Financial Wellness in Recovery Nicola Barteau

Transcript:Financial Wellness in Recovery Nicola Barteau:
Financial Wellness in Recovery Nicola Barteau Voices of Hope, Inc. Financial Wellness means to me.. I have values, and how I spend my money matches those values My priorities are being met first I am teachable with my finances My finances are my responsibility; Strive for self-support Nothing is “perfect“. Give myself a break, I am doing the best I can with what I have Safety and security Personal Goals & Priorities What’s important to you? What do you want your life to look like in 5 years from now? Where will you live? Education? Savings? Transportation? Kids activities & school? Vacations & experiences? …How are we doing to get here? Basic Exercises (totally based on YOUR priorities) no “right” or “wrong” Fixed & Flexible Expenses Just an idea… One Less of…. First ask yourself – is there something in my spending that doesn’t align as well with my values and priorities as the others? What would happen if I just cut out “one” of that item? One less meal out a month… One less coffee a week… What’s next? With the extra money we can…. Saving! Stashing! (This seems to be important to most) Where to Save Savings Account: Bank or Credit Union Safe and easy to access money Interest offered is typically low Certificate of Deposit (CD) Financial Institution Deposit lump sum for a specified amount of time Interest rates are higher 401K Retirement savings offered by employers Employers sometimes match a certain amount of your deposit Tax benefits offered to investing Most are in the form of stocks, bonds, money markets, etc. Your Best Interest The sooner the better! Keep that in mind…. In reverse, when borrowing money (credit cards, car loans, mortgages, etc.) the creditor is making money off you. CREDIT! Definition & Basic Info (Moneywise) Credit is the ability to borrow money or obtain goods by paying little or no money at the time of purchase. Your promise to pay the total cost later or over time, along with interest. (Interest = cost paid to borrow money or obtain goods over time) Good credit allows you to purchase or finance items for lower interest and with less cash upfront. (House, car, furniture, renting, insurance) Three credit bureaus: Experian, Equifax, & TransUnion Each generates a credit score to you and creditors which provides a numerical value to your credit worthiness Employers look at this sometimes too.