By: Betsy Young, MSUFCU Vice President of Marketing & Communications
July is National Minority Mental Health Awareness Month, highlighting the unique challenges faced by minority communities and promoting their well-being. At MSU Federal Credit Union (MSUFCU), we understand the link between financial wellness and mental health. Financial stress can lead to anxiety, but strong financial habits can provide security and peace of mind.
Here are three steps to reduce financial stress and boost mental well-being:
Master the Art of Budgeting:
List all your income and expenses, dividing them into essentials (rent, groceries) and non-essentials (entertainment).
Create a budget to control spending, prioritize important expenses, and achieve savings goals. Think of it as your roadmap to financial freedom.
Build Your Safety Net:
Save three to six months’ worth of living expenses to prepare for unexpected events, like medical bills or car repairs.
Start small by setting aside a portion of your income each month and watch your emergency fund grow. A solid safety net brings confidence and reduces anxiety.
Take Charge of Your Debt:
Focus on paying off debts with the highest interest rates first while maintaining minimum payments on others.
Consider debt consolidation or seek professional advice for effective strategies. Reducing debt will lift a weight off your shoulders, freeing resources for savings and investments.
Discover The Culture of Finances: Your Path to Financial Success
At MSUFCU, we believe financial stability builds stronger communities. Our new program, The Culture of Finances, supports financial growth through tailored education courses, addressing systemic disparities, and helping participants overcome financial fears.
Join The Culture of Finances program to receive tools for financial success, learn about credit and debt management, and achieve financial confidence. For more information on free financial education and resources, visit msufcu.org/thecultureoffinances. We’re here to help.