Come back to these exercises whenever you need a boost in your financial well-being.
Exercise 1: Be Mindful of Your Savings Goals and Pay Yourself First
Do you struggle to meet your savings goals each month? It’s time to be more mindful and deliberate about what your goals are and what it will take to get there. Determine how much you can contribute each week or month and put mindfulness into action by paying yourself first.
Treat your regular savings contributions like a bill that is due each week or month. Whether it’s building an emergency fund or saving for a financial goal, put away as much as you can. Even $50 or $100 each month adds up to big savings! The good news is that you’re already practicing pay-yourself-first mindfulness if you are contributing to your 401K.
Exercise 2: Be Mindful of Your Retirement Account Contribution
Can you increase your contribution to your retirement account? Be mindful of your future by taking inventory of your retirement account at least once a year. Look at how much you’re contributing – is it enough to get the full employer match?
Look for opportunities to increase the amount you’re contributing. The longer you put off increasing your retirement savings, the more you miss the benefit of compound interest. So, don’t wait — even a $50-per-month increase in retirement savings has the potential to grow to almost $75,000 over 30 years, assuming an 8% annual rate of growth, compounded monthly. *
Exercise 3: Be Mindful of Your Spending by Making a Game Out of Saving
Part of saving is being mindful of your spending. Push yourself to go on a no-spend challenge – a weekend, week or month when you don’t spend money on anything but the essentials. Doing these challenges regularly pushes you to be creative with what you have while opening ideas for more ways to save.
Practicing financial mindfulness is a great way to have a better understanding of your spending and savings habits, making you more financially fit. Come back to these exercises whenever you need a boost in your financial well-being. QCBN
By Daniel Martinez
For more than 12 years, Daniel Martinez has worked in the financial services industry helping individuals and families align their goals toward financial freedom. He provides clients with a variety of investment knowledge and experience, taking the time to create a personalized financial plan for each client. Martinez holds his insurance licenses and is also bilingual in English and Spanish to better serve the community. He is registered through LPL Financial with his SIE, Series 7 and 63 securities registrations. To schedule an appointment with Daniel Martinez, email DMartinez@OneAZCU.com or call 928-777-6050.
OneAZ Wealth Management is a team of LPL Financial licensed professionals and support staff located in OneAZ Credit Union branches across Arizona providing investments, insurance, and retirement planning services intended to guide credit union members towards their financial goals. To learn more about OneAZ Wealth Management, visit OneAZWealth.com or call 877-566-0517.
Securities are offered through LPL Financial (LPL), a registered broker/dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. OneAZ Credit Union (OneAZCU) and OneAZ Wealth Management are not registered as a broker/dealer. Registered representatives of LPL offer products and services using OneAZ Wealth Management, and may also be employees of OneAZ CU. These products and services being offered through LPL or its affiliates, which are separate entities from, and not affiliates of OneAZ CU or OneAZ Wealth Management. Securities and insurance offered through LPL or its affiliates are:
NOT INSURED BY NCUA OR ANY OTHER GOVERNMENT AGENCY | NOT CREDIT UNION GUARANTEED NOT CREDIT UNION DEPOSITS OR OBLIGATIONS | MAY LOSE VALUE
* This is a hypothetical example and is not representative of any specific situation. Your results will vary. The hypothetical rates of return used do not reflect the deduction of fees and charges inherent to investing.
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