Articles Posted in financial wellness

The pandemic hit personal finances in one way or another. Thankfully, stimulus checks and other forms of assistance got most of us through. But unfortunately, employees are now confronted with just as difficult as the quarantines: rapidly rising inflation.

The rate of price increase is swallowing up most of the pay raises folks are receiving. Many adjustments must be made to cope with the new higher costs. It will not be easy for many people because they live from paycheck to paycheck. Others have taken on car loans and other debt obligations. There is a genuine chance that some people will be facing bankruptcy or foreclosures because everything is becoming so expensive. Continue reading

Can we expect forgiveness of college debt this year? The Biden Administration has extended the pause on federal student loan payments until May 1, 2022. That is a relief for many, but it is temporary. The Federal Student Aid Office estimates that federal student loan borrowers owe in the neighborhood of $1.6 trillion. So outright student loan forgiveness is probably out of the question in the near future, and the borrowers can only hope for a continued extension. After that, however, the extensions may expire, and the payment process, on hold for almost two years, will start up again.

It creates a challenge for many young employees.

Time Marches on Continue reading

Being irresponsible is not always the reason a person gets into debt trouble. A more compelling explanation is that sizable debt can result from bad decisions. When confronted with extensive obligations, what a person does can make the situation more serious.

Panic Makes Things Worse

Medical bills will raise a person’s blood pressure quickly. Someone who receives an invoice for a surgery or medical treatment could be looking at a cost of thousands of dollars. An immediate reaction might be to pay everything off at once, which is not a particularly good payment strategy. Others may look at their college loan obligations and think that forbearance is the only way out of a mess. Trust us; it is not. Credit cards must be paid on time, but that does not mean they have to be paid off at once. Continue reading

Credit cards rule the domestic economy of many households. Few people want to carry a lot of cash, and credit cards have always been convenient for buying things. However, the pandemic caused people to shop online, using their plastic to purchase essentials in addition to gifts. As a result, many now deal with sizable credit card balances. That situation is dangerous.

It is more than simply larger minimum payments due each month. Overusing credit cards will put a strain on family budgets. It is no secret that credit card abuse has brought many people to the brink of bankruptcy. Forgetting to pay some credit cards will lead to major problems. Plastic is important, but it is a beast that must be kept under control.

Financial wellness depends on keeping credit card debt under control. However, there are some straightforward strategies a consumer may use to prevent a serious situation, and it does not require having the skills of an accountant. Continue reading

Apprehension and panic are what many people feel when they go to their mailbox. There could be an invoice waiting for them that will require thousands of dollars to pay. It is a medical bill for a procedure or a program of therapy. The amount can keep a person up late at night worrying about what to do.

Modern medicine has allowed us to live better lives than our grandparents. People live longer, and the quality of life has improved dramatically for those who are disabled. But unfortunately, it all comes at a cost. Employees face a situation where they are pressured into dealing with sizable debt. The amount can lead to some poor financial decisions.

You Can Negotiate

A medical invoice is an expense statement; it is not an ultimatum. Healthcare providers want their money but do not have to be paid immediately. The accounts receivable folks are willing to be flexible and negotiate with any patient. There is no desire to destroy anybody’s financial wellness. Continue reading

The United States is currently experiencing inflation that has not been seen in 40 years. Everything costs more, especially food and gasoline. What is sobering is to know that inflation is outpacing pay increases. The rising costs make people feel anxious and worried about their finances.

It is a challenging situation but is also an opportunity for management.

Employers can step in and assist people in dealing with the rising costs. It does not have to be adjustments to wages or outright money grants. Countrywide Pre-Paid Legal Services has a benefit that permits a person to adjust to inflation successfully. Continue reading

Right now is the calm before the buying storm. It will not be long before the real estate market starts booming with activity as people look for that special place to settle and raise a family. Springtime can be a season of discontent, however, for those not prepared. A first-time homebuyer can quickly become frustrated.

The real estate market can be an absolute beast for anybody who is unprepared. Anyone who is venturing out into the housing arena must be ready. Those who are not may spend thousands of dollars learning some painful lessons.

What to Know Continue reading

College debt is not only a problem for recent graduates. Many employees are still struggling to pay off their education bills, which seems hopeless for some. College debt may be only part of an overall bleak financial picture. It is the size of the payment obligation that many times causes the worse stress. Too many people are resigned to life decisions that include delaying marriage, family, or buying a house because of college debt.

Employers are now being called upon to help their employees with money problems. This means more than a seminar or a self-study course. Increasingly, more people want a little extra to help them with their financial wellness. Countrywide Pre-Paid Legal Services offers considerable value with a significant benefit plan.

Advice, Support, and Education

The 2021 Capital One CreditWise Survey shows that nearly three-fourths of those surveyed consider finances to be the most stressful part of their lives. We could not agree more. Money is on everyone’s mind.

Quarantines and Stimulus Checks

The past two years have caused incredible changes in the financial habits of many people. Quarantines enhanced unemployment checks, and stimulus checks have dominated personal budgets and altered spending habits. The government assistance that affected everybody is going away, but what people do with their money has not changed yet. Continue reading

Employees need help with their money, and they appreciate anything an employer can do to help with personal finances. Creating a personal budget is something many need help in developing.

It seems odd for an older person, but a newly hired employee, fresh out of school with excellent technical skills, might never have created a personal budget in their life. They live from day to day on Ramen noodles and live in a dorm. Now, they are in the workforce, and they are not quite sure how to manage their finances. Continue reading