Financial Wellness Moves for the Spring

Spring is a great time to shake up your exercise routine to improve your physical health. Think of it as prime time to make some changes to improve your financial wellness, too.

Save a little more. Increasing contributions to your savings plan, even by just a little bit, can make a big difference by the time you retire. For example, if you currently contribute about $100 to your 457 plan every two weeks starting at age 30, increasing your bi-weekly contributions by $25 every year could end up boosting the value of your account by more than $300,000 by the time you reach age 65, if your investments return 5% per year. Use the Savings Boost calculator to see how small increases can grow significantly over time.

Streamline your finances. Automate your regular bills, so you’ll know exactly when they’ll be paid and you can reduce the risk of missed deadlines and late charges. Signing up for automatic payments could capture a discount for certain ongoing bills such as for your car insurance or student loan.

Pay down high-interest debt. Early in their careers, too many workers are held back financially by their debt — whether it’s from student loans, high-interest credit cards or car loans. Paying off such debt frees you from budget-sapping interest and leaves more cash for your other expenses and goals. See Smart Moves for Managing Debt for more information.