Having your finances in order and managing your money well can improve your overall quality of life, both now and in the future. It includes skills like saving, budgeting, borrowing and planning.

Does that sound boring?

If it does, try to reframe it in your mind, because if you overcome an aversion to looking at your finances, you can better plan for the fun things you want to do and avoid a lot of stress and unhappy surprises.

You don’t have to create an Excel spreadsheet either. You can start small. Just observe your spending patterns over the course of a month by reviewing your bank statements and credit card bills. It can be rewarding to spot money leaks that are easily fixed, such as streaming services you’re no longer using.

As a union member, you’re already off to a good start, with some important advantages when it comes to financial wellness.

Here are a few of the habits that will help you build financial wellness and secure your future:

1. Saving and investing: Get into the habit of saving a portion of your paycheck weekly and you will be on the way to achieving your financial goals. You’ll have the money to put toward big-ticket items like a vacation or computer and will have an emergency fund to better cope with some of life’s surprises. Read up and consider using a financial adviser for a better understanding of investments and your risk tolerance.
2. Indulge, within your means: Once you have established a habit of savings, you will have the ability to enjoy an experience you have prioritized and saved for.
3. Pay off debt: Prioritize reducing and eliminating debt. There are debt-counseling services to assist. If you are an educator with student debt, don’t miss out on the union’s student debt relief program. And, as a UFT member, you are also a member of our statewide affiliate, New York State United Teachers (NYSUT), which offers many valuable benefits, including a financial counseling program.  Many nonprofit credit counseling agencies offer their services free of charge. Check the agency’s accreditation status—and the credit counselor’s certification status—with the National Foundation for Credit Counseling or the Financial Counseling Association of America.
4. Look for monthly recurring charges you can curtail: Sometimes it’s just a matter of paying more careful attention to your monthly credit card bills and eliminating subscriptions and streaming services you no longer use. You may be surprised at the money leaks you discover.
5. Invest for retirement: Is there a 401(k) plan your employer will match, a tax-deferred annuity (TDA) program you can take advantage of or a pension program you can join? All of these will make an enormous difference when you reach retirement age. As a union member, you have access to a pension and TDA, valuable benefits most employees do not have. And if you don’t have these options, invest in a tax-advantaged individual retirement account (IRA).
6. Keep learning about finance: Check out some books, podcasts and financial newsletters. Want help with managing your money?  Of course there’s an app for that — many, in fact. One well-reviewed option is Monarch, which you can sample free for the first week. Continue your financial education for lower stress and greater life enjoyment.