CFO Jimmy Patronis: Solidify Your Financial Plan During Financial Wellness Month in January
1/23/2020
TALLAHASSEE, Fla.— In recognition of January as Financial Wellness Month, Chief Financial Officer (CFO) Jimmy Patronis reminds Floridians about the importance of financial planning including budgeting, savings, planning for retirement, and good credit management.
CFO Jimmy Patronis said, “Financial planning, including saving and budgeting, plays a vital role in your family’s financial well-being. Alarming reports show that 46% of Floridians lack a rainy-day fund and I’m encouraging individuals and businesses to review your financial plan today and make sure it aligns with your savings goals. Establishing and maintaining a strong personal financial plan can set you up for sustained financial success. It’s important to take steps every day to ensure you have a solid financial future.”
4 Financial Wellness Tips
1. Solidify your financial plan. It’s hard to know where you’re going without a good road map. Establishing a strong financial plan, including savings and retirement goals, will help you stay on budget and ensure your daily financial habits are in line with your financial aspirations.
2. Set long and short-term financial goals. A long-term goal could be to buy a home or pay for your children’s college education. A short-term goal could be to pay off a credit card. By keeping your goals in mind, you can stay on track to accomplishing these milestones.
3. Set up an automated savings account. An adequate savings plan is an important key to financial wellness by preparing for the unexpected. If possible, set up an automatic bank transfer to your savings account after each paycheck. Saving a little every pay period can help when financial emergencies arise.
4. Monitor and manage your debt. To improve your credit score, pay off all credit cards and loan balances as soon as possible and set reminders so you don’t miss a payment due date. This will also reduce the amount of interest you pay over time and improve your credit to debt ratio.
CFO Jimmy Patronis said, “Financial planning, including saving and budgeting, plays a vital role in your family’s financial well-being. Alarming reports show that 46% of Floridians lack a rainy-day fund and I’m encouraging individuals and businesses to review your financial plan today and make sure it aligns with your savings goals. Establishing and maintaining a strong personal financial plan can set you up for sustained financial success. It’s important to take steps every day to ensure you have a solid financial future.”
4 Financial Wellness Tips
1. Solidify your financial plan. It’s hard to know where you’re going without a good road map. Establishing a strong financial plan, including savings and retirement goals, will help you stay on budget and ensure your daily financial habits are in line with your financial aspirations.
2. Set long and short-term financial goals. A long-term goal could be to buy a home or pay for your children’s college education. A short-term goal could be to pay off a credit card. By keeping your goals in mind, you can stay on track to accomplishing these milestones.
3. Set up an automated savings account. An adequate savings plan is an important key to financial wellness by preparing for the unexpected. If possible, set up an automatic bank transfer to your savings account after each paycheck. Saving a little every pay period can help when financial emergencies arise.
4. Monitor and manage your debt. To improve your credit score, pay off all credit cards and loan balances as soon as possible and set reminders so you don’t miss a payment due date. This will also reduce the amount of interest you pay over time and improve your credit to debt ratio.