The holiday season is the most wonderful time of the year, but it is expensive. We buy a lot this season. Retailers owe you a debt of gratitude for what you spend, and you owe a debt to the credit card companies for what you spent. It can take months for a person to recover from all the generosity.
All the debt must be paid, and a person has to figure out how to do it. We can suggest ways that you can pay for all the holiday cheer without your bank account becoming incredibly depressed.
How Much Is It?
You should know how much you have to pay for all the gift-giving that you did. This can be a sobering task, but you should know how much you spent, and you find out when you create a budget. Then, you can easily account for all the credit card debt and use a credit card calculator to determine how long it will take to pay off all of it. Then, you develop a payment plan whereby each card gets a certain monthly amount. A great idea is to pay at least the minimum before the monthly deadline, and using electronic transfers makes that easy.
Budgeting Is Important
A budget is the bedrock of any financial wellness efforts. You need to set achievable goals, however. Paying off holiday debt is essential, but you might also have medical bills and college loans that need attention. As soon as you know your cash flow and understand where the money is coming from and where it will go, you can start creating a system of paying the holiday bills and the ordinary monthly expenses you incur.
The budget can be part of your New Year’s resolution, by the way. There needs to be extra money in any monthly budget to pay for sudden expenses. You can get that extra money by canceling subscriptions, eating out less, and taking advantage of any reward points accumulated on your credit cards. In addition, you can discover many ways to economize that will enhance your financial wellness without severely curtailing your lifestyle.
Get the Right Help
All the above is good advice that young employees need to think about, but many have never had to do any budgeting before. They would appreciate having some expert advice from financial wellness professionals. Countrywide Pre-Paid Legal Services offers an employee benefit that helps people create order out of what might be domestic economic chaos.
We have a nationwide network of certified counselors who deal with everyday money problems. These experts provide the best financial wellness advice, and they do a few other services. For example, a Countrywide counselor will help a plan member create a workable budget that includes meeting all ordinary expenses, helps with paying off the holiday, and permits a little extra money to be saved. The suggestions provided are often tidbits of wisdom that a young employee has never heard of before. As a result, we can assist that individual in becoming more financially responsible and better protecting financial wellness.
Research suggests that younger associates need help with their finances and appreciate any assistance. We can develop an employee benefit plan that meets that need. We work with prospective clients, and an organization decides what financial wellness benefits will be part of the plan. Countrywide provides the member services and administration of the benefit.
Setting goals and creating budgets are all parts of a successful strategy. Our counselors aid and encouragement to a plan member as that person achieves greater independence. We work with all types of organizations, and our clients are impressed by what we can do to help their staff.
If you have any questions about what Countrywide can do, we would appreciate you contacting us at your earliest convenience. We want to help your employees with a benefit that they will value. We will gladly answer any inquiries you might have.