Creating A Budget It is the Cornerstone of Fiscal Responsibility

01the-importance-of-a-comprehensive-legal-plan-article-4102-thumb-320x210-86253-thumb-320x210-86254-300x213Employees 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.

Easy Budget Rules

It is not tricky, and there are some rules of thumb to follow in creating a budget. One example is the 50/30/20 budget. The breakdown is simple:

  • 50% of income goes to needs,
  • 30% of income goes to wants,
  • 20% goes to savings and any debt repayment.

The challenges that arise center on having trouble assigning their money into one of those categories. Needs can include computer streaming services, Wi-Fi, and smartphone fees, and wants can be lifestyle accessories such as backpacks or fitness equipment. That can be in all kinds of areas. Danger can arise when an inability to budget affects financial wellness. That is when a young person will panic and make decisions that are not in their best interest. Employers can do their workers a favor by helping a little in creating order out of possible financial chaos. Countrywide Pre-Paid Legal Services provides a financial wellness benefit that can eliminate a lot of stress.

The Help of a Seasoned Veteran

Our assistance comes from a nationwide network of certified counselors. These are experienced financial professionals who deal with everyday money problems people experience. They know how important it is to help plan members create some structure for their income and expenses. Helping with a budget is one of the essential services provided.

A counselor looks at the plan, mirrors cash flow, and determines where the income is coming from and the expenses. It is possible that a little fine-tuning will resolve a lot of problems. The counselor will explain what to do to make sense of the money. For example, some people have college debt and medical bills to pay for, and they worry about making ends meet. Our counselors will address both issues, and the budget they help design eases a lot of stress.

The Client Is Part of the Process

Our clients are involved in designing a financial wellness plan. Countrywide shows all the options that are available and explain each one. We answer questions and point out what each service does to improve an employee’s financial situation. We then step back and let the decision-makers determine what will be in the organization’s financial wellness benefit. Countrywide will not endorse one service over another but will permit the client to pick those options that best serve their employees. What we provide is superior administration and member services that emphasize courtesy and respect.

Employers receive a substantial benefit when they offer a financial wellness plan. We are going through a Great Resignation period in our economy. With employees leaving companies for better opportunities. Retention is a significant concern of many organizations. Our financial wellness plan is a means of convincing an employee to stay with an organization. The assistance shows concern on the employer’s part that many employees appreciate. Granted, we cannot guarantee that our benefit alone will stop folks from seeking other employment. Nevertheless, financial well-being is recognized as something people want help with, and our plan is responsive to the need.

Are you interested in what we have to offer? We hope you are and if you would like to sit down with us to discuss our benefits, please feel free to contact us at your convenience. We look forward to talking with you, and we invite you to ask as many questions as you like about our benefits. We welcome any opportunity to help.