Financial Wellness in Recovery

Financial Wellness in Recovery
NicolaBarteauVoices of Hope, Inc.
Financial Wellness means to me..
I have values, and how I spend my money matches thosevaluesMy priorities are being metfirstI am teachable with myfinancesMy finances are my responsibility; Striveforself-supportNothing is “perfect“. Give myself a break, I am doing the best I can with what IhaveSafety 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 ifIjust 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 UnionSafe and easy to access moneyInterest offered is typically lowCertificate of Deposit (CD)Financial InstitutionDeposit lump sum for a specified amount of timeInterest rates are higher401KRetirement savings offered by employersEmployers sometimes match a certain amount of your depositTax benefits offered to investingMost are in the form of stocks, bonds, money markets, etc.
Your Best Interest
The sooner the better!Keep that in mind….In reverse, when borrowingmoney (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, & TransUnionEach generates a credit score to you and creditors which provides a numerical value to your credit worthinessEmployers look at this sometimes too.
FICOScore:general range 300-850
THE END! THANK YOU FOR SPENDING THIS TIME WITH ME