financial health anchor wealth management

As much as we’d like to ignore finances, it’s an inevitable part of living. That’s because in order to have the things you want in this world: food, clothing, shelter, beach vacations, cats, dogs, and the like, you have to pay with them from the money you earn. Thus, managing your money so that you can have the things you want in this world is important.

Anchor Wealth Management is a financial services firm with offices in Rockford and Lanark whose advisors specialize in helping people form comprehensive financial plans for their finances. A financial plan, while dynamic to account for your changing life’s circumstances, will help keep you accountable to your financial goals. The truth of the matter is if you put in the time today to form a financial plan and put it into action, you’ll spend less time in the future worrying about money. One of the jobs of your wealth advisor is to help take some of the pressure of your financial planning off your shoulders so that you can focus on living life. Below, we’ll offer up ways you can work towards financial health. Contact our financial consultants today to get started!


Develop an Awareness of Where Your Money is Going

Many people have no idea where their paychecks actually go. Money comes in, and it always seems to never last that long. Between paying the bills and living expenses, the rest is discretionary income, which is the part you need to have a grasp on. Understanding your spending habits plays a role as well. This is where tracking expenses for a month or so and then crafting a budget can pay huge dividends for you in the long run. Once you have an idea of where your money is going, you can then form a plan for it. You are telling it where to go instead of it just going.

Many people hate the idea of a budget because they think it is restricting. However, the opposite is true; a budget gives you freedom and will improve your financial health.

Decide to Live Debt-Free

The common complaint we see when living debt-free is that the big purchases have to be put off. Our financial advisors note that there is a major difference between needs and wants that consumers don’t necessarily see when they are in a store. For example, we all need a means of transportation to get to and from work, to buy groceries, and to go and do the things we enjoy doing. However, a Tesla that is out of your budget is a want; a family Volvo that is older and within your budget is a need. Outside of a mortgage, you should aim to carry as little debt as possible. This will save you thousands of dollars in the long run from interest charges and more.

Pay Yourself First

Most people fail to save because they have to think about it. And when you think about saving versus a weekend away with friends, the vast majority of us choose the weekend away. Now that technology is an integral part of our lives, you can put technology to work for you by having your savings automated — this makes saving a lot easier. There are a variety of ways to do this. Some employers allow you to put a certain amount or percentage of your paycheck automatically in your savings account. You can set up your own automatic withdrawals to savings with your bank. And some investment companies allow for monthly automatic withdrawals to go into your retirement accounts or investments. This way, you won’t be able to spend that money nor will you have to think about it and decide.

Give More

Giving away money is hard for people. It’s because they think of everything they could be spending with that money instead. However, once you begin giving, you will see money in a different light, and it will be easier every time. Plus, there are actual health benefits to giving, such as decreased stress and lower blood pressure. You will also feel grateful for the things you have when you give to the poor, and all it takes is one person to start giving for the mindset to spread. Don’t forget there are other ways to give as well, such as volunteering your time to a worthy cause.

Most of us frival away 10% of our disposable things on items we can do without. If all of us became just a bit more generous, we could make an incredible impact on the world. Plus, giving is a sign of a good state of financial health and will make you feel wealthier as well.

Visit a Professional Financial Advisor

Sometimes it can be extremely hard to self-evaluate yourself, be it how you look, how you perform at work and hobbies, or how you act. This is why feedback is critical to our success and growth. When you visit with a professional wealth advisor, they can take a look at where you stand right now, your spending habits, your saving habits, your assets and liabilities, and inquire about your goals for the present and the future. With all of this information, they can make an assessment of your financial health and offer up action steps to take. They can also take a look at your spending habits and suggest ways to cut back your expenses, add more to savings, and how to invest and diversify. Here at Anchor Wealth Management, we love meeting people and helping put them on the path to financial health, wealth, and freedom.


While many people may have a different idea of financial health (for some, it may be paying the bills, for others, it may be wealth creation), it’s important to have a professional financial check to see if you are in a great spot financially.

The financial advisors at Anchor Wealth Management offer no-obligation free consultations. These initial meetings are for you. Our mission is to help you evaluate your financial health and get you to where you want to be. When you set up a financial consultation, that gives you an opportunity to see where you are at and if you are heading in the right direction. If you are looking for a wealth planner, it also gives you the opportunity to get to know our wealth advisors and see if we’re a good fit.

Anchor Wealth Management has been in business for over a decade. We have two offices, one in Rockford and Lanark, to better serve you. We’re helping over 800 families and businesses form solid comprehensive financial plans for their futures. Contact our financial services firm today to get started!