10 Tips for Financial Wellness from Eric Blue, CEO of Nevly
Eric Blue’s career as an entrepreneur and experienced finance professional helps him understand the importance of maintaining financial health and wellness. As the founder and CEO of Nevly, a fintech startup focused on strengthening consumer financial health by leveraging data to deliver personalized insights, Blue has a professional perspective on individuals’ challenges when managing their finances.
Following these ten tips from Eric Blue for achieving financial health and wellness can be a great starting point for people looking to turn things around immediately. Eric Blue built Nevly to help individuals with all ten tips, but individuals can also be more conscientious about their money. The goal of Nevly is to help aid and educate along the way.
1. Create a Reasonable Budget
The foundation of any healthy financial plan is to have a budget. Start by tracking income and expenses. After that, set goals for how much to spend in each category. Bills are obvious, but make sure to include savings in the budget. Committing to saving a percentage of income each month can pay dividends long-term.
A budget helps people understand their spending habits better, prioritize correctly, and make better decisions overall. Eric Blue has said that the ARLO app has a chance to impact how a person budgets considerably. Budgeting becomes easier, whether it’s having easy access to the numerous tools in the app or getting information from the Nevly Brain Trust.
2. Build an Emergency Fund
No one can predict the future. Life is full of unexpected expenses, from car repairs to medical bills. Serious issues can wreck a person financially if they aren’t prepared. An emergency fund can help people survive significant matters without relying on credit cards or other high-interest debt options. A realistic goal for many is to save enough money to cover 3-6 months of living expenses.
Avoid dipping into an emergency fund for anything other than an actual emergency. Having multiple months as a cushion makes survival easier without a job. Not feeling forced to juggle finances during an emergency frees the mind up significantly.
3. Eliminate High-Interest Debt
Have high-interest debt? If so, it can significantly drain a person’s finances. Plan to pay off these debts as quickly as possible, starting with the balances that carry the highest interest rates.
Look for creative ways to get rid of the high-interest rates as well. Balance transfers and consolidation loans exist to help people with more manageable monthly payments. Interest rates above 20% APR can cost an individual a lot of money.
4. Make Savings Automated
[Alt Text: Eric Blue, CEO of Nevly, offers 10 tips for financial wellness, one of which is to set up an automatic transfer to savings accounts to keep on track with your financial goals.]
People struggling to save money consistently should consider setting up automatic transfers to stay on track. This way, a portion of every paycheck gets set aside before there is a chance to spend it.
Not only is consistency a great thing with saving but there’s also a certain peace of mind and a reduction in decision fatigue when having it automated. As savings grow, there is less worry about unexpected expenses that can harm long-term financial health. A set amount of money from each paycheck can eliminate the need to decide how much to save and reduce decision fatigue.
5. Invest for the Long-Term
Investing in the stock market can be a great way to grow wealth over time, but more people need to consider a long-term approach. Avoid chasing hot stocks or trying to time the market perfectly. Instead, focus on building a diversified portfolio that aligns with long-term goals. Slow and steady investing is generally safer.
Eric Blue believes that Nevly is a great way to invest for the long term. There’s an Asset Growth Program available to every member. The goal is to build for a better tomorrow through the program.
6. Maximize Retirement Contributions
Many employers offer retirement plans like a 401(k) or IRA. Take advantage of them, maximize contributions if possible, and consider investing in low-cost index or target-date funds.
The earlier a person starts to save for retirement, the easier it is to build up a sizable amount of money. Having a greater knowledge of how retirement works is part of financial planning. This money needs to remain untouched until retirement day comes. But, with compound interest, there’s a tremendous amount of value out there.
7. Protect Assets with Insurance
Insurance can help protect people from financial setbacks caused by accidents, illness, or other unexpected events. Ensure adequate coverage for home, car, health, and life protection.
No one enjoys spending money on insurance, but it’s better than being left with nothing. This type of safeguard prevents months, or even years, of hard work from going away.
8. Plan for Major Life Events
Whether someone’s getting married, having a baby, or buying a house, major life events can significantly impact finances. Plan and make sure to have a financial strategy in place that aligns with money goals.
It’s much easier to come up with the necessary money to fund major life events when a plan is in place. Try contributing some cash each month if something is on the horizon. Using credit for a big purchase can be tempting, but that makes everything more expensive in the long run.
Anyone needing to adjust their budget due to an upcoming major life event can do so with a few simple updates through Nevly. Life changes constantly happen, and being able to change on the go ensures that no one misses a beat.
9. Embrace Financial Education and Resources
Financial literacy is a crucial component of achieving financial health and wellness. Look for resources and educational opportunities that can help build knowledge and skills. Online courses, books, and workshops all help educate. Using Nevly helps, as many of the tools teach people more about their finances as time goes on. Real-world learning is one of the easiest ways to feel comfortable with money.
Thanks to the input from early Nevly users so far, Blue is looking to add even more information as time passes. It’s all about keeping up with the times and understanding everything.
Eric Blue continues to listen to input from people using Nevly Money as he adds and refines tools for the upcoming ARLO App. Eric Blue has said that he wants the ARLO App to launch as one of the top mobile resources in the fintech industry.
10. Build a Support System
Managing finances can be challenging, especially for those facing financial hardship or uncertainty. Build a support system of trusted friends, family, and financial professionals who can provide guidance, accountability, and encouragement.
Nevly is a great starting point for a robust support system financially. The app keeps people locked in and ready to manage all parts of their life from a money perspective.
Leveraging the ARLO App to Enjoy Quality Financial Health
By following these ten tips, a person can take control of their finances and work towards achieving financial health and wellness. A company like Nevly, focusing on empowering underserved communities through financial education and access to capital, can provide the tools and resources to find success.
Eric Blue hates seeing people in today’s world deal with struggles reminiscent of those of his childhood. The information wasn’t readily available then, and there was a noticeable gap between the haves and the have-nots. People willing to learn and take advantage of the top financial options today can set themselves up for success without breaking the bank.
Nevly Money is available now, and it’s received outstanding feedback offering web-based services. Eric Blue said the ARLO App plans to launch later this year. It is an all-in-one mobile solution providing the most accessible access possible to handle money daily.
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