Published By Countrywide Pre-Paid Legal Services, Inc.
We have all been through some very tough times. There was a point when people felt the world was ending and there was no hope for any future. Granted, COVID-19 is still here, but we also have the vaccines to combat the disease. So, things are getting better, but there is some work to be done.
Personal finances took a hit during the pandemic. Everyone was able to get by thanks to the stimulus checks and moratoriums on college debt and rent payments, but those holidays are rapidly fading. The near-normal means a return to old bills and obligations. Some bad habits need to be eliminated in the coming months, or there will be some terrible consequences. Money gurus are suggesting that the following actions take priority.
- Get Rid of Bad Habits-NOW
The quarantine’s isolation made many people lonely, and they fell into some bad spending habits. Compulsive shopping is always a financial wellness issue, and online binge shopping has made it worse. It is so easy to point and click on Amazon or other retail sites, and consumers will buy more than they need. The online clicks only add to the already large credit card balances.
- Pay Off the Old Debt.
A person may already have multiple credit card balances, and that individual should pay these down as soon as possible. It may mean paying more than the minimum, but those balances will generate sizable interest amounts if they are not significantly reduced.
- Update Your Budget
Rent and college debt moratoriums did not mean that people cut their spending accordingly. Frankly, some added new costs that altered the existing cash flow. A smart move would be to update the household budget to include both the new and the old expenses.
- Create a Rainy-Day Fund
That is if you do not already have one. Sudden expenses such as hospital bills can take a person by surprise. Rainy-day savings are extra cash to soften the blow and help successfully meet the cost.
The above are all great suggestions. The trouble is that so many ordinary people do not understand personal finances. They live from paycheck to paycheck. Employees can use the advice of a seasoned professional to create a new household budget and manage money. Countrywide Pre-Paid Legal Services has a financial wellness benefit that offers fantastic service.
A Wise Approach to the Problems
Countrywide has a national network of certified counselors who specialize in resolving situations ordinary folks encounter. In addition, there is a Countrywide counselor in every community that has a Countrywide client organization.
These counselors are aware of the adjustments an individual must make these days. Our professionals are ready to help every financial wellness plan member. The counselors have the tools and the experience. A budget analysis is a primary tool used to correct problems. The counselor will assess a financial wellness plan member’s cash flow and all the obligations a plan member has. Advice on making worthwhile changes is given, and if a person needs to negotiate changes in interest payments or medical bills, the counselor shows how to do it.
Clients are always a part of the plan design. We ask decision-makers to tell us which of the Countrywide benefits should be in the financial wellness plan. Those selections are in the final plan document, and we provide the member services and plan administration.
Getting back to work is not easy and revamping personal finances is also tricky. Countrywide makes financial changes easier to implement. If you have any questions about our financial wellness benefits, please feel free to contact us at your convenience. We welcome any opportunity to answer your questions.