A personal budget is a sign of adult responsibility. It indicates that an individual recognizes the value of financial wellness and wants to structure his or her income and expenses to meet personal goals and pay bills. It can be a challenge for a young employee because that person has no experience with setting up a fiscal framework. A lack of understanding can result in several problems.
- There Is No Planning for Emergencies
Emergencies are unexpected and need to be handled quickly. There must be allocation of money in a budget for unanticipated expenses such as a medical bill.
- The Budget Has Too Many Restraints
A very restrictive budget is a common problem for young people. They want to show that they are mature and cost-conscious, but they create budgets that have no flexibility. It can result in a financial guide that is too constricted to be followed. A budget that is very tight does more than just cause frustration. It invites the person to ignore the plan and spend freely.
- No Goals Are Set
A goal is a way of deciding the future. Goals are very effective in reducing debt, such as credit card obligations, and gives a person something to strive to reach. A reasonable goal is a great motivator because it shows how sensible spending reduces debt allows for savings.
A personal budget is a great way to keep finances in order, but many times a person needs some help in developing it.
Budget Building Assistance
A reasonable budget is like the porridge in the story of Goldilocks: not too tight, not too loose, but just right. This tool of financial wellness must cover the monthly bills with some cash left over to handle emergencies. Goals to measure progress and results are useful to have as budget benchmarks.
Folks often live from paycheck to paycheck and are not familiar with proper budgeting. They could use some professional guidance in designing a workable budget. Countrywide Pre-Paid Legal Services will assist in developing a personal budget for any Financial Wellness Plan member.
Our Professionals Give Their Best
Countrywide’s national network places a certified counselor in a client’s community. These counselors are financial professionals who advise on everyday financial situations. Budget support is always on the bucket list.
A Countrywide counselor will do a budget analysis to understand a person’s cash flow. Personal income expenses are carefully examined. The counselor takes the data gleaned from the study and works with the plan member in building a budget. The product of this joint effort is a defined strategy in which a person takes his or her income, and allocates it to various expenses with some money left over for emergencies and savings.
The budget analysis work can be a very delicate task. Financial Wellness Plan members often are embarrassed. They want to think that their efforts at budgeting are sound when there are times those plans are not as good as they seem. Countrywide counselors have a lot of emotional intelligence, and they deal respectfully with any plan member. The financial professionals will point out financial techniques that many people don’t understand or even know about. It is all meant to help a person create a workable budget. Any plan member is going to be treated with courtesy and patience. We insist on it.
We ask our clients to select from our benefit options what they would like to see in their Financial Wellness Plan. We back up the choices with a streamlined administration that provides efficient service quickly. Nobody is required to wait for an extended period for needed services. We move as fast as we can for a Plan member’s benefit.
If you have any questions about our Financial Wellness benefits, please feel free to contact us. We want to talk to you about what we provide and how it will help your employees meet financial goals and objectives.