Financial Worries of Young Families

Financial concerns are a common source of stress for young families. The financial burden can sometimes seem impossible, from living expenses to healthcare and managing college debt. However, knowing how to manage finances and prepare for unexpected events is critical for long-term financial wellness.

Major Challenges

One of the biggest financial obstacles is the burden of college debt. It is not uncommon for graduates to owe tens of thousands of dollars in student loans. In addition, healthcare costs continue to rise, making it difficult for a young family to maintain financial stability. People want to be able to buy a house but saving for that purchase is still another challenge that many young families face.

These are problems, but they are not impossible obstacles. Employees who have small children can take steps to improve their financial wellness. It can require careful planning, but the everyday worries can be minimized.

Budgeting Helps

A sensible budget is an effective way to deal with family worries and prioritize debt repayment. An individual must look at monthly expenses and income to find ways to decrease unnecessary spending. Moreover, it is critical to avoid taking on more debt. It means avoiding credit cards with high-interest rates and making a sincere effort to live within one’s means. Finally, it requires discipline so a person can gradually work their way out of financial corners.

Budgeting can also assist a person in buying a house and affording the monthly mortgage payments. Budget adjustments can cut unnecessary expenses, permitting the opportunity to save money for the down payment. Healthcare costs can be controlled by negotiating with healthcare providers. Some programs can assist in reducing college debt. Unfortunately, a young employee might not know any of these lifesavers. It helps to have experienced advice by having a financial wellness benefit. Countrywide Pre-Paid Legal Services offers that employee benefit to all organizations.

We Use the Best

Online chat rooms are not the best way of getting advice. People do not want to share their challenges with others in a chat group. Instead, Countrywide takes the direct personal approach. In addition, we have a nationwide network of certified counselors who will provide financial wellness advice and guidance.

There is a Countrywide counselor in the community of every Countrywide organization. These experts deal with everyday problems that all employees face. For example, a Countrywide counselor can assist in developing a workable budget. In addition, that financial expert also directs the person to resources to be used in controlling debt. No one is born with negotiation skills, but Countrywide will advise financial wellness plan members on strategies to reduce or eliminate debt. An employee with youngsters in the house will be amazed at the quality and efficiency of our counselors’ services.

We Include Management in Benefit Design

We do not subscribe to the notion that one-size-fits-all; each client organization has its own unique needs. We provide superior financial wellness services, and we understand a prospective client will only take some of them. We want you to work with us on creating a unique employee benefit.

We discuss all our service options with the decision-makers of an organization. We point out the value of each option and answer any questions. The decision-makers will then decide what services will be part of their employee benefit. Those will be included in the final plan document. Countrywide, for its part, will furnish benefit ministration and superior member services. Our teamwork with managers results in an employee benefit that every workforce member can use.