Financial Health Assessment

Transcription

1 Financial Health Assessment

2 Why Do We Need A Check Up?

3 Why Do We Need A Check Up? Not feeling well Preventative care Major life change or something has changed

4 Why Do We Need A Financial Check Up?

5 Worries over money can cause significant emotional stress and is one of the leading causes of problems in relationships. Financial anxiety can affect anyone, regardless of income level. It can cause serious problems at home, at work, and may even affect your health. Prolonged stress can cause all sorts of ailments such as: Headaches Upset Stomach Blood Pressure Heart Rate Irregular Sleep Hypertension Heart Attack Diabetes Ulcers Mental Health Disorders

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7 Check Up For Fitness BMI Blood Pressure Cholesterol Listen to your Heart/Pulse

8 Check Up For Financial Fitness! BMI (Budget to Merchandise Index, unhealthy spending) Blood Pressure (Financially stressed, not enough savings) Cholesterol (Credit) Listen to your Heart/Pulse (reevaluate spending to reflect your values)

9 Financial BMI: Budget to Merchandise Index Do you shop without a budget? Do you spend before you save? Do you shop for fun or when you're bored? Are you paying with credit and carrying a balance?

10 Financial Fitness GOALS for 2017 Assessment, Unhealthy Spending (Merchandise exceeding budget) Recommendation: Trim The Fat & Add Some Muscle Budget Exercises Save To Rest Plan Healthy Habits Diet

11 Trim The Fat! $5.00 x 3 times a week = $15.00 per week = $60.00 per month = $ per year

12 Add Some Muscle!

13 Financial Stress Test (Blood pressure) Do you find yourself stressed out about finances? Do you have enough money saved in case of emergency? Do you have enough to cover bills and expenses for at least three months? If you experienced any one of these emergencies today, would you go into Financial Cardiac Arrest? *Loss of work, Illness of you or loved one, Car repairs, Home damage, etc.

14 Financial Fitness GOALS for 2017 Assessment, Financially Stressed Recommendation: Trim the Fat add some Muscle Budget Exercises Save to Rest Plan Healthy Habits Diet

15 Budget Basics

16 Budget Exercises! 5 Steps To A Successful Budget Step 1: Identify Income Step 2: Track your expenses and spending Step 3: Compare income and expenses Step 4: Set priorities and make changes (Budget outline)

17 Exercise Your Budget, Make Your Dreams Come True!

18 Budget To Save!

19 Credit Balance Test (cholesterol) Do you know your numbers? Do you like your numbers? HDL vs. LDL Good Credit vs. Bad Credit Do you have trouble paying the minimum monthly balance? Have you recently been denied a loan or line of credit? Have you been a victim of fraud or do you need to repair your credit?

20 Financial Fitness GOALS for 2017 Assessment, Credit Imbalance Recommendation: Trim the Fat add some Muscle Credit Exercises Debt reduction plan Save to Rest Plan Healthy Habits Diet

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22 Good Credit Simply Means: That you have a good record with the credit agencies. You have borrowed money and paid it back. You have made your min. balance payments on your credit cards on the due date. You have kept your terms and agreements on a loan.

23 Without Any Credit, You lack positive history. The proof that you will pay back a loan if someone were to lend to you. With Poor Credit, A lender may deny your loan application because you have failed to pay a lender back in the past. You will pay more in interest if approved. Benefits of Good Credit, Most likely be approved for a loan. Pay less for insurance and downpayments. Have low interest rates, will end up paying less overall when you borrow money.

24 Credit Exercises! Keep the cards you ve had the longest Keep only a few cards. Using them and managing them wisely improves credit! Don t take every offer at the checkout counter. Too many lines of credit and merchants checking credit can lower your score! Avoid using too much of your available credit. Experts agree that using 20-30% is best. Don t MAX out. This will lower your score! Paying your balance off every month scores big!

25 Credit Exercise Talk to someone at your Financial Institution about how you can improve your particular situation.

26 Credit Tools

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28 Save to Rest Plan

29 Financial Fitness GOALS For 2017 Assessment, No Savings Stress Disorder Recommendation: Trim the fat add some muscle Debit reduction plan Save to rest plan Healthy habits diet

30 Save To Rest Plan

31 Saving Starts With A Goal! We need an emergency savings fund so we have something to fall back on in case the car needs repairs or the washing machine needs to be replaced.

32 Action Plan We will save $50 a month for the next 12 months. To do this, we will take lunch to work instead of eating fast food. $50 x 12 Months = $600 Emergency Fund

33 Saving for Retirement I strongly advise you to ask someone at your financial institution regarding your unique circumstances and needs. Ask trusted family and friends for a referral for a financial advisor. Take advantage of Human Resource education and benefits!

34 Saving For Retirement Tools

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40 Listen to Your Heart, Check Your Pulse! What do you want your future to look like? What do you value most? Are you making financial choices that reflect your values?

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42 Healthy Habits

43 Keep it Moving with Tracking Exercises! Online banking Mobile apps Journaling Envelope method Cash only method

44 Moderation is Key!

45 Tools for Saving Money, Credit Health and Tracking!

46 THANK YOU! Please fill out the Evaluation Form

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