We are excited to announce the relaunch of FinFit.com!
Did you know that there is a direct connection between your finances and household clutter?
Take a moment and look at all of those mostly forgotten and little-used items you’ve spent money on over the years. Sometimes we don’t want to part with those items because the pain is purely financial, rather than sentimental.
Addressing this issue requires first acknowledging that you spent your hard-earned dollars on something you no longer need or require and then letting go of that fear of needing that item later on but not having the funds to replace it.
Of course, placing items into storage is an option but it will cost you more money - the average rent for a 10 x 10 self-storage unit may cost as much as $160 per month! Many people who choose to store items do so for at least two years, even though at least 65% of self-storage renters have a garage.1 These statistics are a stark reminder that de-cluttering can actually improve your financial wellness and it doesn’t have to be a difficult process.
Here are some ways de-cluttering can help you take control of your finances and improve your financial wellness:
Building a business takes the complete and total dedication of all involved. Making sure customers are delighted while ensuring you are getting the best return on your investments is paramount to success.
Finding ways to mitigate some costs can be a challenge. First there is trying to promote your business with a minimal budget while at the same time ensuring that your employees are focused on building your business.
Here are two ways you can help your business now to address these costs:
First, financial stress is a major contributing factor to employee performance. Employees may miss work or not be focused on work because they are addressing a personal financial crisis. This can be reflected in absenteeism, poor performance or a perceived need for employers to help these stressed employees by providing an ‘advance on their salary’ or a ‘one-time gift.’
To help alleviate this issue, your Company may have access to the FinFit Financial Wellness benefit. This benefit helps educate and alleviate many of these financial stresses that your employees may be experiencing. Encouraging your employees to be a part of this voluntary financial wellness benefit could be all they need to allow them to focus more on your business and not ask you for help when they have a financial challenge.
Secondly, your business may need to be heard more in the marketplace. Today happens to be National Be Heard Day for small businesses. We want to help you to be heard.
Share this article through social media and use the hashtags #nationalbeheardday and #finfit. We will like, share and retweet your status update, connecting you to others doing the same thing. If you happen to see this post after today’s date, that’s ok – we’ll still help you to be heard.
Taking these steps cost you absolutely nothing and can help your business be heard and help your employees become more financially fit, allowing them to focus more on your business.
Just because people are famous it doesn’t mean that they aren’t susceptible to bad financial decisions. Popular sports stars from Dorothy Hamill to Terrell Owens and Mike Tyson have all filed bankruptcies, due to poor choices.
Life happens, and there are some decisions people can make daily to better prepare themselves for those moments. Making more informed decisions could have prevented Terrell Owens, an all-time NFL Wide Receiver, to make better investments. Instead, he filed for bankruptcy in 2012.
Some decisions offer results that didn’t go as planned, such is the case with Dorothy Hamill, whose failed business venture with Ice Capades resulted in her also filing for bankruptcy.
Popular sports stars have proven that no matter who you are, anyone can make bad financial decisions.
What if these sports stars were better equipped and educated to handle their personal finances? The potential for battling their financial challenges would’ve greatly improved as they would’ve most likely made better choices.
It’s good to be able to help employees when life happens, and that’s one aspect of why FinFit is available to businesses. But helping employees to be financially ready when life happens is our goal.
Let’s take the old phrase, “Give a man a fish, he’ll eat for a day… but teach a man to fish, he’ll eat for a lifetime.”
Now let’s rephrase it for Financial Wellness, “give an employee a paycheck and they’ll live paycheck to paycheck, but teach an employee about financial wellness and they’ll be ready for when life happens.”
Last year, Business Insider shared what it’s really like to work at Google, the ‘world’s most attractive’ employer. From shuttle service with free Wifi to healthy meals, it’s difficult to compete with all the benefits the tech giant in Mountain View offers. The efforts of Google to create a culture that enhances and motivates shows us that employees look forward to working when they know their company has their best interests at heart.
But what tools can you leverage to help develop an inspirational culture in your clients’ business?
The best part about developing a corporate culture is that it’s more about the heart of a company, and not how much it costs. There are many strategies a company can apply.
In August 2016, Charles Schwab conducted a survey of 1,000 employees between the ages of 25-70 who currently contributed to their retirement plan.
The survey revealed that an employee’s 401k is their primary source of retirement savings. It is also apparent that they desire help as less than half of those asked know how much they should save for a comfortable retirement.
70% of those who participated wanted personalized investment advice for their 401(k), and 85% said they would use a financial wellness program that would provide them with education, tools and resources to improve their overall financial health.
Over the past several years we’ve heard the words “Financial Wellness” and more companies are adding a financial wellness program to their available voluntary benefits. According to the AON Hewitt 2016 Report “56% of employers indicated they are very likely to create or focus on the financial well-being of employees in ways that expand beyond retirement decisions in 2016.”1
Why should you make having a Financial Wellness Program a priority?
Financial challenges are one of the leading causes of employee stress. When employees have tools that are available to help alleviate their stress they make better financial decisions that lead a more stable lifestyle which benefits a company in the following ways:
This year, PwC’s Employee Financial Wellness Survey incorporated the views of 1,600 Full-time employed adults, and it marks the first time a decline in specific areas associated with employee financial wellness.
Although the topic of Financial Wellness has been a hot topic within the voluntary benefit industry for the past several years, the biggest issue is associated with financial stress – which has increased to 52% in 2016. The bottom line, according to the PwC survey, is that “financial wellness is emerging as a key factor in an employee’s overall well-being.”
We’ve come a long way in addressing financial education. Gone are the days where we read articles and take courses in basic money management. Over the past several years, technology has been developed to assist consumers in learning about financial wellness and making more informed decisions.
However, the stigma associated with money management can be rather stressful by itself and let’s face it – not as much fun as we’d like to it to be.
However addressing the issue of financial wellness is a priority that many need to face in today’s economy and technology is now making the concept of money management more fun and engaging. Online tools are now regularly available to help employees understand the fundamentals of managing their finances, while at the same time encouraging improved fiscal behaviors.