As we transition from the most wonderful time of the year to opening a fresh new calendar, the start of 2025 provides an opportunity to set goals for the next twelve chapters of our life story. From resolutions like cleaner eating to resisting a “little treat” each time you leave the house, getting to know your spending habits is a key focus of Financial Wellness Month, which takes place each January. Madison Duxbury, CERTIFIED FINANCIAL PLANNER™ and Chartered Retirement Planning Counselor, CRPC® enjoys spending time outdoors with her family, attending community events, and helping people understand the benefits of planning for long-term financial health.
From beginners to seasoned investors, Madison helps clients streamline and organize their financial strategies. She emphasizes that knowledge is power, encouraging clients to assess their spending strengths and weaknesses and acknowledge where their money is going. “Maintaining financial stability takes an immense weight off a person's shoulders. If you feel like you can't get control of your money, this is often because the budgeting process has been put off. Once you have established a structure for your spending, you are more likely to create that same structure with saving, which can improve your mental health as you see yourself making progress toward your goals. Madison Offers 5 tips to get started on your financial wellness journey!
Tip 1: Make a budget: if you ever want to achieve long-term financial health, you have to know what you’re spending.
Step 2: Label your spending: By understanding the categories that your money falls into such as: housing, groceries, gas, childcare, shopping, and discretionary, you are more likely to take control of your relationship with money.
Step 3: Partner with a professional: By partnering, you gain a perspective that you lack on your own. "When I'm working with my clients, I first take the time to determine what is most important to them and what they most desire to accomplish over their lifetime."
Step 4. Identify your weaknesses: It's helpful to acknowledge your strengths and weaknesses when it comes to spending so you know where you're more prone to splurge or underestimate an expense. The more insight you have into your own habits, the more likely you are to break bad trends and start a positive one.
Step 5. Create Habits: First, set up an automatic savings or investment contribution from your checking account each month. Second, I encourage clients not to check their investment accounts daily!