HEALTHY FINANCE

Spend less than you make

It’s a simple formula that many people just can’t follow: live within your means. Don’t rely on credit cards or cash advances to see you through to the next payday. When shopping, ask yourself if the item is necessary to your well-being. Look for less expensive forms of entertainment, eat at home more than in restaurants, and learn to wait for sales while avoiding impulse buying.

Have goals and a budget

Make a reasonable budget, and then formulate a way to follow it. There are many computer programs and dozens of apps that can help you stay on track. You also need a plan for savings and investments.

Alyssa Sparacino. Health.com. www.health.com/health/gallery/0,,20459221,00.html; Norman Wirzba, “Food and Faith: A Theology of Eating,” 2011, p. 60 Photo illustrator Anthony Casto, Shutterstock.com ©

“People with a written financial plan are more satisfied with how their finances are managed, more confident about their financial decisions, and less worried about being financially secure at retirement,” says financial planner Thomas Ruggie of Ruggie Wealth Management in Tavares. Additionally, set goals so you know where you are headed.

“Knowing where you want to end up is a little like using GPS when you drive,” says Ruggie, “While the GPS does a great job of telling you how to get to where you want to go, it doesn’t decide the destination.

Contribute to a retirement account

If your employer offers a 401(k) retirement plan, contribute as much as you are allowed. Some companies will match what you put in, making it one of the best deals around. If you don’t have a plan at work, sign up for an individual retirement account (IRA). An IRA is different from a 401(k). While no one is making matching contributions to your IRA, an IRA allows you to invest in stocks, mutual funds, and CD’s.

Save and invest early

All stages of life require us to make financial decisions,” says Ruggie, “Getting into the habit of saving and investing early and paying yourself first makes the process of setting and achieving financial goals more efficient and purposeful.” Ruggie also says to stick to the old adage “buy low and sell high.”

“It sounds easy, but it is often difficult. Many people fall into the trap of buying high and selling low,” he says.

Seek advice

Just as with your physical or mental health, it’s always wise to seek the advice of a professional. Whether you need help making a budget, or investing money, a financial planner can give you the tools you need to be successful. Ruggie cautions that advisors who work for commission from an institution may limit you to the products offered by their institution, whereas independent financial advisors can help you make informed and objective investment choices from a wide range of financial products.

“You want to work with an advisor who puts your financial needs first,” he says While the goal is to seize every opportunity to invest in yourself, achieving harmony in your body, mind, soul, and wallet is the key to looking good and feeling great.