Articles Posted in financial wellness

stockfresh_6378534_financial-freedom-concept_sizeS-300x192We have been fortunate with the stimulus checks, but we have undoubtedly seen the last of them. Many used the money to pay down credit card debt, but there are still people in credit trouble thanks to the pandemic.

Coping with Costs

Consumers got used to delivery service during the quarantines. Instead of going to the supermarket for groceries, the supermarket came to the consumer. Delivery cars and trucks became frequent visitors. People used credit, not cash, to pay for the services. They are now in the habit of shopping on the Internet and paying for the delivery with plastic.

College debt holidays are going away soon. These bills must be paid, and personal budgets must be re-calculated to pay the cost. Financial wellness can be taking a beating. Continue reading

stockfresh_636353_stethoscope-laying-on-stacks-of-money_sizeS-300x200Deductibles are renewed on January 1 for most medical plans. This means an employee will have to pay as much as $5000 out-of-pocket before the full medical benefit kicks in. Anyone who starts an expensive medical treatment that overlaps the years pays the 2020 deductible and must pay the 2021 deductible. This is how people run into medical bill difficulties.

A Sense of Panic

Medical bills are a different breed of cat. A person receives an Explanation of Benefits (EOB) and learns the magnitude of medical attention costs. The EOB, by the way, is not a bill. The figures, though, are still frightening. The anxiety and stress a person feels begin when the collection agencies start calling. Hospitals will send unpaid invoices to the collection agencies, and these will how the person for payment. The medical bills can be thousands of dollars. An individual begins to worry about financial wellness and does not know how to protect it. Continue reading

stockfresh_8337903_senior-couple-pointing-to-a-distance_sizeS-300x200An organization employs people from different demographics. Each employee has a set of skills and works hard to meet goals. Senior employees, those over age 50, bring a wealth of knowledge gleaned from experience. Management needs those people to be productive, and smart executives try to remove any roadblocks. Older associates do have anxieties that center on financial wellness. The money issues can be very distracting.


Major Bills and Other Worries 


The upcoming golden years present challenges that were not there years ago. Student loan debt is troubling if a senior employee is helping a child pay the education bill. Medical problems are covered by group health insurance, but deductibles and copayments can harm the wallet.

stockfresh_479551_house-in-hand_sizeS-300x200It is exciting to purchase that first house. The buyers can move out of cramped apartments and into larger spaces with a yard. The new owners can put down roots and even start a family. The house is a sign of financial wellness, but caveat emptor (let the buyer beware!) is sensible advice. Too many first-time buyers will pay a premium for what they do not know.


Financing Is Tricky


A conventional bank loan is straightforward, but FHA financing requires inspections and a fair amount of paperwork. The size of the down payment will affect the monthly house bill for years to come. Continue reading

stockfresh_548333_people-standing-around-of-money-isolated-3d-image_sizeS-300x225Remote working is the new normal for thousands of people. They are working from home and are enjoying the change of scenery. Management likes the results. Studies are showing increases in efficiency and productivity caused by working from a distance. This is a workplace condition that will not end with the pandemic. The challenge will be how to improve on those benefits. Employers can do that with the right employee benefits.

Reducing Anxiety

Change produces benefits, but remote workers sometimes feel anxiety because they are not in the office. Those informal communication networks are gone, and it is not easy to get useful information. A big concern for many employees is personal finances. Management can lower employee stress by offering a financial wellness employee benefit.

stockfresh_7501032_man-squeezed-between-laptop-and-rock-student-loan-debt-concept_sizeS-300x279COVID-19 has been rough on personal finances. All levels of government stepped up to help and their efforts did ease the burden. Support included stimulus checks, interest-free forbearance on federal college loans, and moratoriums on evictions. It has been great, but there is a catch: all of this will end soon.

Headaches on the Horizon

Those interest-free forbearances will stop, and the eviction holidays will be over. We know this was going to happen eventually. Unfortunately, many forgot to plan. Continue reading

01the-importance-of-a-comprehensive-legal-plan-article-4102-thumb-320x210-86253-thumb-320x210-86254-300x213There are consequences for living from paycheck to paycheck. Emergencies arise when a person has no reserves to meet the crisis. Student loan debt can appear, and those monthly payments are required. An individual can get out of trouble if he or she knows what to do.

Young employees lived on Ramen noodles and an allowance during college years. Sizable paychecks are generous and credit cards are easy to get. It does not take too long before that new worker struggles with significant credit card debts and has trouble making the monthly payments. Continue reading

stockfresh_4665102_student-loan_sizeS-300x300There is a lot of positive chatter about student debt loan forgiveness these days. Some are predicting as much as $50,000 per student and everyone is eagerly awaiting more news. We hope things happen that will benefit students; they deserve a break! However, we remain a little skeptical. Politicians often promise too much and deliver too little.

Employers often help financially beleaguered employees. They offer tuition reimbursement and those employees who are still in school much appreciate that. This generosity does not impact existing debt. An organization can add to its help by offering a financial wellness plan. This is a form of pre-paid assistance that does not have to cost the employer anything. Countrywide Pre-Paid Legal Services has one of the best programs in the industry. Our financial wellness options include help with college debt. Continue reading

stockfresh_1104622_falling-credit-cards_sizeS-300x200It is a brand-new year, and everyone has a resolution or two on their bucket list. Some of these goals are short term and will be completed by February. Others are intended to last for months, if not years. Those can be life-changing events. A significant resolution is taking control of those credit card balances.

Folks were generous during the holiday season and now it is time to pay up. Credit balances ballooned and so did the minimum payments. The debt may have caused a person to reach the maximum on a credit card, which generates a big challenge. Double-digit interest charged on an existing balance can threaten financial wellness.

Home remedies for credit card debt do not always work and can result in dramatic changes to a personal budget. It helps if a person can connect to an expert who can offer sound advice on safeguarding financial wellness. Countrywide Pre-Paid Legal Services can provide the type of assistance that a money-conscious employee can use.

stockfresh_2912650_what-do-i-do-now-thinking-person-thinker-question_sizeS-297x300January is the start of a new year and a new tomorrow for many. Resolutions are made with every intention of being met. Some of these good thoughts can use a little help from experienced professionals.


Financial Wellness Is Pondered


Folks often take stock of their finances as the new year starts. They want to plan how to meet expenses and save for large purchases. These are common planning objectives, and some are quite important. Continue reading