Financial health
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FINANCIAL HEALTH. AN EAP OCCUPATIONAL STRESS PROGRAM. OBJECTIVES. Establish a Budget Set Financial Goals Take Action to Build a Financial Safety Net Learn to Manage Debt and Live Within Our Means. BUDGETING. Controlling financial affairs requires a budget

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FINANCIAL HEALTH

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Financial health

FINANCIAL HEALTH

AN EAP OCCUPATIONAL STRESS PROGRAM


Objectives

OBJECTIVES

  • Establish a Budget

  • Set Financial Goals

  • Take Action to Build a Financial Safety Net

  • Learn to Manage Debt and Live Within Our Means


Budgeting

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


Budgeting1

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


Budgeting2

BUDGETING

  • Review the budget worksheet

  • Identify essential items (necessities)

  • List non-essential expenditures (habits – indulgences)

  • Reference Handout – Non – Essential Expenditures


Set financial goals

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.


Set financial goals1

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


Build a financial safety net

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


Manage debt and live within your means

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


Manage debt and live within your means1

MANAGE DEBT AND LIVE WITHIN YOUR MEANS

  • Pay yourself first

  • Use automatic transfers

  • Use payroll deduction

  • Every cent counts…


Questions discussion

QUESTIONS - DISCUSSION

  • Wrap-Up

  • Evaluations


Related links

RELATED LINKS

MU Office of Financial Success

http://pfp.missouri.edu/financial/index.html

Personal Finance

http://missourifamilies.org/features/financearticles/budget.htm


Related links1

RELATED LINKS

Financial Tip of the Week

http://pfp.missouri.edu/financial/tipoftheweek/freebudgettools.pdf


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