Financial Wellness

Financial Wellness

Financial wellness is “effectively managing your economic life.
The underlying concept of financial wellness is financial security, one of the most common goals reported by employees across all sectors.
A high level of financial wellness gives employees the ability to make better, more informed decisions and manage a successful long- term strategy. When employees have a comprehensive understanding of their finances, they can create effective strategies for dividing and potentially automating their paychecks between bill, savings, investments and other commitments.

OBJECTIVES OF FINANCIAL WELLNESS

Financial wellness can help companies reduce unnecessary expenditures due to absenteeism, lost productivity and benefit cost overruns allowing businesses to expand their benefit options to include the following:

  • Programs that enhance money management skills and help employees create and build assets
  • Newsletters and other periodic publications
  • Investment, retirement, college, emergency and health care planning seminars
  • Debt- and credit-related programs
  • TIPS TO ATTAIN FINANCIAL WELLNESS

    Reliable income

    You do not need to be a millionaire, but it’s important to obtain some level of income stability. Being financially well starts with having a reliable income and knowing at a consistent time, you will expect to be paid a certain amount.

    Budget

    You do not need to be a millionaire, but it’s important to obtain some level of income stability. Being financially well starts with having a reliable income and knowing at a consistent time, you will expect to be paid a certain amount.

    Emergency fund

    The goal of an emergency fund is to have available funds for when you are dealing with unemployment or you have an unforeseen cost.

    Build your savings

    Planning ahead is always helpful, and once you get a handle on your current financial plan, set some goals for what comes next. By building a plan, you have a road map to help guide you through the rest of your story.  Saving money might feel out of reach at times, but consistently putting away even small amounts of money can make a big impact over time.

    Retirement Planning

    Financial wellness doesn’t happen overnight. You need to take constant, intentional steps toward your financial goals to slowly work your way toward a total picture of wellness.

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