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Rochelle Allen Empowering Financial Wellness Program Coordinator As we find ourselves at the beginning of a new year, many people like to reevaluate their financial goals. It’s the perfect time to reflect and consider our goals and aspirations. One effective way to stay focused on improving our financial well-being is by choosing a “money word” for the year. By choosing a word for the year, we establish a guiding theme. This theme will help remind us of our intentions and help us make smart decisions. In this post, We’ll explore the concept of choosing a money word and help you develop your own.
To begin, take some time to reflect on your financial journey. Consider both the success and challenges you’ve faced. Think about your long-term goals. This reflection will provide valuable insight into the areas of your finances that need attention and improvement. Next, identify your values and priorities. What does financial success mean to you? Is it security, freedom, generosity, or something else entirely? Understanding your money attitudes (habitudes) will help you align your money word with your personal beliefs. This alignment will make your money word more meaningful and motivating. Now, it’s time to select your money word. Choose a single word that encompasses your financial aspirations for the year ahead. It could be a word like “abundance,” “discipline,” “growth”, or “invest”. The key is to choose a word that resonates with you and inspires positive behaviors. Once you’ve chosen your word, set goals related to your word. For example, if your word is “savings”, your intention could be to save a certain percentage of your income each month. If your word is “growth”, your intention could be to take a course to improve your financial literacy. When you’ve created goals, break them down into actionable steps you can pursue throughout the year. Even if the step is as simple as reviewing your budget daily, weekly, or monthly, turning your goals into steps will help you establish intentions and achieve tangible results. Accountability and motivation are crucial. Consider sharing your money word with a trusted friend, family member, or an online finance community. Regularly check in and share your progress. Celebrate your accomplishments no matter how small! These small victories can fuel your motivation to keep moving forward. Choosing a money word is a very powerful way to stay focused on your financial ambitions. Your money word can create a positive relationship and help you identify values that you may have overlooked previously. Remember, small consistent actions will ultimately lead to long-term financial empowerment. Kelan Combe Empowering Financial Wellness Program Coordinator The holiday season is often associated with joy, celebration and family. However, it can also be a source of significant financial stress, as we strive to meet expectations and provide for our families. While it is important to plan ahead, and to manage your budget wisely during the holidays, there is another powerful tool that you can use to ease that stress - Gratitude!
In 2003, psychologist Robert A. Emmons conducted a groundbreaking study on gratitude, uncovering its profound impact on psychological well-being. Since then, numerous studies have shown that practicing gratitude offers mental health benefits, including reducing symptoms of depression and anxiety, boosting self-esteem, and enhancing satisfaction with daily life. This means that instead of focusing on the things you don’t have and all the things you still need to buy, focusing on those things you already have and are grateful for can greatly reduce the stress and anxiety associated with the holidays. Now, that is easier said than done, so how do we do it? This article from The New York Times gives us some ideas on how to start:
As we approach the holiday season, let's remember the power of gratitude and shift our focus from what we lack, to what we have. While gratitude may not magically make you be able to afford the shiniest, newest car for Christmas, it can make life more positive for you and those around you, no matter the circumstances. Reference: Caron, C. (2023, June 8). Gratitude Really is Good for You. Here’s What the Science Shows. The New York Times. https://www.nytimes.com/2023/06/08/well/mind/gratitude-health-benefits.html Rochellle Allen Empowering Financial Wellness Program Coordinator Sometimes, it's the small acts of kindness that can have the biggest impact on someone's day. With just $5, there are countless ways to brighten someone's day and spread a little joy. This is great since we are approaching Christmas, but remember, this can be done ANY time of year. Here are five ideas to spread some $5 cheer.
1. Leave a surprise for someone: Hide a $5 bill in a public place with a little note attached, such as "Spread kindness, this is for you!" It could be a library book, a park bench, or even a grocery store aisle. Whoever finds it will be pleasantly surprised and hopefully inspired to pay it forward. 2. Buy a cup of hot cocoa, soup, coffee, or tea. It could be for a friend, a colleague, or even a stranger. A simple gesture like this can bring a smile to someone's face and make their morning a little brighter. 3. It’s disheartening to think that many people in our communities struggle to find their next meal. Use $5 to buy a meal for someone who may be experiencing homelessness or going through a rough patch. Many individuals in our communities could benefit from a warm, nutritious meal. It's a small act of kindness that can make a big difference in someone's day. 4. Amplify the impact of a donation. While $5 doesn’t seem like much, it can make a profound difference when combined with the contributions of others. Research local charities or non-profit organizations that align with causes close to your heart. Your $5 donation can support their efforts in helping those in need and create a positive change in your community. 5. Appreciate the beauty of creativity. Artist and street performers often pour their hearts and souls into their craft. When you come across a street performer or artist, show your appreciation for their talent by giving them a $5 tip. Your small donation not only supports their passion but also encourages them to continue sharing their creativity with the world. It's a simple gesture that can have a lasting impact on their artistic journey. Remember, it's not about the amount of money you give, but the genuine intention behind it. The simple act of making someone's day a little brighter can have a ripple effect, spreading kindness and positivity to others. So, go ahead and take that $5 to make someone's day – it's a gesture that can make a world of difference. Vincenza Vicari-Bentley, AFC Empowering Financial Wellness Lead Program Coordinator Like a lot of us, you may be unhappy with the current credit card interest rates (also known as APR). As credit card APRs are expected to rise, it’s worth calling your issuer to try and negotiate the same APR you had, or even a lower one especially if you’re not able to pay your balance off in full every month.
Here are three simple tips to increase your chances of success with lowering your credit card interest rate. 1. You’ve established a history of on-time payments. 2. You have good or excellent credit (credit score is 670 or higher). 3. You mention offers you’ve seen from competitors with lower interest rates. Credit card issuers may be willing to match or beat a competitor's offer to keep your business. Patience and persistence are also key. If the first representative is unable to help, consider asking to speak with a supervisor or a retention specialist. They may have more authority to make adjustments. Lastly, if you aren’t successful the first time you can try again in a few months. You can also explore transferring your balance to a credit card with a lower (or zero) interest rate. Just keep in mind there may be balance transfer fees associated with this strategy. Want more ideas about how to pay off your debt faster and save you money? Check out PowerPay.org and see how quickly you can pay off your debt and save money without making extra payments! |
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