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FINANCIAL HEALTH

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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  1. FINANCIAL HEALTH AN EAP OCCUPATIONAL STRESS PROGRAM

  2. OBJECTIVES • Establish a Budget • Set Financial Goals • Take Action to Build a Financial Safety Net • Learn to Manage Debt and Live Within Our Means

  3. 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

  4. 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

  5. BUDGETING • Review the budget worksheet • Identify essential items (necessities) • List non-essential expenditures (habits – indulgences) • Reference Handout – Non – Essential Expenditures

  6. 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.

  7. 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

  8. 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

  9. 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

  10. MANAGE DEBT AND LIVE WITHIN YOUR MEANS • Pay yourself first • Use automatic transfers • Use payroll deduction • Every cent counts…

  11. QUESTIONS - DISCUSSION • Wrap-Up • Evaluations

  12. RELATED LINKS MU Office of Financial Success http://pfp.missouri.edu/financial/index.html Personal Finance http://missourifamilies.org/features/financearticles/budget.htm

  13. RELATED LINKS Financial Tip of the Week http://pfp.missouri.edu/financial/tipoftheweek/freebudgettools.pdf

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