FINANCIAL HEALTH

AN EAP OCCUPATIONAL STRESS PROGRAM

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OBJECTIVES

• Establish a Budget

• Set Financial Goals

• Take Action to Build a Financial Safety Net

• Learn to Manage Debt and Live Within Our Means

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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

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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

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BUDGETING

• Review the budget worksheet

• Identify essential items (necessities)

• List non-essential expenditures (habits – indulgences)

• Reference Handout – Non – Essential Expenditures

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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.

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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

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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

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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

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MANAGE DEBT AND LIVE WITHIN YOUR MEANS

• Pay yourself first

• Use automatic transfers

• Use payroll deduction

• Every cent counts…

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QUESTIONS - DISCUSSION

• Wrap-Up

• Evaluations

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RELATED LINKS

MU Office of Financial Success

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

Personal Finance

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

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RELATED LINKS

Financial Tip of the Week

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

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