When is the last time you considered your own financial health? There are many dimensions to financial health, including the amount of savings you have, how much you’re setting away for retirement, and how much of your income you are spending on fixed or non-discretionary expenses. Each person’s situation is different, for this reason, it is worthwhile spending some time in developing your own financial plan to ensure that you’re on track to reach both your short-term and long-term goals. People often fail to recognize the power of interest; For example, putting away $10.22 per month from the time you are 16 years old, with compounding interest, would result in $100,000 upon retirement. However, purchasing everyday items on credit and just paying the minimum balance each month may mean that you reach retirement carrying $100,000 in debt. Seeking out help from a debt specialist can vastly improve your financial health.

Colleen Craig, C.E. Craig & Associates, www.cecraig.com