GreenPath's Tried And True Facts About Personal Finances

No matter your age or stage in life, it pays to know the facts about personal finances. When you understand the basics, you can set yourself up for success and build a healthy financial future. In the blog written by a specialist at GreenPath Financial Wellness, we will discuss three facts to know about personal finance to get on the right track. 

Making it a habit to set aside money each month helps you save to meet both short and long-term goals. For many of us, the big savings goal is purchasing a home, and eventually retirement. But people also save to build up an emergency fund, afford a new vehicle, education, and more.  
Making regular deposits, no matter how small, will add up over time. Besides setting aside money and ensuring your funds earn a competitive rate of interest, the second most important habit is to control spending. By budgeting wisely, you not only set aside more money for potential savings, but you also develop spending habits that serve you in the long term. 

Many people find it helpful to understand the facts of managing debt wisely. For example, making only the minimum payment each month on a credit card extends how long it takes to wipe out your debt and adds to the amount of interest you pay. Minimum monthly payments can be a short-term approach to dealing with financial challenges — because you are keeping up on bills — however, making more than the minimum payment each month helps avoid digging yourself into a financial hole.  
If you’ve hit the maximum balance on credit cards, or run into it is time to take a hard look at where your money is going and make a plan to change any habits that are not beneficial to your financial health. 

There are times in life when you might need to get a handle on high credit card balances, understand options when facing financial challenges, or figure out how to get a healthier credit score.

A financial counseling session, working one-on-one with a certified counselor, is a good first step. Not only will the counselor help you understand your full financial situation, but they will also help you to develop a customized plan for your unique situation.  

Whether it’s overwhelming credit card debt, student loan balances or issues with keeping up with housing costs, the path is easier when you work with a trusted resource.  
A trusted source, along with an action plan that provides proven strategies, can propel people toward financial health with confidence.  

Through our partnership, counselors at GreenPath Financial Wellness are ready to share some “tried and true” facts when it comes to financial health. Gain a better understanding of your financial picture and what steps to take to improve financial wellness. Get started with a free, confidential financial counseling session by calling their counseling line below or request a call on their website. 

Join GreenPath today, May 12, 2021, at noon, as they host the free webinar: Debt Free Journey. Learn about a few different options available to get out of debt, identify some key differences, and weigh the pros and cons of each. Join GreenPath Financial Wellness to learn how to advocate for yourself on your journey to becoming debt-free. Register here!  

GreenPath Financial Wellness is a national nonprofit organization that provides financial counseling, education, and products to empower people to lead financially healthy lives. Working directly with individuals and through partnerships since 1961, GreenPath has assisted millions of people with debt and credit management, homeownership education and foreclosure prevention. Headquartered in Michigan, GreenPath and their affiliates have more than 50 locations across the United States. GreenPath is a member of the National Foundation for Credit Counseling (NFCC) and is accredited by the Council on Accreditation (COA). For more information on what individuals can do to manage finances affected by COVID-19, visit www.greenpath.com or call 877-337-3399.