Articles Posted in financial wellness

No one is guaranteed financial wellness. Hard work, planning, and self-discipline are what it takes to have a person’s fiscal house in order. Not fiscally responsible by nature, most folks learn the discipline. It is often by trial and error, but good advice and professional guidance will shorten the learning curve.

Budgets Promote Financial Wellness

The path to real money independence starts with a workable budget. An individual will use this financial tool as a guide for all spending decisions. Essential ingredients of creating a reasonable budget include:

• Research. Knowing where your money is coming from and what your monthly financial objectives are;
• Planning. Deciding how your present and future income is spent;
• Goals and Objectives. Determining what you wish to achieve in creating realistic benchmarks for future earnings and spending;
• Flexibility. Creating a budget that will respond effectively to any unexpected emergencies;
• Discipline. Being willing to stick to the guidelines of the budget and having the maturity to focus on the goals.

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You can think of credit as a necessary evil. Credit cards are essential for establishing the credit ratings needed to apply for significant loans. However, a person might get used to buying everything, including groceries, with plastic. Overdependence on credit cards may harm someone’s financial wellness.

There Is Danger in the Balance

It’s no secret that banks and lending institutions make money from credit cards. Double-digit interest rates and penalties for late payments will provide sizable profits. Retail stores encourage using credit cards since people purchase more when they use plastic. It is easy to accumulate a credit card balance that gets out of control.

Young Employees Don’t Understand Financial Wellness

The real world is a classroom without textbooks. People learn from good and bad experiences. Millennials and Generation Z college graduates are not familiar with finances. They’re always in a rush and those cards are convenient ways to pay for a purchase. Credit soon becomes the way everything is purchased. Continue reading

People will stress out over medical bills. The figures can be in the thousands and not everyone knows what to do. Deductibles are high and a person can be liable for significant expenses. Dark clouds seem to form over financial wellness because of the anxiety.

There actually is little reason for panic. Medical bills can be managed without panicking. Here are a few points to remember as you decide how to pay the medical expenses.

1. Don’t Pay the EOB

That statement is an Explanation of Benefits. It is not the final bill. There is no need to pay anything until your health insurance company determines its part of the payment. Continue reading

A personal budget is a sign of adult responsibility. It indicates that an individual recognizes the value of financial wellness and wants to structure his or her income and expenses to meet personal goals and pay bills. It can be a challenge for a young employee because that person has no experience with setting up a fiscal framework. A lack of understanding can result in several problems.

1. There Is No Planning for Emergencies

Emergencies are unexpected and need to be handled quickly. There must be allocation of money in a budget for unanticipated expenses such as a medical bill.