ACHIEVING FINANCIAL WELL-BEING
Maria Chavez, Sr. Manager of Benefits & HR Support
Were you aware that the average American lives paycheck to paycheck? Financial stress can be an overwhelming feeling. It can affect both your professional and personal life. As work and life continue to blend, we can become distracted, unfocused and disengaged. It can take our joy and peace in the matter of an instance! A financial emergency, such as an unexpected medical bill or car repair expense, can cause a considerable hardship. It may be a short-term disruption, but can have a significant long-term impact financially and physically.
Research has proven that there is a connection between financial health and physical well-being. Have you ever experienced anxiety, fear, or defeat because you didn’t have the financial means to fix your car? This is your lifeline of transportation that gets you to work, delivers your kids to school, and gets you around town. Not only do you have the burden of finding a solution to come up with the extra cash, but also, you have stress of figuring out how to get everyone to where he or she needs to be. Money worries that bring on stress and anxiety can also cause physical symptoms, such as poor sleeping habits, high blood pressure, migraines, obesity and even depression.
When financially preparing for your future, it helps your physical well-being by reducing stress and allowing you to relax and enjoy life (even when unexpected life occurrences happen). There are several, simple ideas to help get you on track to a healthier you – financially and physically.
Prepare a Budget: When you sit down to create a budget, it’s surprising to see where you can save money. Free online budgeting tools are available to help you prepare. One simple and straightforward tool is BudgetSimple (https://www.budgetsimple.com).
Save For Your Future: Putting a little money away, routinely, will benefit you long-term.
Become Debt Free: Reducing debt over time will allow you to redirect these funds to your savings.
Exercise: Incorporate 15 – 30 minutes of daily exercise (i.e., walking, running, biking, hiking). Exercise helps reduce stress, clears the mind, and creates a positive outlook.
On occasion, treat yourself. Celebrate your successes as you see your savings grow. A movie, dinner out, or even a smoothie can be a splurge!
Goodwill of Central and Northern Arizona has also invested in your financial well-being. They have adopted a role in helping our team members access resources that can assist in achieving this goal.
Goodwill’s 401k Retirement Savings Plan allows all team members, part-time and full-time, to participate upon first day of employment. Goodwill will match a portion of your contribution after you have worked with us for 12 consecutive months, are at least 21 years of age, and have worked a minimum of 1,000 hours within the year. Goodwill’s contribution match is free money – take advantage of building up your retirement account!
The Flexible Savings Account (FSA) is an opportunity that allows our benefit eligible team members set aside tax-free money to pay for medical, dental or vision expenses. The payroll deduction taken from your wages is on a pre-tax basis, which allows for a bit more income in your take home pay. The funds in the FSA can pay for that ‘unexpected’ medical bill. You can also take advantage of the extra dollars in your wages and redirect it to paying your debt down, or putting it towards your savings.
Resources within the Employee Assistance Program (EAP) are available to all team members. One area that EAP can assist with is financial issues, such as budgeting, controlling debt and preparing for retirement. The program provides 3 face-to-face visits, or unlimited telephone sessions. This is available at your fingertips, and at no cost to you!
For more information on the resources above, contact the Benefits team; 602.535.4100 option 3.
Financial health and physical well-being can go hand-in-hand. The better you feel about your finances, the better your physical and mental health is likely to be. Set goals, plan, save and prepare yourself for a successful financial future!
