December 18th, 2013 by admin
How to ensure a happy workplace, pre and post festive season…
Spirits are high in the lead up to Christmas. There’s parties to attend, more food than usual and beer on tap.
It’s also common knowledge over the Christmas period that household financial pressures rise, once gifts have been exchanged and the string of parties are over, reality sets in.
We’d all like to ignore this fact but it can’t be ignored, financial stress can seep through your personal, family and work life and the sooner you take control of it, the less impact it has. The good news is it is a no brainer for a business to want to improve the productivity of their people often by working on the stressors that rob the business of their employees’ focus. In the new year, we’re making a sure bet the biggest stressor will be financial pressure … how am I going to pay off that credit card?
So what can you as an employer do about it?
Surveys asking people to identify the biggest causes of stress in their lives typically produce lists like this one:
- money (bills, debt, mortgage, bankruptcy, retirement income)
- work (employment security, job demands, demanding career ambitions)
- family (marriage, divorce, arguments, kids, caring for aged parents)
- personal life (control over events, time management, personal time and space)
- health (weight control, fitness, bad habits, sickness, medical costs)
- relationships (friendships, dating, marriage, break-ups, loneliness, emotional and time demands)
- death of a loved one (death of a spouse, child or parent is often extremely devastating, and can be especially stressful for a considerable time).
A decade old national survey revealed that 3 out of 4 Americans faced at least one significant financial problem recently, such as being unable to save for future needs, delaying medical care, or having problems with a collection agency (Chandler & Morin, 1996). This is a global issue that is equally relevant across Australia. Household spending, credit use, and stress have changed enormously in recent decades. Anecdotal evidence and media reports today suggest that a much higher proportion of people are experiencing stress about financial matters.
The Chartered Institute of Personnel and Development Benefex Reward Management Survey in 2012 found financially stressed employees spend 20 hours a month of work time trying to solve their financial problems.
So how can you as an employer help employees who may be getting back from the Christmas break with debts to repay and increased financial stress?
Future Map is offering 30% off all 90 minute Financial Wellbeing Lunch N Learn sessions in your workplace booked between January – March 2014. Join us to improve the financial health in your workplace by providing individuals with tools, knowledge and resources to remain in financial control.
The new year is also a great time to help employees set fresh new goals, for themselves personally and at work.
Contact Zoe Lamont on 0419 622 968 or email email@example.com to book your employee life planning and financial wellbeing session today. More information about the Future Map workplace programs can be found on www.futuremap.com.au.
August 25th, 2013 by admin
Thousands of Australians find themselves over their head with too much debt at sometime in their life. You may know the feeling or know people in your life spending a lot of their time dreading opening the mail and avoiding blocked and unknown phone numbers. You may have experienced paying off bits and pieces of different debts in an effort to keep your head above water. Debt can create a lot of stress and overwhelm.
Well there is a way to put a plan together to help take back control and give you the confidence that you can get on top of debt – and even use it to your advantage.
Exercise: List your current debts into Good / Bad / Ugly categories. See definitions and some examples in the table below.
|Definition; Loans with interest that is tax deductible or paid pre tax
Investment property loan
|Definition; Loans that are not tax deductible but they are secured by something of use or value
Home mortgage (primary place of residence)
|Definition; Loans that have high interest, are not deductible and generally do not have anything to show for it
If you have ugly loans, this is the best place to first pay your attention. Here’s the steps.
Reduce the repayments in the Good and Bad columns to the minimum or interest only,
Approach your existing bank to see if they will consolidate all these into a lower rate facility. If your existing provider is not able to help you then there are plenty of online comparison sites that may help you find a provider or bank that will help you consolidate (make sure you read the fine print!),
If you cannot consolidate these loans then order them from the highest interest rate to the lowest,
Now reduce all of these to minimum repayments and pour all the extra repayments you now saved by reducing all the other repayments into the highest interest ugly debt,
Once the debt with the highest interest rate is paid off, pour all extra repayments to the next highest interest rate and so on until all the ugly debts are repaid.
Repeat this process for the bad debt, starting with the loan with the highest interest rate.
There is no magic financial trick to this strategy, it is pure mathematics and all just reducing the interest that you are paying by getting rid of the highest interest ones first therefore reducing the amount of wasted bank interest you pay in the quickest and most effective way.
Having a plan that keeps you focused will help you stay on track and reduce the stress and overwhelm that having no debt repayment strategy can cause.
For a clear demonstration WATCH THE ‘GOODBYE BAD DEBT’ VIDEO
Future Map is a fun employee financial wellbeing program. If you’d like your workplace to run a financial wellbeing program, introduce the Future Map program to your HR, Wellbeing or Learning & Development team or contact us for further information.
August 15th, 2012 by admin