Denver Home Living Huettner Capital Summer 2017 | Page 35

TODD HUETTNER
F
THE IMPORTANCE OF
FINANCIAL WELLNESS
3. CREATE AN EMERGENCY FUND
This is separate from your savings and investments. It is money
to cover unforeseen expenses or regular expenses in unforeseen
circumstances. Start with one month of expenses and work up
from there.
Even though this is a basic starting point, you can’t imagine
how many problems you will solve by following these first three
steps. The best part is you can find plenty of online resources to
create your budget including free spreadsheets and other tools.
inancial stress rose for the third year in a row according
to the 2017 Employee Financial Wellness Survey
by PricewaterhouseCoopers. Now, 53 percent of all
employees are stressed about their finances and 42
percent have difficulty making their payments on time each
month. The fact is that financial stress affects just about
everyone at some point both emotionally and physically.
The emotional toll of financial stress often results in a lack
of focus. This can include lost productivity at work, not
being “present” at home, and feeling disengaged in our
personal lives. In fact, money problems are a leading cause of
divorce. Financial health is also a major factor in our physical
health. Financial stress can lead to high blood pressure, bad
habits like overeating, increased alcohol consumption, and
even depression. It can also affect your health if you skip
a visit to the doctor or dentist due to the cost of care.
While many employers are getting in the game and
offering their employees financial education, employees
often don’t feel comfortable having these conversations
at work. Again, there are more resources and options to
get help than ever before and many of them are free.
Our combined financial stress and related physical health are a
measure of our Financial Wellness. It includes all aspects of our
personal finances including budgeting, savings, credit, debt,
and retirement. Improving your financial wellness requires
education and planning in all of these areas. It all begins with a
solid foundation, yet many people skip these three simple steps:
1. CREATE A BUDGET
A budget is the cornerstone of any financial plan. Without one,
you simply don’t have a plan and that will catch up with you
eventually.
2. SAVE MONEY
The first item in any budget is savings. This is money to put
away for long-term expenses like a new home and to fund your
retirement.
TOP CAUSES OF FINANCIAL STRESS
INCLUDE THE FOLLOWING:
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How to increase emergency savings
Managing debt including student loans and credit cards
Retirement planning
Saving and investing concerns
Healthcare and education planning
If you are interested in improving your financial wellness,
Denver Home Living and Huettner Capital offer a free
financial wellness newsletter and free workshops each month.
For more information including times and locations, please
visit HuettnerCapital.com/OnPointWorkshops.
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