Parents warn their children about financial emergencies. They advise the youngsters to put money aside not just for rainy day but for unexpected expenses, as well. This is commonly ignored wisdom. People are compulsive spenders, and many will not budget their cash. Everything is fine until disaster hits. An emergency can cause serious harm to financial wellness.
Problems Will Come from All Directions
Emergencies come out of nowhere to damage a person’s finances. A medical condition may require surgery and generate a high deductible’s expense. Repair work on the house, the kind not adequately covered by home insurance, will be a shock to the wallet. Millennials and Generation Z employees can get a major college debt bill in the mail. Car repairs, especially installing a new transmission, can cost in the thousands of dollars.
Hasty Decisions Harm Financial Wellness
Emergencies cause panic. A large bill can create issues that an individual never plans for appropriately. Inexperience in dealing with money challenges may result in horrible decisions.
For example, an individual may resort to a payday loan and use his or her car as collateral. Forgetting a payment can result in the car be taken by the lender. Forbearance, which is commonly used to deal with college debt, only delays the inevitable and will not stop interest costs from accumulating. Bankruptcy and foreclosure will result from poor handling of some emergencies, and either can hurt a person’s credit ratings. An individual can benefit from the expert knowledge of a professional. Such a person will get to the heart of an issue and generate a strategy to safeguard financial wellness. Countrywide Pre-Paid Legal Services offers a benefit that gives needed assistance.
We Don’t Listen to Reply
The Countrywide Financial Wellness Plan employs certified counselors who help plan members. These financial professionals know about the shock of financial emergencies and how to handle a plan members initial panic.
People often listen to reply and not to learn. They are thinking of an answer or response without knowing the full story. The Countrywide counselor listens. He or she will ask questions and give no answers until the facts are presented. Our counselors have high levels of emotional intelligence. They are patient with plan members and our counselors will not give strict lectures. They will seek solutions to problems.
Using the Right Tools
A budget analysis is a primary financial wellness tool. Countrywide counselors will use it to get a better picture of a plan members situation. Items such as the payment deadlines of major bills are examined along with the monthly paydays. A counselor is going to use his or her expertise to bring about a way of adequately meeting any emergencies both in the present and in the future. Financial Wellness Plan members begin to calm down as the counselor explains the various options and strategies to get out of a crisis.
Employers Can Use This Benefit
A good employer is going to care about the employees. The last thing anyone wants is to have a hard-working person stressed out with anxiety over a sudden emergency. A Countrywide benefit counselor can respond quickly to any request for assistance.
A client can make a benefit more attractive thanks to our use of choice. Organizations decide what benefits will be part of their plan. We will include those selections in the final plan document. There is a better chance that all the employees will be able to use the benefit if decision-makers designate selections. Countrywide would like to see as close to full participation as possible.
Emergencies are going to happen, but they do not have to be catastrophic. Countrywide counselors can help a plan member regain control of the situation. Our benefits are meant to be used by all employees for the ordinary emergencies a person faces. Please feel free to contact us and ask questions about what we can do for you and your workforce.