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Articles Posted in financial wellness

stockfresh_1104622_falling-credit-cards_sizeS-300x200People, by now, realize they were perhaps a little bit too generous at Christmas time. The credit card statements have come in and the debt balances are higher than usual. This can be a direct threat to the financial wellness of some people. The credit card debt may already be substantial and they are paying double-digit interest rates on the balances.

 

The figures can be frightening and may lead to some drastic decisions. A person has to be cautious in dealing with credit card debt, however. Paying the monthly minimum is essential, but too much can leave a consumer strapped for cash and not able to fully pay other obligations. Some have no concept of a personal budget and are floundering. Credit card balances can be managed and can be lowered. It requires a little strategy along with frugality. Continue reading

stockfresh_4665102_student-loan_sizeS-300x300It is a new semester on college campuses and the last one for many seniors. College days are about over, and the monthly student debt bills will soon begin. Some seniors already have accepted job offers, but loan repayments might take a big portion of their paychecks. The cost can harm financial wellness.

 

College debt can be enormous with a person perhaps owing more than $100,000. New graduates have not faced the payment obligations the size of a house mortgage. Drastic steps such as forbearance and even declaring bankruptcy can appear to be the only options. However, desperate decisions are not necessary. Continue reading

debt-relief-pill-300x255January comes as a shock  for some people. The new year impacts an organization’s health insurance deductible: it starts all over. The full deductible amount is reinstated. It upsets folks because they are afraid their medical condition will jeopardize their financial wellness.

A Nasty Compromise

Employers do what is necessary to contain medical expenses. Raising employee premiums or changing the co-pay percentage is not popular with the workforce. The compromise is to increase the deductible instead. Deductibles between $5000 and $10,000 are typical. Continue reading

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Fiscal responsibility is a virtue everyone wants to have. Unfortunately, it is not that simple, nor is it easy to get. Folks will try all types of budgeting but do not always get it right. Attempts to pay large bills are frustrating, and people start worrying about how they will ever eliminate their credit card debt. Financial wellness means using the proper tools to get out of choppy water and commence smooth sailing.

 

There are many financial gurus out there who promote this idea or that in order to help somebody walk a smooth path. The problem is that these so-called experts promote general ideas. Their suggestions may or may not be what an individual needs for his or her finances. It is essential to have somebody to work with in a one-on-one situation. It guarantees that an individual’s financial wellness is constructively addressed. Countrywide Pre-Paid Legal Services has a benefit that can help anyone do a better job of managing domestic finances. Continue reading

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College can be a major learning experience after graduation. The grace period for college debt repayment ends six months after the final ceremony and it can be a shock. The monthly payment on six-figure debt can be the sizable mortgage. The financial wellness of a young employee might be in danger.

 

Forced Choices

 

College debt is a significant disruption in anyone’s life. Decisions about buying a house, having children, or getting married are affected. A young graduate has little understanding of finances, and panic is a normal response. Using forbearance or not paying and then filing for bankruptcy creates more substantial problems. The wrong decision will result in credit ratings being destroyed and money problems lasting well into the future.

 

The new employee doesn’t require a handout. Good advice in managing college loan repayment is better than cash. Countrywide Pre-Paid Legal Services offers a financial wellness plan that can resolve many common financial challenges. Continue reading

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Medical emergencies are often unexpected. They cause people to spend extended time in a hospital bed and undergo lengthy therapy afterwards. It all adds up to a very sizable bill. People will panic over the size of the invoice, but they should be careful about taking drastic measures that might damage financial wellness. There are several ways to handle that medical bill.

Some Options

  1. Medical Credit Cards

Healthcare providers may have a credit card option, where the patient signs up for medical credit card with the provider. It doesn’t take long for approval and this type of plastic is ordinarily for medical situations. Continue reading

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A significant financial investment is a gamble. It might pay off, but it also could bring negative consequences. The largest purchase an ordinary employee makes is a house. A first-time buyer is justifiably nervous about the impact on his or her financial wellness.

 

What Should I Do?

 

Real estate is an intriguing world with a unique vocabulary. Fixer-upper, distressed sales, rent to buy and FHA loans have definitions most people don’t know. It makes purchasing a house exciting but also a little stressful.

 

Mortgage loans can be sophisticated. Variable interest rates and balloon mortgages might appear sensible, but they triggered the housing collapse of the Great Recession of 2008. Buying property in the wrong location will create domestic problems and buying to flip a house can be a disaster.

Folks will pay dearly for what they do not know. Continue reading

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No one is guaranteed financial wellness. Hard work, planning, and self-discipline are what it takes to have a person’s fiscal house in order. Not fiscally responsible by nature, most folks learn the discipline. It is often by trial and error, but good advice and professional guidance will shorten the learning curve.

Budgets Promote Financial Wellness

The path to real money independence starts with a workable budget. An individual will use this financial tool as a guide for all spending decisions. Essential ingredients of creating a reasonable budget include:

  • Research. Knowing where your money is coming from and what your monthly financial objectives are;
  • Planning. Deciding how your present and future income is spent;
  • Goals and Objectives. Determining what you wish to achieve in creating realistic benchmarks for future earnings and spending;
  • Flexibility. Creating a budget that will respond effectively to any unexpected emergencies;
  • Discipline. Being willing to stick to the guidelines of the budget and having the maturity to focus on the goals.

Continue reading

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You can think of credit as a necessary evil. Credit cards are essential for establishing the credit ratings needed to apply for significant loans. However, a person might get used to buying everything, including groceries, with plastic. Overdependence on credit cards may harm someone’s financial wellness.

 

There Is Danger in the Balance

 

It’s no secret that banks and lending institutions make money from credit cards. Double-digit interest rates and penalties for late payments will provide sizable profits. Retail stores encourage using credit cards since people purchase more when they use plastic. It is easy to accumulate a credit card balance that gets out of control.

 

Young Employees Don’t Understand Financial Wellness

 

The real world is a classroom without textbooks. People learn from good and bad experiences. Millennials and Generation Z college graduates are not familiar with finances. They’re always in a rush and those cards are convenient ways to pay for a purchase. Credit soon becomes the way everything is purchased. Continue reading

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People will stress out over medical bills. The figures can be in the thousands and not everyone knows what to do. Deductibles are high and a person can be liable for significant expenses. Dark clouds seem to form over financial wellness because of the anxiety.

 

There actually is little reason for panic. Medical bills can be managed without panicking. Here are a few points to remember as you decide how to pay the medical expenses.

 

1. Don’t Pay the EOB

That statement is an Explanation of Benefits. It is not the final bill. There is no need to pay anything until your health insurance company determines its part of the payment. Continue reading