Many people put saving more and improving their finances at the top of their list for New Year Resolutions, but year after year people continue to struggle with managing money. In fact, 63% of Americans are living paycheck to paycheck! The reasons for this are endless – no one ever taught them how to manage money, they do not make enough, they try to keep up with others, etc., etc., etc.
However, one of the biggest keys to having life-long financial success is consistency. Just like for those who are in shape, it takes years and years of consistent behavior to do well financially. Most of us can save money for a month but when it comes to a longer period of time, it can be difficult to continue doing so. This is where it is important to give yourself grace and realize making small, smart financial decisions like brown bagging your lunch instead of eating out is far better than not making one at all. The same principle holds true when it comes to investing! Consistently putting money away over a long period of time allows compound interest to work its magic. It is much better to be consistent early on in your investing strategy than to put away large sums of money all at once when you are older. Consistency is one of the most difficult things to maintain but is by far the most important principle to internalize on your journey to financial health.
In addition, one slip-up does not have to ruin your financial outlook. Learn from this and move on. Remember, your financial wellness journey can be looked at as a marathon and not a sprint. Just keep moving forward!
At Mentoro, we empower employees with a deeper understanding and heightened sense of security in their finances. Book a demo today to explore our proprietary personal financial hub, bite-sized learning, and Money Mentorship, ensuring your employees have improved financial knowledge and increased peace of mind.