A budget is a plan that helps you manage your money and see where your money is going. It can help you to figure out how much money you have coming in, how you spend it, and how you save. A budget is a very useful tool for everyone to know how to use across the lifespan.
Setting goals is an important first step in taking action and control of your health, wellness and financial resilience. There are 5 steps to setting SMART goals:
Financial resilience refers to a longer- term approach in your ability to endure events that impact your income or assets. For example, being financially resilient means that if an unexpected financial problem arose (such as job loss), you would have the means to cope with it. For most people this means preparing a budget that you stick to long-term, and often means saving for a rainy day.
Here are three tips to support your financial resilience:
