Articles Posted in financial wellness

All the signs suggest that inflation is not going away but will be a problem for some time to come. We are all accustomed to low inflation figures, but 5% overall inflation and above is going to require adjustments to spending habits. The good news is that the changes are doable.

Some Worthwhile Ideas

We are not talking about dramatic changes to your investment portfolio. Instead, we want to look at what steps financial wellness. These are not complicated and can help anyone meet inflation challenges. Continue reading

Older employees feel their age, which means medical care is becoming a priority concern. Medications, physical therapy, and other treatments become part of a person’s life after age 50, and people will worry about how to pay for necessary treatments.

Medical bills are nothing to laugh about. They are often costly, and some of the invoices can be in the thousands of dollars. Anyone who is used to paying off a bill as soon as possible can be shocked. Fortunately, there are ways to handle medical expenses, and they do not require a Ph.D. First, however, it is necessary to know what options are available to help deal with the costs. Continue reading

Research has shown a person has problems whenever impulsive buying becomes a habit. These unplanned purchases can generate as much as 40 percent additional expenses. In addition, social media has encouraged the desire to buy things that are not necessary.

Social media is convenient; there is no question about that. Transactions are easier when the consumer already has credit card information posted in an account tied to the sales platform. There are some drawbacks. 

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Inflation is hitting home. The Wall Street Journal recently reported that mortgage interest rates are hovering around 5% nationwide. The American housing market has not seen these figures in over 10 years. Mortgage rate hikes are not yet cooling down the real estate market; house buying is still highly active. Nevertheless, homebuyers must be willing to look around for a suitable mortgage.

You Will Pay for What You Do Not Know

The house hunt for first-time buyers is like a walk in the dark forest. These people have little idea of what to do and where to look for a mortgage. Some great opportunities will thus pass them by. Continue reading

Those with college loans recently got another breather from the Feds. President Biden has extended the college debt moratorium until August 31, 2022, and that is a welcome development for everyone wrestling with debt payments. There is still talk of loan forgiveness but be careful about banking on that. A better idea is to look at debt reduction and loan restructuring.

Hacking Down the Figures

Five and six-digit college debt amounts can be overwhelming, and a person may feel adrift in a sea of red ink. Fortunately, there are oars to help you get to calmer waters. Several programs that will assist those with large college debts are available. Continue reading

The inflation monster is now awake after a decades-long nap. Recent figures suggest that the rising costs of almost everything will not go away soon. The next couple of years, and indeed the next couple of months, will be hard for many Americans. They are going to be paying more for essentials as well as necessities.

Inflation is something to be concerned about but nothing to panic over. A little bit of common sense in spending and some guidelines will help everyone get through the tough times with money to spare. The way to meet rising expenses is to have a budget ready for it.

Some Useful Tools Continue reading

No one goes bankrupt intentionally. However, people get into dire straits with their finances because of their problems managing the debt they acquired. Sizable debt rarely occurs overnight, and some debt is legitimate, such as mortgages or auto loans.

A major invoice, such as a medical bill, comes in the mail and stuns a person. It can throw things out of balance and cause an individual to panic. Who can blame a person for being anxious about the red ink? However, we do not think ordinary people are spendthrifts; they have difficulty managing their debt and could use some guidance. Continue reading

The pandemic hit personal finances in one way or another. Thankfully, stimulus checks and other forms of assistance got most of us through. But unfortunately, employees are now confronted with just as difficult as the quarantines: rapidly rising inflation.

The rate of price increase is swallowing up most of the pay raises folks are receiving. Many adjustments must be made to cope with the new higher costs. It will not be easy for many people because they live from paycheck to paycheck. Others have taken on car loans and other debt obligations. There is a genuine chance that some people will be facing bankruptcy or foreclosures because everything is becoming so expensive. Continue reading

Can we expect forgiveness of college debt this year? The Biden Administration has extended the pause on federal student loan payments until May 1, 2022. That is a relief for many, but it is temporary. The Federal Student Aid Office estimates that federal student loan borrowers owe in the neighborhood of $1.6 trillion. So outright student loan forgiveness is probably out of the question in the near future, and the borrowers can only hope for a continued extension. After that, however, the extensions may expire, and the payment process, on hold for almost two years, will start up again.

It creates a challenge for many young employees.

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Being irresponsible is not always the reason a person gets into debt trouble. A more compelling explanation is that sizable debt can result from bad decisions. When confronted with extensive obligations, what a person does can make the situation more serious.

Panic Makes Things Worse

Medical bills will raise a person’s blood pressure quickly. Someone who receives an invoice for a surgery or medical treatment could be looking at a cost of thousands of dollars. An immediate reaction might be to pay everything off at once, which is not a particularly good payment strategy. Others may look at their college loan obligations and think that forbearance is the only way out of a mess. Trust us; it is not. Credit cards must be paid on time, but that does not mean they have to be paid off at once. Continue reading