The holiday season is the most wonderful time of the year, but it’s expensive. We buy a lot this season. Retailers owe you a debt of gratitude for what you spend, and you owe credit card companies for what you spent. It can take months for a person to recover from all the generosity.
All debt must be paid, and a person must 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.
What does it cost?
You should know how much you have to pay for all the gifts that you made. This may be a sobering task, but you should know how much you’ve spent and you’ll find out when you create a budget. Then you can easily account for all your credit card debt and use a credit card calculator to determine how long it will take to pay it all off. Then you develop a payment plan where each card receives a certain monthly amount. A good idea is to pay at least the minimum before the monthly deadline, and using electronic transfers makes it easy.
Budgeting is important
A budget is the foundation of all financial well-being. However, you need to set achievable goals. Paying off holiday debt is important, but you may also have medical bills and college loans that need attention. Once you know your cash flow and understand where the money is coming from and where it’s going, you can start creating a system to pay the vacation bills and regular monthly expenses you incur.
By the way, the budget can be part of your New Year’s resolution. There must be extra money in each month’s budget to pay for sudden expenses. You can get that extra cash by canceling subscriptions, eating out less, and taking advantage of any rewards points accumulated on your credit cards. In addition, you can discover many ways to save that will improve your financial well-being without seriously limiting your lifestyle.
Get the right help
All of 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 getting some expert advice from Financial Wellness. Nationwide Prepaid Legal Services offers a staff benefit that helps people make order out of what can be domestic financial chaos.
We have a nationwide network of certified counselors who deal with everyday money problems. These experts provide the best advice on financial well-being, and they do a few other services. For example, a Nationwide Advisor will help a plan member create a workable budget that includes covering all regular expenses, helps pay for vacations, and allows for some extra cash to be saved. The suggestions given are often tidbits of wisdom that a young employee has never heard of before. As a result, we can help that person become more financially responsible and better protect financial well-being.
Research suggests that younger employees need help with their finances and appreciate any help. We can develop an employee benefit plan that meets that need. We work with potential customers and an organization decides which financial wellness benefits should be included in the plan. Countrywide provides member services and administration of the benefit.
Setting goals and creating budgets are all parts of a successful strategy. Our advisors help and encourage 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 as soon as possible. We want to help your employees with a benefit they will value. We are happy to answer any questions you may have.