Financial Wellness - January 2025

Steps to Financial Wellness by the Finance Authority of Maine (FAME)

• Get Organized and Set Goals – Begin by getting your finances organized and setting financial goals for yourself. This process will assist you in clarifying your objectives, identifying the necessary tools to reach your goals, and monitoring your progress effectively.
• Create a Budget and Track Your Spending – Plan for your money and stick to it. This will help you manage your spending and save more. Small purchases can add up quickly. By tracking your spending, you will know where your money is going and can eliminate unnecessary costs.
• Start Saving and Investing – Begin saving for future investments such as a house, college, or retirement. Start with an amount that works for your budget and add extra whenever you can.
• Protect Your Money and Identity – Identity theft is a growing problem and can leave its victims A credit report is a snapshot of your financial history and can help you to assess what areas you can improve on.
• Take Control of Your Debt – Focus on cutting out all unnecessary spending and only borrow what you can reasonably afford to pay back.