Health and Safety

Cope with financial hardships

By the Employee Assistance Program (EAP)

It’s no fun when a nagging financial problem threatens your precious peace of mind. Money troubles can generate substantial stress and anxiety.

Although everyone’s situation is different, there are some generally accepted ways of improving your financial health:

• Take an objective look at your finances. This includes your income, savings/checking accounts, recurring expenses and any debts such as student loans or credit cards. Then you can start developing a plan.
• Establish a monthly budget so you know where your money is going and can identify areas for cost cutting. Decide what’s essential and what you can do without, at least temporarily.
• Proactively contact your creditors and service providers; they may offer hardship programs or options to adjust payment plans.
• Prioritize paying off high-interest debts as quickly as possible.
• Consult a professional financial advisor to get help with planning, saving and managing debt.