Help to Manage Financial Stress

If you are under financial stress, you can reach out to your Employee Assistance Plan for help. The EAP will support your referral to the right source of help. Don’t wait until you are completely overwhelmed. You will start to feel relief once you make a plan to take charge of your finances.

Getting Started:

1. A budgeting tool online can illustrate your income and expenses and help you identify where you may have some changes that need to be made.
2. Evaluate your budget each month and make changes as necessary. If you are spending more than you make you need to reevaluate your needs vs. wants. Be sure to include projected future and unexpected expenses and build them into your budget.

Beginning Steps to Creating a Budget

1. Calculate annual income from all sources of work you do. This is your dollar asset. This amount should be your monthly take-home pay after taxes and other deductions.
2. Add up your expenses. These items are your rent, fuel, phone bill, food etc.
3. Subtract your expenses from your income. You should expect the income to be larger. If it is not you need to make some changes.
4. The next step is to identify the unknowns such as car repairs, seasonal expenses, job loss emergency fund etc. These items need to be built into your overall budget to be prepared for the unknown.

Resources: Budget Apps  Budgeting Strategies

9/18/2024