financial health 1

Financial Health

By UBank
Monday, June 01, 2020

Financial Health

A lot of people take it for granted but financial health is an important part of one's well-being.

There are many dimensions to financial health, including the amount of savings you have, how much you're putting away for retirement, and how much of your income you are spending on fixed or non-discretionary expenses. Financial health means more financial freedom and independence so that you don't stress a lot when it comes to meeting both short term and long term goals.

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4 Key Components: Spend, Save, Borrow, and Plan.

These components mirror your daily financial activities. What you do today in terms of spending, saving, borrowing, and planning either builds towards or detracts from your resilience and ability to pursue opportunities.

Did you know that it only takes spending $27.40 every day to blow $10,000 every year?
  1. Spending: When people think about spending, they usually think about food rent, utilities, etc. Since those are mostly fixed costs, you can only cut them so much. But have you considered how much you're spending in recurring costs like Netflix, gym memberships, etc. 
  2. Save: The best fit for saving is to have a separate savings account that is out of sight and out of mind. That way you can make all of your expenses come out of your checking account, and put away money each month for saving.
  3. Borrow: Borrowing money is a necessary part of growing a business, growing a family, etc., just make sure that you're working with a UBank relationship banker to structure everything in the best way possible for your specific situation!
  4. Plan: Whether you're planning for future purchases or planning for retirement, the key is to plan early and adjust often! You should be familiar with your financial plan, and make adjustments as needed. If you need help making a financial plan for your personal finances or your business, we would be more than happy to help!

Well these four components are important for anyone, pay special attention if you're a millennial! Millennials are known for having next to no savings and choosing in the moment purchases instead of saving for the future, but it's never too late to change that stereotype! 

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Does planning for the future feel intimidating?

We get it, financial planning can be overwhelming and intimidating! Especially if you've never done it beforeā€¦ But luckily for you, UBank has done it thousands of times.

Helping our customers plan for the future is one of our favorite parts of banking, and it's what keeps us motivated to work hard for our customers every day. We love watching their businesses grow alongside their families, and we're proud to say that we partner with them every step of the way. No matter what your age, life stage, or financial goals are, we want to meet you where you are and go from there! This is banking made for you!

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