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MCC Daily Tribune

Financial Wellness Month

Financial Wellness Month is observed throughout January and was created to remind us to pay closer attention to our financial wellbeing. It comes right after the hustle, bustle, and spending that comes with the holiday season, to help us slow down and prepare our finances for the new year and our lives as a whole.

HOW TO OBSERVE FINANCIAL WELLNESS MONTH

  1. Create a financial plan

    Kick off the year on a good note by creating a financial plan for the coming year. Put down all your fixed and flexible expenditure, your projected earnings, your plan for savings, and also possible investments. This would give you an outlook on your finances for the entire year.

  2. Create a budget

    A lot of people run into debts and financial issues simply due to poor planning and living above their means. Today, we urge you to create a budget for your expenses and to stick to it. Living within your means helps you reduce debts and save better.

  3. Review your credit reports

    Your credit score is the majority of your available and feasible finances. It depicts your creditworthiness, and the higher your score, the better credit loans you can get. Reviewing your credit report helps you know where you’re at, and how you can get a handle on bill payments and limit your expenses.

5 IMPORTANT FACTS ABOUT MONEY

  1. One coin costs millions of dollars

    The Liberty Head nickel, made in 1931, was sold for 43.7 million dollars.

  2. Pennies are expensive to manufacture

    It costs $0.02 to make a single penny, which is more than its actual worth.

  3. Some U.S. communities have their currency

    Over 60 communities in the U.S. have their local currency while also accepting dollars.

  4. A woman appeared on currency notes

    Martha Washington appeared on currency notes back in 1886, 1891, and 1896.

  5. A lot of $100 bills are missing

    Close to two-thirds of $100 bills are not in banks or federal reserves and remain unaccounted for.

WHY FINANCIAL WELLNESS MONTH IS IMPORTANT

  1. It helps you budget better

    Financial Wellness Month forces us to prioritize our financial health. This causes us to come face to face with our financial issues, and helps us budget and plan better.

  2. It reduces anxiety

    Financial problems can become a major cause of anxiety and depression in our lives. This month helps us understand that whatever financial problems we have can be salvaged, and pushes us a step further in the right direction.

  3. It encourages financial stability

    Financial Wellness Month causes us to face our financial statuses head-on and prioritize them. It also encourages us to put our finances in order as we work towards financial stability. Programs organized within this month place us on the first step in the right direction to achieving financial stability.

 

Financial Wellness Month - National Today - https://nationaltoday.com/financial-wellness-month/

Sarah Benedict
MCC Wellness Council
01/27/2023