Lauren Tobiassen
Submitted photo
By Lauren Tobiassen | Bank of America
It’s January, which means many people are dealing with the post-holiday blues and the aftermath of the holiday season on their mental, physical and financial health.
While trends like “dry January” help us physically recover, our wallets also deserve a bit of TLC after big spending on travel, gifts and other festivities. It’s only natural then that January is Financial Wellness Month, which makes now the perfect time to focus on financial goals.
While new year’s resolutions are notoriously hard to keep, making small financial changes this month can lay the foundation for healthy habits that will pay off through 2025 and beyond.
Some simple strategies to get into the right financial headspace include:
- Make it a “no buy” month: Spend only on necessities and put extra cash into savings.
- Wave goodbye to the wish list: Instead, work on cultivating a “saver’s mindset,” with an eye out for savings opportunities.
- Ask a friend to be a “money buddy:” Get an accountability partner who can check in on how progress toward goals.
Financial fitness isn’t a one-size-fits-all approach and should be based on individual lifestyles. However, implementing everyday Better Money Habits now will have a lasting impact throughout the year and help prepare your finances for the next holiday season.
Editor’s note: Lauren Tobiassen is senior vice president and consumer banking region exec for Bank of America in Phoenix. Please send your comments to AzOpinions@iniusa.org. We are committed to publishing a wide variety of reader opinions, as long as they meet our Civility Guidelines.
