Articles Posted in financial wellness

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People still want to own a house. This is a part of the American Dream and is a symbol of success. Many are nervous about buying a home and no one can blame them. The cost may be a financial wellness challenge.

The Significant Cost

A house is one of the largest, if not the largest, expense an average person will have. The down payment required for a home mortgage can be 5% to 10% and the sum may be in the five figures. The house mortgage will need a financial commitment of up to 30 years and is a monthly expense.

Real estate operates in an environment all its own. There are activities most people do not understand and the means to control costs are confusing. Few people want to risk their financial wellness and therefore delay buying a property. That can be a mistake in some markets where prices are going up. Countrywide Pre-Paid Legal Services appreciates the problem home-buyers face. We have a Financial Wellness benefit that can help. Continue reading

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Too many college graduates are facing the real world with a major burden pressing them down. The cost of college has soared over the years, forcing many young people to take out sizable loans to pay for the education. There comes a reckoning after graduation. The young person is confronted with a mortgage-sized obligation.

That will affect financial wellness. The monthly payment can be hundreds of dollars; money some people do not have. Not quite knowing what to do, a recent graduate will make some poor decisions such as forbearance or filing for bankruptcy. These choices are brought on by panic and can be avoided. There is a way to manage the college loan debt, but it takes knowing what precisely to do. Countrywide Pre-Paid Legal Services offers professional assistance in handling the loan monster.

Financial Wellness Does Not Have to Be in Danger

There certainly are options available to anyone facing college loan payments. There are payment plans that are income based and allow the debtor to reasonably afford repaying the loan. It is possible to get a reduction in interest rates through an auto-debit plan. There is even the ability to get loan forgiveness depending on the circumstances. Continue reading

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American consumers thrive on plastic. Credit cards are preferred over cash despite the double-digit interest rate those cards will charge. There isn’t a problem if a person pays attention to the balances. Financial wellness will suffer if an individual ignores the credit debt creeping skyward.

Trouble Has Many Sources

It is not fair to say a card user is an impulsive shopper with no fiscal awareness. Sometimes a major expense, such as auto repair, happens. The debt balance rises accordingly, and spending habits are not adjusted. People will also grow accustomed to paying for common items, such as groceries, with Visa or MasterCard.

A person who loses control of his or her credit card can feel overwhelmed and anxious about finances. Countrywide Pre-Paid Legal Services is aware of customer anxiety and wants to help. We have a Financial Wellness Plan employees may use to their advantage. Continue reading

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Medical costs are rising with no chance of them dropping in the future. Management is trying to slow the process of inflation with various forms of cost-containment. Medical cost cuts into profits but decision makers must be aware of how healthcare bills affect the rank-and-file. An employee’s financial wellness can be at risk.

Deductibles Don’t Contain Personal Cost

The standard health plan deductible is now $5000 or more. Anyone who has surgery or physical therapy may face a substantial bill for treatment. A lack of understanding can result in poor decisions on how to manage the payments. Failure to pay will cause collection agencies to call and threaten consequences.

Countrywide Pre-Paid Legal Services understands the challenge employers face with medical costs. Higher deductibles are better than cutting services and there is little chance of a reduction in deductibles. We suggest an organization consider a financial wellness plan to help employees better deal with deductible expense. We offer a plan which includes assistance with medical bills. Continue reading

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Young employees arrive with enthusiasm and technical expertise. They want to hit the ground running and contribute to an organization’s success. Employers like this and an organization will benefit if the new employees can focus on their projects. It is hard to do that if a person’s financial wellness is in trouble.

The Education Cost

College expense is a fright. Tuition for four years can be in the six figures and loans are required to pay the education bill. Young graduates don’t worry about payments until the grace period is over. Reality then hits like a tidal wave. Monthly payments might be as high as a home mortgage. This is in addition to rent, auto loans, and other expenses a new graduate must manage.

Young employees often lack good financial skills. Such knowledge is not offered in school curriculums and a graduate struggles in a sea of confusion. He or she makes some serious mistakes because of ignorance. Forbearance is a common way of avoiding debt, but the figures only grow and will not go away. Continue reading

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Pay raises and promotions will increase an employee’s income. Extra money is always welcome, but is it enough? The financial wellness of an employee can be a paycheck to paycheck experience. It helps when people know their budget and understand their financial worth.

The Need for Budgets

Few employees choose to be financially irresponsible. Most know the importance of budgeting but do not understand the mechanics. A young employee might develop a tight budget with every penny allocated to a specific expense. An emergency will throw that kind of budget into chaos. An older employee might not contribute to his or her HSA or 401(k) program. A hefty medical bill will cause nightmares and poor retirement planning makes the golden years bitter.

Future purchases will require putting money aside. An individual must save for down payments on a house and figure out how to pay a monthly mortgage. Money matters can be confusing, and some assistance is appreciated. Countrywide Pre-Paid Legal Services has a Financial Wellness Plan that makes sense of a person’s budget and financial worth. Continue reading

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Young employees are not irresponsible. They know they must pay their bills and live within their means. Unfortunately, the real-world hits them with a major challenge that affects their overall financial wellness. It is college debt.

Skills Are Acquired at a Cost

Young employees are social media savvy and have technical skills to boost an organization’s productivity. The achieved expertise comes at a price. Many college students go into major debt to finance their education. The final total may be in the six figures and can take years to finally pay off.

The paycheck is there but too many college graduates do not understand personal budgeting. Attempting to be responsible, a new employee might send a large payment to the college creditor and this might cause issues with other bills. Continue reading

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Buying a home is exciting and when an employee finally is making enough money that person can take the great step forward. The first-time home buyer may be a little anxious. After all, this is the most expensive purchase most people will make in their lifetime. No one wants to make a mistake which jeopardizes financial wellness.

The World of Real Estate

The real estate industry is an open market. You can buy the house you can afford or take a risk on one that is more expensive. You have the choice. The downside is purchasing real estate can be complicated.

There are terms used only in the property arena and conditions that only arise in real estate. Financing a house purchase can be confusing. Not everyone knows about points, FHA requirements, or payment schedules. Some prior education is helpful. Countrywide Pre-Paid Legal Services has a financial wellness benefit that offers sound house buying advice. Continue reading

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Medical bills can unnerve even the most patient person. The cost of surgery or even simple procedures can be in the thousands of dollars. The size of a medical bill can cause people to make decisions that will impact financial wellness. The choices a frantic person makes can be devastating.

Decisions Made in Haste

Some people think that they can ignore the medical bill and pay it sometime in the future. It is an open invitation to have collection agencies make their obnoxious phone calls, and credit ratings can drop significantly for anyone who neglects to pay the medical bill. The second worst decision is to use a credit card. Doing that can add thousands of dollars to be paid off with double digit interest rates and using a credit card may not be necessary. Anyone who is looking at a sizable medical bill needs some good advice and guidance. Countrywide Pre-Paid Legal Services can offer the kind of assistance a person can use. Continue reading

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Financial wellness is an honest concern in many households. Our overuse of credit cards will increase personal debt and double-digit interest rates add to the bill. Sudden medical emergencies and the monthly payment of college loans will eat up a paycheck. Being nervous about financial wellness appears to be the modern way of life. It doesn’t need to be that way at all. Countrywide Pre-Paid Legal Services is here to give needed help.

It Starts with a Budget

Recent college graduates and Millennials are very tech smart; there is no question about that. But being digitally bright does not mean having any understanding of finances

Young employees spent college years worrying about grades. A personal budget was something to worry about after graduation. These new employees are now in the real world and having trouble juggling finances. Continue reading