Financial Wellness is a state of financial well-being allowing management of bills and expenses, debt payment, withstanding unexpected financial emergencies and plan for long-term financial goals.
Four Elements of Financial Wellness
| Present | Future | |
| Security | Having control over day-to-day and month-to-month finances | Having the capacity to absorb a financial shock |
| Freedom of Choice | Having financial freedom to make choices that let you enjoy life | Being on track to meet your long-range goals |
4 Principles of Financial Wellness
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Budgeting
Creating and sticking to a budget is the foundation. It provides a structure to manage day-to-day finances, prepare for financial emergencies and future planning.
- The employee assistant program (EAP) provides budgeting tools.
- Linkedin Learning offers budgeting courses and online education. MyMissouriState> Learning and Development Card> LinkedIn Learning
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Debt
Managing long-term debt, and eliminating consumer debt can reduce barriers to saving, investing and long-term financial planning. Carefully managing credit can build your credit score, providing access to better borrowing rates for large purchases.
- Local services such as Consumer Credit Counseling of the Ozarks may be able to aid with debt consolidation.
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Savings and Investments
Long-term savings and investments provide financial security and peace of mind for retirement planning. Short-term savings can cover expenses without having to increase your debt.
- Educational Community Credit Union can assist with banking needs, emergency savings goals, and provide competitive loan options for large expenditures.
- 403(b) and 457(b) deferred compensation plans can help you save for your retirement.
- Missouri Saving for Tuition (MOST), section 529 savings program can help employees save for costs of Eligible Educational programs for themselves or their dependents.
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Protection and Insurance
Insurance or emergency funds can protect you financially from unexpected emergencies. Both can help prevent you from using long-term savings or going into debt.
- Short-Term disability coverage provides a benefit if you are unable to work due to an illness or off-the-job injury.
- Critical illness coverage provides a benefit if you or a covered dependent receives a medical diagnosis listed under the plan.
- Accident coverage provides a benefit if you or a covered dependent receives medical treatment related to an accident.
Savings programs may be enrolled anytime. Insurance coverage may only be enrolled within 31 days of a qualifying life event or during open enrollment (November 1 – December 1).