This article is from the Wyoming Educators' Benefit Trust (WEBT)
WEBT, through its relationship with Willis, is pleased to share the attached information with you that may assist you and your employees. As we receive information on different topics, we will provide them to you electronically.
This month, you may want to email blast your employees the information below as well as the attachments that have been provided.
Financial Health: Achieving Financial Wellness
It comes as no surprise that our financial health affects our physical and emotional health. People who get into debt do indeed suffer from increased anxiety, greater emotional strain, and significantly more stress leading to increased health issues. Financial trouble can be overwhelming. If your New Year’s resolution is to get on top of your finances, here are some tips to start.
1. Assess where your money goes. Review your expenses to see if there are other easy ways to cut costs.
- A daily $4 cup of coffee costs $1,460 annually. Saving that money will provide a cushion in case of emergency.
- Instead of eating out, cook meals at home: Fast food may be cheap, but it is unhealthy and may lead to health problems. Eating at a moderate restaurant can be expensive, so limit it to once or twice a month.
- Walk, bike, use public transportation or carpool. Leaving your car at home will save you money on gas and car repairs. Plus, walking or biking is better for your health!
2. Budget: Create a realistic budget and track your spending. Be aware of where your money goes and plan for major purchases, rather than using a credit card to cover a shortfall. There are many free tools online that can help you create and manage your budget. Check with your company’s benefit department to see if a financial service is available to help with budget creation and credit card debt resolution.
3. 401(k) Retirement Plan: Does your employer offer a company match? If so, try to contribute enough to the 401(k) to maximize your employer’s match.
4. Save for emergencies. A good rule of thumb is to have a minimum of six months of salary available for emergencies. Once you cut back on your lattes, restaurant dinners and top cable package, you will be on your way to saving.
Dorothy Kouba, Account Manager, Willis of Colorado
115 E 22nd Street, Suite 208, Cheyenne, WY 82001