{"id":79179,"date":"2020-01-24T20:05:43","date_gmt":"2020-01-25T04:05:43","guid":{"rendered":"https:\/\/www.pickthebrain.com\/?p=79179"},"modified":"2020-01-27T21:58:19","modified_gmt":"2020-01-28T05:58:19","slug":"financial-wellness-month","status":"publish","type":"post","link":"https:\/\/www.pickthebrain.com\/blog\/financial-wellness-month\/","title":{"rendered":"January is Financial Wellness Month: Here Are 3 Tips To Start The Year Off Financially Strong"},"content":{"rendered":"<div style=\"margin-top: 0px; margin-bottom: 0px;\" class=\"sharethis-inline-share-buttons\" ><\/div>\n<p>2020 is not only\nthe start of a new year\u2014it also marks a new decade full of opportunities for\ngrowth, improvement and forward momentum. One specific area in which many\npeople could stand to improve is financial management. January is Financial\nWellness Month, making it an ideal time to work toward this goal. <\/p>\n\n\n\n<p>Almost 60{54c12dad2cc2b53ae830e39915b1a3e70288dbcbbeb8bbf8395437c5dc3c512c} of\nAmericans consider debt to be a major roadblock in the pursuit of their 2020\nfinancial goals, according to a recent survey from <a href=\"https:\/\/www.gobankingrates.com\/net-worth\/debt\/survey-debt-top-financial-roadblock\/\">GoBankingRates<\/a><strong>. <\/strong>This data also reveals that, while one in four Americans are stressed\nabout finances, only 35{54c12dad2cc2b53ae830e39915b1a3e70288dbcbbeb8bbf8395437c5dc3c512c} prioritize tools like a budget to track expenses and\nsave money.<\/p>\n\n\n\n<p>Despite a steady\nflow of income in most American households, according to the <a href=\"https:\/\/www.usfinancialcapability.org\/downloads\/NFCS_2018_Report_Natl_Findings.pdf\">State of the U.S. Financial Capability<\/a> report:<\/p>\n\n\n\n<ul><li>31{54c12dad2cc2b53ae830e39915b1a3e70288dbcbbeb8bbf8395437c5dc3c512c} cannot earmark $2,000 for a possible emergency;<\/li><li>29{54c12dad2cc2b53ae830e39915b1a3e70288dbcbbeb8bbf8395437c5dc3c512c} forego routine healthcare due to costs;<\/li><li>23{54c12dad2cc2b53ae830e39915b1a3e70288dbcbbeb8bbf8395437c5dc3c512c} have unpaid medical bills;<\/li><li>19{54c12dad2cc2b53ae830e39915b1a3e70288dbcbbeb8bbf8395437c5dc3c512c} sometimes overdraw their checking accounts;<\/li><li>19{54c12dad2cc2b53ae830e39915b1a3e70288dbcbbeb8bbf8395437c5dc3c512c} have been late on a mortgage payment;<\/li><li>16{54c12dad2cc2b53ae830e39915b1a3e70288dbcbbeb8bbf8395437c5dc3c512c} have taken a loan from their retirement plan. <\/li><\/ul>\n\n\n\n<p>Similarly, in a <a href=\"https:\/\/www.healthmarkets.com\/content\/2019-health-insurance-survey\">July 2019 survey<\/a> of more than 1,700 individuals\nthroughout the United States about their health insurance plans and\ncoverage(s), HealthMarkets found that more than 80{54c12dad2cc2b53ae830e39915b1a3e70288dbcbbeb8bbf8395437c5dc3c512c} of uninsured respondents\nwho had an emergency either could not afford the costs or required six or more\nmonths to pay off the bills.<\/p>\n\n\n\n<p>These statistics\nmight sound harsh, but the upside is that reclaiming financial control does not\nneed to feel intimidating or inaccessible. If one of your 2020 resolutions is\nto be smarter with money, below are three tips to help you jumpstart this goal\ntoward a secure financial future.&nbsp;&nbsp;&nbsp;&nbsp; <\/p>\n\n\n\n<p><strong>Tip 1: Don\u2019t Overlook\nthe Importance of Life Insurance.<\/strong><\/p>\n\n\n\n<p>While 57{54c12dad2cc2b53ae830e39915b1a3e70288dbcbbeb8bbf8395437c5dc3c512c} of\npeople in the U.S. own at least some form of life insurance, 43{54c12dad2cc2b53ae830e39915b1a3e70288dbcbbeb8bbf8395437c5dc3c512c} are still\nuninsured, based on 2019 data from <a href=\"https:\/\/www.statista.com\/statistics\/455614\/life-insurance-ownership-usa\/\">Statista<\/a>. If you are in the latter category, now\nis the time to obtain life insurance. If you are in debt, self-employed,\nmarried or starting a family, life insurance is a wise investment, and it tends\nto be cheaper when you acquire it as a young person. In fact, most policyholders\nin their 20s and 30s pay just $10\u2013$50 a month in premiums for term life policies,\nnotes <a href=\"https:\/\/www.businessinsider.com\/reasons-to-get-life-insurance-you-havent-thought-of-yet\">Business Insider<\/a>. If you don\u2019t already have life\ninsurance, talk to a licensed agent who can help guide you through the process\nand determine the type of policy and amount of coverage you need to make an\ninformed decision that can help safeguard your loved ones in the event of the\nunthinkable.<\/p>\n\n\n\n<p><strong>Tip 2: Evaluate Your\nCurrent Health Insurance Coverage.<\/strong><\/p>\n\n\n\n<p>Even with employer\nhealth insurance, one in six Americans make \u201cdifficult sacrifices\u201d to fund\ntheir medical costs, and one in five agree that healthcare bills derail their\nefforts to save money, according to a joint poll from the <a href=\"https:\/\/www.latimes.com\/politics\/la-na-pol-health-insurance-medical-bills-20190502-story.html\"><em>Los Angeles Times<\/em><\/a> and the Kaiser Family Foundation. <\/p>\n\n\n\n<p>In addition, this\npoll found the average health insurance deductible as of 2018 was $1,350,\ncompared to just $379 in 2006. As a result, many people who are insured through\ntheir employers are now charged more out-of-pocket than in decades past, according\nto the <em>Los Angeles Times<\/em>. If your current policy is a financial burden,\nthere are <a href=\"https:\/\/www.healthmarkets.com\/resources\/health-insurance\/health-insurance-premium\/\">ways to adjust premiums or deductibles<\/a> through several options in the health\ninsurance marketplace. A licensed, non-biased insurance agent can help you\nreview and understand those options.<\/p>\n\n\n\n<p><strong>Tip 3: Start\nMaking Tax Preparations as Soon as Possible.<\/strong><\/p>\n\n\n\n<p>Finally, while\ntax returns are not due for another few months, this process should not be postponed\nuntil the last minute. The sooner you start planning for tax season, the more\nequipped you will be\u2014in terms of both finances and logistics\u2014when it\u2019s time to\nfile. <\/p>\n\n\n\n<p>Minimize your\nstress levels and maximize your benefits by tracking all expense write-offs, organizing\ndocuments, knowing which <a href=\"https:\/\/www.bankrate.com\/finance\/taxes\/tax-brackets.aspx\">income tax bracket<\/a> you\u2019re in, and tucking some extra money\ninto savings in case you owe the IRS. <\/p>\n\n\n\n<p>In addition, here\nare a few more recommendations:<\/p>\n\n\n\n<ul><li><strong>Check your withholding. <\/strong>To decrease your risk of owing an unexpected amount on this year\u2019s tax\nreturn, use the IRS\u2019s <a href=\"https:\/\/apps.irs.gov\/app\/tax-withholding-estimator\">Tax Withholding Estimator<\/a>, which can determine if you have withheld\nenough money from each paycheck. If this withholding amount is too low, then\nyou will be charged the remainder, so check this in advance and submit a new <a href=\"https:\/\/www.irs.gov\/pub\/irs-pdf\/fw4.pdf\">W-4 document<\/a> if anything\nneeds to be adjusted.<\/li><li><strong>Bunch itemized deductions. <\/strong>Write-offs like mortgage interest, state and local taxes, certain\nmedical expenses and charitable donations have now been capped at $10,000. If\nyour itemized deductions are not above that standard amount, push some of these\nexpenses into the first of the year. This is known as \u201cbunching,\u201d and it can\nincrease your chances to exceed $10,000 in write-offs.&nbsp;&nbsp; <\/li><li><strong>Increase retirement savings. <\/strong>If you have an IRA retirement fund, any contributions made to this\naccount before April 15, 2020, can be written off as deductions <em>if<\/em> the\nIRA provider is notified that you want this money to count for the 2019 tax\nyear. Additionally, small business owners can deduct as much as 25{54c12dad2cc2b53ae830e39915b1a3e70288dbcbbeb8bbf8395437c5dc3c512c} of their Simplified\nEmployee Pension IRA contributions, up to $56,000. <\/li><\/ul>\n\n\n\n<p>The\nthought of taking hold of your finances may seem overwhelming and difficult,\nbut it doesn\u2019t have to be. Take advantage of the freshness of a new year\u2014and decade\u2014and\nmake use of these tips to improve your financial status so you can continue to\nmaintain financial strength throughout this year and the years to come.<\/p>\n\n\n\n<p><em>Michael\nZ. Stahl is the <\/em><em>executive vice president and chief marketing\nofficer of <\/em><a href=\"https:\/\/www.healthmarkets.com\"><em>HealthMarkets<\/em><\/a><em>,<\/em><em> <\/em><em>one of the\nlargest independent health insurance agencies in the U.S. that distributes\nhealth, Medicare, life and supplemental insurance products from more than 200\ninsurance companies. Stahl holds the chartered property casualty underwriter\n(CPCU), associate in insurance accounting and finance (AIAF) and associate in\nreinsurance (ARe) designations, and earned a bachelor of science in economics\nfrom The Wharton School at the University of Pennsylvania. He lives in Dallas\nwith his wife and four children.<br>\n<br>\n<br>\n<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>2020 is not only the start of a new year\u2014it also marks a new decade full of opportunities for growth, improvement and forward momentum. One specific area in which many people could stand to improve is financial management. January is &hellip; <a href=\"https:\/\/www.pickthebrain.com\/blog\/financial-wellness-month\/\">Continue reading <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":17429,"featured_media":79182,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[22,30,7,7748,31,1],"tags":[7752,90,79,4629],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Here Are 3 Tips To Start The Year Off Financially Strong<\/title>\n<meta name=\"description\" content=\"January is Financial Wellness Month: Here Are 3 Tips To Start The Year Off Financially Strong\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.pickthebrain.com\/blog\/financial-wellness-month\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Here Are 3 Tips To Start The Year Off Financially Strong\" \/>\n<meta property=\"og:description\" content=\"January is Financial Wellness Month: Here Are 3 Tips To Start The Year Off Financially Strong\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.pickthebrain.com\/blog\/financial-wellness-month\/\" \/>\n<meta property=\"og:site_name\" content=\"Pick the Brain | Motivation and Self Improvement\" \/>\n<meta property=\"article:publisher\" content=\"http:\/\/www.facebook.com\/pickthebrain\" \/>\n<meta property=\"article:published_time\" content=\"2020-01-25T04:05:43+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-01-28T05:58:19+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.pickthebrain.com\/blog\/wp-content\/uploads\/2020\/01\/Screen-Shot-2020-01-23-at-9.36.44-AM.png\" \/>\n\t<meta property=\"og:image:width\" content=\"635\" \/>\n\t<meta property=\"og:image:height\" content=\"427\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"twitter:card\" content=\"summary\" \/>\n<meta name=\"twitter:creator\" content=\"@pickthebrain\" \/>\n<meta name=\"twitter:site\" content=\"@pickthebrain\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Michael Stahl\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.pickthebrain.com\/blog\/#website\",\"url\":\"https:\/\/www.pickthebrain.com\/blog\/\",\"name\":\"Pick the Brain | Motivation and Self Improvement\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.pickthebrain.com\/blog\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.pickthebrain.com\/blog\/financial-wellness-month\/#primaryimage\",\"url\":\"https:\/\/www.pickthebrain.com\/blog\/wp-content\/uploads\/2020\/01\/Screen-Shot-2020-01-23-at-9.36.44-AM.png\",\"contentUrl\":\"https:\/\/www.pickthebrain.com\/blog\/wp-content\/uploads\/2020\/01\/Screen-Shot-2020-01-23-at-9.36.44-AM.png\",\"width\":635,\"height\":427},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.pickthebrain.com\/blog\/financial-wellness-month\/#webpage\",\"url\":\"https:\/\/www.pickthebrain.com\/blog\/financial-wellness-month\/\",\"name\":\"Here Are 3 Tips To Start The Year Off Financially Strong\",\"isPartOf\":{\"@id\":\"https:\/\/www.pickthebrain.com\/blog\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.pickthebrain.com\/blog\/financial-wellness-month\/#primaryimage\"},\"datePublished\":\"2020-01-25T04:05:43+00:00\",\"dateModified\":\"2020-01-28T05:58:19+00:00\",\"author\":{\"@id\":\"https:\/\/www.pickthebrain.com\/blog\/#\/schema\/person\/6d0a1eead8baf307e30a3b8d38cfd2b1\"},\"description\":\"January is Financial Wellness Month: Here Are 3 Tips To Start The Year Off Financially Strong\",\"breadcrumb\":{\"@id\":\"https:\/\/www.pickthebrain.com\/blog\/financial-wellness-month\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.pickthebrain.com\/blog\/financial-wellness-month\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.pickthebrain.com\/blog\/financial-wellness-month\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.pickthebrain.com\/blog\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"January is Financial Wellness Month: Here Are 3 Tips To Start The Year Off Financially Strong\"}]},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.pickthebrain.com\/blog\/#\/schema\/person\/6d0a1eead8baf307e30a3b8d38cfd2b1\",\"name\":\"Michael Stahl\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.pickthebrain.com\/blog\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/906b4dab85837405aaeed9e125a3f542?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/906b4dab85837405aaeed9e125a3f542?s=96&d=mm&r=g\",\"caption\":\"Michael Stahl\"},\"url\":\"https:\/\/www.pickthebrain.com\/blog\/author\/michael-stahl\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Here Are 3 Tips To Start The Year Off Financially Strong","description":"January is Financial Wellness Month: Here Are 3 Tips To Start The Year Off Financially Strong","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.pickthebrain.com\/blog\/financial-wellness-month\/","og_locale":"en_US","og_type":"article","og_title":"Here Are 3 Tips To Start The Year Off Financially Strong","og_description":"January is Financial Wellness Month: Here Are 3 Tips To Start The Year Off Financially Strong","og_url":"https:\/\/www.pickthebrain.com\/blog\/financial-wellness-month\/","og_site_name":"Pick the Brain | Motivation and Self Improvement","article_publisher":"http:\/\/www.facebook.com\/pickthebrain","article_published_time":"2020-01-25T04:05:43+00:00","article_modified_time":"2020-01-28T05:58:19+00:00","og_image":[{"width":635,"height":427,"url":"https:\/\/www.pickthebrain.com\/blog\/wp-content\/uploads\/2020\/01\/Screen-Shot-2020-01-23-at-9.36.44-AM.png","type":"image\/png"}],"twitter_card":"summary","twitter_creator":"@pickthebrain","twitter_site":"@pickthebrain","twitter_misc":{"Written by":"Michael Stahl","Est. reading time":"6 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebSite","@id":"https:\/\/www.pickthebrain.com\/blog\/#website","url":"https:\/\/www.pickthebrain.com\/blog\/","name":"Pick the Brain | Motivation and Self Improvement","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.pickthebrain.com\/blog\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.pickthebrain.com\/blog\/financial-wellness-month\/#primaryimage","url":"https:\/\/www.pickthebrain.com\/blog\/wp-content\/uploads\/2020\/01\/Screen-Shot-2020-01-23-at-9.36.44-AM.png","contentUrl":"https:\/\/www.pickthebrain.com\/blog\/wp-content\/uploads\/2020\/01\/Screen-Shot-2020-01-23-at-9.36.44-AM.png","width":635,"height":427},{"@type":"WebPage","@id":"https:\/\/www.pickthebrain.com\/blog\/financial-wellness-month\/#webpage","url":"https:\/\/www.pickthebrain.com\/blog\/financial-wellness-month\/","name":"Here Are 3 Tips To Start The Year Off Financially Strong","isPartOf":{"@id":"https:\/\/www.pickthebrain.com\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.pickthebrain.com\/blog\/financial-wellness-month\/#primaryimage"},"datePublished":"2020-01-25T04:05:43+00:00","dateModified":"2020-01-28T05:58:19+00:00","author":{"@id":"https:\/\/www.pickthebrain.com\/blog\/#\/schema\/person\/6d0a1eead8baf307e30a3b8d38cfd2b1"},"description":"January is Financial Wellness Month: Here Are 3 Tips To Start The Year Off Financially Strong","breadcrumb":{"@id":"https:\/\/www.pickthebrain.com\/blog\/financial-wellness-month\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.pickthebrain.com\/blog\/financial-wellness-month\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.pickthebrain.com\/blog\/financial-wellness-month\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.pickthebrain.com\/blog\/"},{"@type":"ListItem","position":2,"name":"January is Financial Wellness Month: Here Are 3 Tips To Start The Year Off Financially Strong"}]},{"@type":"Person","@id":"https:\/\/www.pickthebrain.com\/blog\/#\/schema\/person\/6d0a1eead8baf307e30a3b8d38cfd2b1","name":"Michael Stahl","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.pickthebrain.com\/blog\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/906b4dab85837405aaeed9e125a3f542?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/906b4dab85837405aaeed9e125a3f542?s=96&d=mm&r=g","caption":"Michael Stahl"},"url":"https:\/\/www.pickthebrain.com\/blog\/author\/michael-stahl\/"}]}},"_links":{"self":[{"href":"https:\/\/www.pickthebrain.com\/blog\/wp-json\/wp\/v2\/posts\/79179"}],"collection":[{"href":"https:\/\/www.pickthebrain.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.pickthebrain.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.pickthebrain.com\/blog\/wp-json\/wp\/v2\/users\/17429"}],"replies":[{"embeddable":true,"href":"https:\/\/www.pickthebrain.com\/blog\/wp-json\/wp\/v2\/comments?post=79179"}],"version-history":[{"count":0,"href":"https:\/\/www.pickthebrain.com\/blog\/wp-json\/wp\/v2\/posts\/79179\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.pickthebrain.com\/blog\/wp-json\/wp\/v2\/media\/79182"}],"wp:attachment":[{"href":"https:\/\/www.pickthebrain.com\/blog\/wp-json\/wp\/v2\/media?parent=79179"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.pickthebrain.com\/blog\/wp-json\/wp\/v2\/categories?post=79179"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.pickthebrain.com\/blog\/wp-json\/wp\/v2\/tags?post=79179"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}