Understanding What Financial Wellness Means For Your FamilyFinancial Wellness
Money and stress are two sides of the same coin. Millions of families live on the financial edge, which can lead to a significant monetary crisis if an unexpected setback occurs. If you don’t have substantial savings or reserves, then it’s time to seriously think about stabilizing your future. Improving financial wellness should be a clear priority for you. Financial wellness involves looking at four key domains: savings, expenses, debt, and risk protection. Here are a few reasons why being smart with your money is crucial for your family’s future.
Managing Stress can be Time-Consuming
Managing finances can be a stressful endeavor and achieving a comfortable place takes a considerable amount of time. Without control of your financial health, you take your worries with you everywhere you go, which can affect your physical and mental health. Lack of sleep and concerns about your financial situation can result in the loss of focus and less productivity. You’re likely stressed because you want to keep your family safe and comfortable, which is where financial wellness comes in.
Preparing for the Worst
When your financial health is unstable, what happens if your son breaks his arm, your car breaks down, or you get laid off? These are the kinds of situations that could bring trouble to your family. Life can throw heavy hurdles, and being unprepared can quickly result in increased debt when an emergency arises. Being financially well means being prepared to face unexpected moments in life.
Safeguard the Future of Your Kids
Part of financial wellness involves looking at the future of your children. Each level of education can bring considerable changes to your family’s financial plan. Transportation, education, and healthcare needs will vary and need to be addressed as a cohesive whole.
As your child moves from one level of education to the next, so will the increase in tuition, and mind you, this is one cost that has skyrocketed over the years. To safeguard the life of your child and teach them to be responsible with money, it’s important to work on your family’s financial wellness and achieve optimal results.
WAEPA Financial Wellness Program
Figuring out the amount of money needed for your financial goals is key to financial wellness. WAEPA has a financial wellness program for federal employees that helps in the management of today’s money matters and planning for the future. This program can help you achieve a manageable financial life today, build a retirement plan, and decide which life insurance option gives your family the best protection.
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With a wide range of resources such as calculators, videos, articles, interactive webinars, and topical roadmaps, financial planning doesn’t have to be difficult. The program is free to all WAEPA members and is customized to meet your needs.