Improving your Financial Wellbeing in the New Year

The New Year provides an opportunity for revisiting wellbeing, which includes goals related to financial stability. In addition to holiday bills, which can be overwhelming in any year, this year the Pandemic added extra financial stress for many.

Whether you need emergency financial assistance, want to work towards regaining financial control or set up a better financial plan, the EAP is available to assist you. Call today to schedule an appointment at 866-724-4327.

To start the process of financial wellbeing in 2021, consider the following:

• Review your financial situation – in times of financial stress it can be tempting to let your bills pile up unopened – avoidance is likely to make things worse
• Focus on reducing and debt and/or increasing savings
• Examine spending habits and create a budget to guide your spending
• Keep your eye on the future – make small contributions to build your savings
• Prioritize paying off higher interest credit cards/debts
• Make an effort to pay bills on time, which is not always easy right now- but this improves credit scores and relieves stress.  High credit scores lead to better opportunities for lower interest rates
• Limit impulse spending

Below are some resources that you might find helpful as you consider maximizing your financial wellbeing:

• Money – The 21 Smartest Money Moves to Make in 2021
• Mass General Brigham EAP COVID Financial Resources

Stimulus Acts and Other COVID-19 Regulatory Supports

• CARES Act and Benefit Plan Changes for Employees directly impacted by COVID-19 (Log-in to AskMyHR)
• C-NET-Information about the Second Stimulus
• CNBC – Stimulus Check Scams
• The Federal Eviction Moratorium is in effect until March 31 2021. Tenants who are facing eviction should fill out the CDC Declaration as soon as possible
• Federal Student Loan Forbearance Extended Until End of September 2021
• Gov – Resources for Student Borrowers – COVID-19
• AMA – COVID-19 Relief Bill – Information for Residents and Medical Students