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Financial Wellness Inventory

The team at your State Treasury is focused on financial wellness, not just for the state’s finances, but for yours as well. As Financial Literacy Month draws to a close, it’s a good time to take a financial wellness inventory of your own journey. Whether you’re in your golden years or just starting to find financial independence, there are a few areas we should all evaluate to make sure our finances are doing the most for us.

As you look to take a financial wellness inventory, here are a few questions to start with: How much do I currently make? Has my financial position changed since the last check in? What reoccurring expenses do I have? Can I get rid of any? Do I have extra money at the end of the month that could be moved to an interest-bearing savings account or 529 education savings account?

By doing a quick inventory of your finances from time-to-time, you can more easily find where your paycheck is going, eliminate unnecessary expenses, and better save for the future.

Once you’ve taken inventory of your finances, consider making a budget (or reassessing your current budget). By following a monthly budget, you hold yourself accountable to your long-term financial goals (such as paying for college, buying a house, or paying-off a car) as well as better anticipate financial opportunities and challenges that may come your way.

This is especially true for those who will be graduating college or high school in the weeks ahead. For many, this will be the first time they’ll be out on their own and expected to manage their own money. Following a budget right after graduation can set your student on the right path for years to come.

The State Treasury provides families with a number of resources to conduct a useful financial wellness inventory. Visit Treasury.MS.gov/FinancialEducation to learn more.

Beyond evaluation resources, our team can also help you set up a 529 education savings account that can help you pre-pay college, fund an apprenticeship, or cover the costs of room and board. To learn more, visit Treasury.MS.gov/CollegeSavings.

Finally, our Unclaimed Money Division is available to help you find money to help balance your budget or invest in your education. To search for money in your name, please visit Treasury.MS.gov/Search.

As we wrap up Financial Literacy Month, I invite you to use one of the Treasury’s many resources to get your financial wellness back on track.