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Your Path to Financial Wellness

By Glenis Galindo


Most financial advisors say that we should start saving 10-15% of our income starting in our 20s. The reality is that the majority of us don’t heed that sound advice. Everyone’s situation is unique so savings is not a one-size fits all approach. What’s most important is to start.  Dave Ramsey, well-known financial advisor and radio show host, breaks it down to this simple statement, “Financial peace isn't the acquisition of stuff. It's learning to live on less than you make, so you can give money back and have money to invest. You can't win until you do this.”

As cliché as it may sound, pay yourself first. Will Rogers, famous actor and cowboy of the depression era ‘30s, imparted this pragmatic advice, “The quickest way to double your money is to fold it in half and put it in your back pocket.” Now that's savings. 

The fact is to establish some type of financial wellness, saving is a must. Tightening expenses and learning to live happily on less can help improve long term financial wellness. Perhaps purchasing a used economy car with cash as opposed to taking out a loan on a new one; packing a lunch rather than eating out; or having a portion of your paycheck deposited directly into your savings account.  It’s a matter of choice to build savings a priority.

Another practical way to put something aside is contributing directly into a retirement fund such as a TTEC's 401k, where employees are eligible after just one year of service.  If a 401k is not yet available to you, then it is also possible to have a certain amount automatically moved from a bank account into an investment fund.  And investment options in these funds can be adjusted based on personal situations such as age and risk tolerance. 

In addition to direct savings, having good credit will help protect finances in the long run. This goes back to living within a budget. Credit card debt adds up when spending more than comes in every month.  We all have those occasions when we need to dip into credit for emergencies, but working to keep those balances low and avoiding late fees will also make it easier to obtain a loan or mortgage in the future… and a better credit score typically also means a better rate… This equals big savings.

At TTEC, we believe financial health is important for all of our associates to live a strong work-life balance and resources are available through our benefits to support this.

It feels good to take the proper actions to watch that bank account grow. It all starts by saving, one penny, one quarter, one dollar at a time.

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