Did you know that if you have a balanced personal budget, save for unexpected emergencies, and save for retirement, you create positive health benefits? Financial debt and poor budgeting can impact relationships, psychological well-being, and your ability to retire.
You should regularly reflect on your spending, saving, and ability to reach your financial goals. A good first step is a financial wellness check-up. The following tools can assist you in setting and reaching both short and long-term financial goals:
- The financial well-being assessment developed by the Consumer Financial Protection Board is a 10-question tool that will show how you measure up against other Americans. It also helps you set a direction for your financial future.
- The MyMoney website provides financial education to all Americans, regardless of income. It also provides educational resources for children, older adults, and working families.
- Your component Employee Assistance Program (EAP) provides a financial counseling benefit that can assist with tax questions, investment strategies, budgeting concerns, and debt management. For more information, contact your Component EAP.
- Finally, with the recent tax law changes, another tool is the Internal Revenue Service (IRS) tax-withholding calculator.
Start making changes today! One small change to your spending and savings habits can make a big difference for you and your health.