Articles Posted in financial wellness

The holiday season is a time for family, friends, and fun. Unfortunately, it is also a time when many of us overspend. According to a recent report, the average American will spend $1,052 on Christmas gifts this year. If someone is not careful, all that holiday cheer can quickly turn into holiday debt that harms financial wellness. Here are a few tips to help avoid overspending this Christmas.

Create a Budget

1. The first step in managing Christmas debt is to create a budget. Sit down and lists all the anticipated holiday-related expenses, such as gifts, travel, party supplies, etc. Then, allocate a certain amount of money to each category. Once that is done, make sure you stick to your budget! It can be tempting to overspend when you are out shopping for presents, but if you stick to the budget you set for yourself, you will thank yourself come January.
2.  Shop early. Give yourself enough time to find the perfect gifts without having to pay rush shipping charges. Shopping early will also help you avoid the temptation to impulse buy last-minute items that you may need help to afford.
3. Use cash or a debit card instead of a credit card. This will help you stay within your budget and avoid paying interest on purchases.

Continue reading

The holiday season is a time for family, friends, and fun. Unfortunately, it is also a time when many of us overspend. According to a recent report, the average American will spend $1,052 on Christmas gifts this year. If someone is not careful, all that holiday cheer can quickly turn into holiday debt that harms financial wellness. Here are a few tips to help avoid overspending this Christmas.

Create a Budget

1. The first step in managing Christmas debt is to create a budget. Sit down and lists all the anticipated holiday-related expenses, such as gifts, travel, party supplies, etc. Then, allocate a certain amount of money to each category. Once that is done, make sure you stick to your budget! It can be tempting to overspend when you are out shopping for presents, but if you stick to the budget you set for yourself, you will thank yourself come January.

The housing market is rarely quiet, and recently there has been a lot of concern about the affordability of houses. If it is not the sales price, the mortgage interest rate is driving buyers crazy. As a result, some people are wondering if they could ever afford a home of their own. Do not worry; it is still possible to buy a house.

An individual can maintain financial wellness, too. There are means by which a first-time home buyer can go into the unexplored territory of a housing market and buy that dream home. Some ways that can make a house affordable are more than simply saving a lot of money for a down payment. Here are a few to consider: Continue reading

We might as well admit that we are at the start of a recession. There will be some tough times ahead, and the economic downturn will threaten the financial wellness of many people. Everyone can get through these troubled times, but it takes a level of maturity and responsibility. A primary challenge is to manage your credit card carefully. It is not too complicated, and a person can take a few steps to make credit card debt controllable.

• Use cash when you can. Getting into debt is easy if you use credit cards for everything. To avoid this, try to use cash as often as possible for small items. This will help you stay within your budget and avoid overspending.

Continue reading

A budget is essential for managing finances and ensuring that spending aligns with personal goals. It can seem like a daunting task for anyone who has never designed one. But creating a budget is quite simple—and it is a skill that is well worth learning for anyone who is leaving school and entering the workforce.

There are many different ways to create a budget, but one of the simplest and most effective is the 50/30/20 rule. This rule suggests that 50% of your income should go towards necessities like rent, groceries, and utilities; 30% should go towards wants like entertainment and travel, and 20% should go towards savings and debt repayment. Continue reading

When faced with a large medical bill, the first instinct may be just to pay it. But if you are like most people, you cannot afford to pay for healthcare out of pocket. That is where medical bill negotiation comes in. By negotiating your medical bills, you can reduce the amount that you owe. Here are some tips on how to negotiate those medical bills.

1. Know What You Owe

The first step in negotiating your medical bills is to know what you owe. This may seem like a daunting task, but it is essential to have a clear understanding of the charges you are facing. Next, you can request a detailed bill from your provider, which will list all of the services you received and the associated costs. Once you have this information, you can begin to negotiate. Continue reading

If you are a first-time house buyer, congratulations! Buying a house is one of the biggest—and most exciting—milestones you will ever reach. That said, it is not without its challenges. A lot can go wrong, from producing a down payment to dealing with unexpected repairs. These issues might affect your financial wellness. There are four common problems first-time house buyers face.

1. Coming Up with a Down Payment

One of the first-time buyers’ biggest obstacles is producing a down payment. The standard down payment can be as much as 20% of the purchase price, which can be difficult—or even impossible—to scrape together, especially if you are already saddled with student loans or other debts. In addition, paying such a hefty sum will impact your financial wellness. Continue reading

According to a recent study, nearly 60% of Americans have struggled to pay medical bills in the past year. With the inflated cost of healthcare, it’s no wonder so many people are struggling to keep up with their medical expenses. If you are one of the millions of Americans who are struggling to pay your medical bills, do not worry—you are not alone. Here are some tips on how to manage your medical expenses on a budget. Continue reading

In today’s world, protecting your financial wellness is more important than ever. Financial health means being in control of your money and having the ability to meet your goals. You can do many things to protect yourself from sudden emergencies.

Some Ways to Do It

1. Review your expenses and make changes where necessary:
2. Make a budget and stick to it.
3. Invest in yourself by taking courses and learning about financial planning.
4. Stay disciplined with your spending.
5. Have an emergency fund to cover unexpected costs.

Continue reading

The prospect of a bankruptcy filing can be a major shock to the system. People are justifiably worried because of the consequences to their financial wellness of having to go into bankruptcy. It is a sobering situation, but it does not mean you cannot survive.

An individual must be mature about the situation. However, there are some steps to take to successfully survive financially.

1. Understand the process

The first step in surviving bankruptcy is to understand the process. Bankruptcy is a legal process that allows individuals or businesses to reorganize or liquidate their assets to repay their creditors. The bankruptcy process can be complex and confusing, so it is vital to seek out the advice of an experienced bankruptcy attorney. Continue reading