Articles Posted in financial wellness

stockfresh_225020_eraser-and-word-debt_sizeS-300x200The holiday season is the most wonderful time of the year, but it is expensive. We buy a lot this season. Retailers owe you a debt of gratitude for what you spend, and you owe a debt to the credit card companies for what you spent. It can take months for a person to recover from all the generosity.

All the debt must be paid, and a person has to figure out how to do it. We can suggest ways that you can pay for all the holiday cheer without your bank account becoming incredibly depressed.

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stockfresh_4340608_doctor-with-patient-looking-at-x-ray_sizeS-300x201Medical bills can be scary. Necessary treatments and operations can cost thousands of dollars, and although corporate health insurance benefits cover major expenses, an employee must meet a deductible and co-pay. People get nervous when they see the bills, but there are ways to budget them. You can avoid being blindsided by the cost.

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young woman creating a budgetCreating a budget may seem like a major task, but it is an essential first step in getting finances in order and establishing conditions that promote financial wellness. Moreover, it is not as difficult as it may sound; all anyone has to do is follow a few simple steps.

Address the Necessary

First, a person should list their income sources and expenses. It includes regular costs such as rent or mortgage payments and variable items that include groceries and transportation. Individuals can then begin developing a budget that makes sense for their current situation and lifestyle. If expenses exceed income, a person must find ways to cut back on costs.

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stockfresh_5140310_business-still-life_sizeS-300x200A personal asset inventory is a list of an individual’s financial assets. It can include savings accounts, investments, real estate, collectibles, and vehicles. The purpose is to get a clear picture of an individual’s financial situation. The information can be helpful when a person applies for a loan or tries to reach financial goals, such as a down payment for a house.


It is easier to make informed decisions about financial matters by knowing what assets are available. Additionally, a personal asset inventory promotes financial wellness by offering a clear view of an individual’s financial picture.


Compiling a personal asset inventory starts by making a list of all physical and financial assets. Each asset has an estimate of its value attached to it. When the inventory is complete, a person can use it to assess their financial wellness and make necessary changes. You can think of an asset inventory as a means of improving long-term financial security. Continue reading

stockfresh_2912650_what-do-i-do-now-thinking-person-thinker-question_sizeS-297x300Money is too tight to mention these days. Many folks have difficulty making ends meet with the rising cost of everything. It is sad, but some are in such a bad financial situation that bankruptcy is the only way out. This is an embarrassing proposition for many people, but for a young employee, it is frightening.

Bankruptcy is a very different world. Unfortunately, those who do not know anything about it are the ones who will suffer the most anxiety. However, there are some things about this financial procedure that anyone facing bankruptcy should know before they decide to go through the filing. Continue reading

stockfresh_6129921_composite-image-of-festive-brunette-shopping-online-with-tablet_sizeS-300x200The 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.

stockfresh_1345661_happy-family-near-new-house_sizeS-300x200The 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

stockfresh_84926_swiping-credit-card_sizeS-300x200We 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.

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stockfresh_928878_pebble-tower-shaped-as-dollar-sign_sizeS-240x300A 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

stockfresh_636353_stethoscope-laying-on-stacks-of-money_sizeS-300x200When 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