Financial Wellness

What is Financial Wellness? It means something different for everyone. For some people, taking the first step toward financial wellness might mean paying down credit card debt. For others, it might mean beginning an emergency fund
means having enough money to cover your immediate expenses, pay off any emergency bills or fees that pop up and have a steady income that covers your lifestyle also includes other factors, such as your credit score and saving habits and can depend on your age, your job, where you live and your present goals.

5 Tips to help achieve Financial Wellness

1. Create a plan & Set goals
Put together a monthly expense report and develop a budget. Knowing where money goes can help you set parameters for living expenses, bills, savings, and discretionary spending.

To pay off debt or save for buying a home, set clear long-term goals with short-term objectives to stay on track.

2. Pay off debt
Make a plan for paying off loans and credit card balances as quickly as possible to reduce interest and improve your credit score.

3. Save for retirement
Contribute the maximum amount allowed to your company’s 401(k) — check to see if employees receive matching funds — or set up a personal retirement savings plan and make regular contributions.

4. Build financial literacy
Stocks, bonds, CDs, college funds, tax deductions, interest rates — there is a lot to learn about finances. Know what assets you have, where they’re located, and what financial options are available to ensure a strong financial future.

5. Consult an expert
Contact your EAP or Financial Advisor for financial consultation services, DIY tools and documents and more information and resources to help improve financial well-being.