In today’s fast-paced world, we’re learning to navigate various financial responsibilities while working toward our goals. While the challenge of balancing day-to-day expenses with saving for the future can feel overwhelming at times, it’s important to remember that achieving financial well-being is within reach. Let’s take a look at some key strategies for building financial resilience.

1. Manage debt

Debt can be a big source of financial stress. To effectively manage debt and gain control of your finances, take a proactive approach:

  • Assess your debts and choose which to prioritize.
  • Create a repayment plan, like the snowball or avalanche method.
  • Maximize debt payments until you’ve paid them all off.

2. Build an emergency fund

Building an emergency fund is important for creating financial resilience. Here’s how to do it:

  • Start small. Gradually increase the amount you regularly save over time.
  • Automate your savings. Make saving automatic by setting up regular transfers from your checking account to a separate savings account.
  • Aim for three to six months’ worth of expenses. While this can take time, make this amount your ultimate goal so you can weather any surprises and keep your finances intact.

3. Set financial goals

Setting clear financial goals will empower you to take control of your financial well-being and build your financial resilience. Follow these steps to set financial goals successfully:

  • Identify your short-term and long-term goals.
  • Make your goals specific and measurable.
  • Break goals into actionable steps.

At Jovia, we are here to help make setting up those goals simple. In online and mobile banking, we have a tool called Savings Goal, which helps you set savings goals and keep track of your progress. Learn more about Jovia's Savings Goal tool.

We also have Stash My Cash, a feature that makes saving automatic. For each purchase you make, Jovia will round it up to the nearest whole dollar and put it in a separate savings account. It’s like a virtual piggy bank that takes the thinking out of saving. Learn more about Stash My Cash here.

4. Practice self-care

Taking care of yourself is a vital part of reducing financial stress. Find time to pursue your interests and take frequent breaks from the daily grind. It doesn’t have to put you into debt, either. You can go for a walk alongside a beautiful lakefront, learn a new language, visit free galleries showcasing your favorite art, or develop a hobby by watching free DIY videos.

Managing money responsibly is challenging, but financial resilience is within reach. Using the tips outlined here can help empower you to achieve financial resilience, overcome financial stress, and thrive financially to create a bright future.