Six Strategies for Increasing Financial Fitness
Just like physical fitness relies on eating a good diet, taking exercise, and avoiding smoking and alcohol, Financial Fitness relies on you doing a few useful things – the Simple 6. These are the 6 strategies in a nutshell:
Strategy 1: Talk about it
Try to communicate more with your partner (should you have one) about your household’s finances
Strategy 2: Ask your employer
Ask your employer for information about any available financial and retirement advice and plans within your workplace
Strategy 3: Work out what you’ll need
Work out now how much money you think you will need to live on during retirement
Strategy 4: Forecast what you’ll have
Forecast how much money you think you will have by the time you will retire
Strategy 5: Maximize saving and earning interest
Open a savings or retirement account and save something from each paycheck into it. Save up to buy expensive items such as cars.
Strategy 6: Minimize debt and paying interest
Pay your household bills on time and your credit card balances in full each month. Pay a little extra towards your mortgage principle each month. Build an emergency fund.
For much more detail on each of these strategies, visit our webpage titled "More on the Simple 6". We’re confident that if you follow the Simple 6, you’ll be on your way to becoming more Financially Fit in no time.