Association

© American Institute for Preventive Medicine

January 23, 2026
Piggy Bank Smarts

FINANCIAL HEALTH

Smart money management begins at home. Washington University researcher Michal Grinstein-Weiss found that teaching kids about money in childhood helps them better manage their mortgage loans as adults. The study was in Social Work Research.

The professor offers 5 ways parents can teach their kids financial literacy:

1. Discuss and explain basic finances around the dinner table, especially the difference between needs and wants.

2. Teach kids how to save and set short-term goals (a new toy) and long-term goals (college). Kids will follow by example if they see you saving for something such as a family vacation.

3. Open a savings account for your child as early as possible. Even if you bank online, visit the bank with your child to make a deposit because actions reinforce behaviors. Review monthly statements together.

4. Teach kids budgeting and money-management skills. Help your child figure out how much money to save for how long to reach a goal amount.

5. Get kids involved in daily activities and decisions about spending. Take them grocery shopping and have them compare prices of different brands. Count out the cash during a sale.

© American Institute for Preventive Medicine

January 23, 2026