FINANCIAL HEALTH AN EAP OCCUPATIONAL STRESS PROGRAM 8/14/20151.
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Transcript of FINANCIAL HEALTH AN EAP OCCUPATIONAL STRESS PROGRAM 8/14/20151.
FINANCIAL HEALTH
AN EAP OCCUPATIONAL STRESS PROGRAM
04/19/23 1
OBJECTIVES
• Establish a Budget
• Set Financial Goals
• Take Action to Build a Financial Safety Net
• Learn to Manage Debt and Live Within Our Means
04/19/23 2
BUDGETING
• Controlling financial affairs requires a budget
• Think of a budget as a means to achieve financial success
• A budget is the first and most important step toward financial freedom
• A budget is a means to track ALL expenditures
04/19/23 3
BUDGETING
• How do you spend your money?
• Is your spending a necessity or indulgence?
• Can you afford to continue the current spending pattern?
• Reference Handout – Budget Worksheet
04/19/23 4
BUDGETING
• Review the budget worksheet
• Identify essential items (necessities)
• List non-essential expenditures (habits – indulgences)
• Reference Handout – Non – Essential Expenditures
04/19/23 5
SET FINANCIAL GOALS
• Identify and list (record) financial goals
• Categorize each financial goal as short term (less than 1 year), medium-term (1 – 3 years), or long term (5 years or longer)
• Educate yourself about money management. Make educated decisions that will increase your net worth. Take small, measurable steps to achieve financial goals.
04/19/23 6
SET FINANCIAL GOALS
• Evaluate your progress
• Review your progress daily, monthly, quarterly or at other designated intervals
• Re-evaluate your approach and if necessary adjust your strategies
04/19/23 7
BUILD A FINANCIAL SAFETY NET
• Enroll in long-term disability insurance through your employer via payroll deduction
• Purchase life insurance
• Build an emergency fund to cover living expenses for six months
04/19/23 8
MANAGE DEBT AND LIVE WITHIN YOUR MEANS
• Develop a positive attitude about budgeting
• Set simple, realistic financial goals
• Rethink the meaning money has in your life and the way money is used
• If necessary seek professional guidance regarding personal financial management
04/19/23 9
MANAGE DEBT AND LIVE WITHIN YOUR MEANS
• Pay yourself first
• Use automatic transfers
• Use payroll deduction
• Every cent counts…
04/19/23 10
QUESTIONS - DISCUSSION
• Wrap-Up
• Evaluations
04/19/23 11
RELATED LINKS
MU Office of Financial Success
http://pfp.missouri.edu/financial/index.html
Personal Finance
http://missourifamilies.org/features/financearticles/budget.htm
04/19/23 12
RELATED LINKS
Financial Tip of the Week
http://pfp.missouri.edu/financial/tipoftheweek/freebudgettools.pdf
04/19/23 13