Worried about Money?

How can you begin to take steps to become financially well? For starters, achieving financial wellness includes a person's ability to evaluate and implement the following actions:

Create and stick to a monthly budget

Financially secure individuals sit down at the beginning of each month, analyse their income, and plan their expenditures accordingly. Several times during the month, they evaluate where they’re at with their budget and make any necessary adjustments. Budgeting like this is not only smart financial management, but it gives you a sense of control over your finances.

Build an adequate emergency fund

Sometimes life can throw us curveballs, and unexpected events, such as a surprise car repair bill, can throw our budget completely off. That's why you need an emergency savings fund. Having savings in reserve can help make sure that unforeseen expenses don’t kill your budget, or make you resort to using credit cards to handle an emergency.

Pay yourself first

Having the discipline to take the first ten percent from your monthly salary and deposit it into an account designed for your long-term financial health, such as a retirement savings account, is a smart money move that financially savvy individuals take. It takes self-discipline, but as you watch your accounts grow, you’ll have the satisfaction of knowing you are responsible financially.

Start saving for retirement now

No matter how long you have until you retire, whether it be five years or forty-five, it’s not too late to start putting money aside for your retirement years. Of course, it’s best to do this when you’re in your twenties, but sometimes in our early earning years we don’t have the funds for it. No matter how small the amount you can set aside, start now. You can increase the amount as your income grows.

Get the insurance you need

Along with good health plans, disability insurance is a must-have. You need to protect your income; it’s the most significant personal asset you have.

Use credit wisely and sparingly

When possible, pay cash for your purchases using a debit card. One of the most deflating feelings you can experience is looking at your credit card statement each month and seeing the interest rate you’re paying on your balance. If you do use credit cards, pay them off at the end of each month to avoid paying interest on your purchases.

Consult a competent financial advisor

Very few people can come up with an integrated and comprehensive financial plan on their own. It’s best to use an advisor that charges a flat fee for a financial plan, not one that earns commissions by selling the products that you need.

Why Employers Offer Employee Financial Wellness Programmes

Financial stress is taking its toll on the workforce. That stress translates into depression, sleepless nights, and even full-blown panic attacks, which in turn increase absenteeism, reduce productivity, and fuel high employee turnover. Many of the reason’s employees are stressed about their financial situation have little to do with employers themselves and the salaries they pay.

Many millennials are heavily burdened with educational debt, more so than any other generation, and so are starting their careers with strong budgeting challenges
Skyrocketing healthcare costs are another cause for concern for all generations
And of course, the recession of the last decade wiped out huge chunks of people’s retirement portfolios, pushing back their retirement timelines even as people feared for their jobs

Though employers are often not the cause of financial stress, they are in a prime position to do something about it. The best way to combat the stress that comes with financial worries is to get educated (“financially literate”), form a sound plan with goals, and manage expenses sensibly until those goals are reached.

Let’s find solutions together!

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https://www.ej4.com/blog/the-importance-of-employee-financial-wellness-programs

PROCAREJanuary 27, 2021Worried about Money?, Financial stress, Financial Future, Financial Advice 2021