MHealthy has partnered with U-M Credit Union to offer the following virtual workshops to the U-M community.
*If you needaccommodations toparticipate in the workshop, please email Leola Hearing, [emailprotected], 7 days prior to the workshop.*
Feb. 28: Create Your 2024 Money Game Plan Workshop
Led by Mark Munzenberger, financial education manager for University of Michigan Credit Union, this fun and engaging workshop will cover the top five steps you can take right now to boost your financial outlook in 2024.
Date: Wednesday, February 28, 2024
Time: 12-1 p.m.
Presenter: Mark Munzenberger, Financial Education Manager, U-M Credit Union
April 10: Save for Your Future Workshop
Sometimes the smallest actions have the largest impact – and that includes building the habit of savings. In order to be a successful saver, we need to have a strategy in each of these key categories:
- Saving Automatically
- Saving For The Unexpected
- Saving For Major Milestones
- Paying Down Debt Is Saving
- Saving At Any Age
This workshop will provide guidance and direction in language wecan understand, and whether you are one year or 30 years from retirement, you’ll leave feeling better about your options moving forward.
Date: Wednesday, April 10, 2024
Time: 12-1 p.m.
Presenter: Mark Munzenberger, Financial Education Manager, U-M Credit Union
Register now for the April 10 workshop.
May 21: How to Be Credit Healthy Workshop
Credit plays such an important role in our overall financial picture, especially when interest rates have been on the rise for the past few years. Many people need and use credit to purchase important items and services – the key is to borrow responsibly and always understand the terms. While credit can be an important component of building wealth, it can lead to trouble if not handled wisely. This workshop will help you understand the do’s and don’ts of using credit, and also help crack the code of credit reporting and scoring.
Topics covered:
- What areas of our lives does credit impact?
- Credit cards – friend or foe?
- Credit reports – how to access for free and what to look for
- Credit scores – your financial G.P.A.
- Credit and the cost of borrowing money
Date: Tuesday, May 21, 2024
Time: 12-1 p.m.
Presenter: Mark Munzenberger, Financial Education Manager, U-M Credit Union
Register now for the May 21 workshop.
Nov. 20: Money Matters - Finish the Year Strong Workshop
Look for more information soon!
Date: Wednesday, November 20, 2024
Time: 12-1 p.m.
Presenter: Mark Munzenberger, Financial Education Manager, U-M Credit Union
FAQs
Financial well-being means how much your financial situation and money choices provide you with security and freedom of choice. We developed a questionnaire and a scoring method as a tool that can help you take stock of your financial well-being.
What best describes financial well-being? ›
Financial well-being describes a condition wherein a person can fully meet current and ongoing financial obligations, can feel secure in their financial future, and is able to make choices that allow them to enjoy life.
What are the 5 steps to financial wellbeing? ›
Five steps to financial wellness
- Consider your reasons. Think about why you want to create better money habits. ...
- Create a budget. Having a budget is one of the best ways to track your finances. ...
- Start investing early. ...
- Pay yourself first. ...
- Focus on debt.
Being financially well means you can meet your current and ongoing financial obligations, feel secure in your financial future, and are able to make choices that allow you to enjoy life – in other words, financial freedom.
What are good financial strengths? ›
At its most basic level, financial strength is the ability to generate profits and sufficient cash flow to pay bills and repay debt or investors. Most business owners are focused on generating sales to increase profitability, however, sales alone do not build financial strength.
How to be financially well-being individual? ›
Strategies for financial wellness include setting financial goals, building an emergency fund, having insurance coverage, improving credit scores, planning for retirement, and staying informed about personal finance.
How do you describe good financial performance? ›
A company in good financial health will pay its bills on time and maintain good business credit. Analysis of financial performance metrics can be used to identify internal investment opportunities, like automating repetitive processes to increase productivity, and can help maintain positive cash flow.
What are the three levels of financial well-being? ›
(2020, p. 1596) found that FWB has three dimensions: meeting expenses and having some money left over, being in control, and feeling financially secure.
What is personal financial wellbeing? ›
Financial wellbeing is about having the financial freedom to make choices that allow you to enjoy life. There are some things that affect our finances that we can't control, like rising cost of living or unexpected expenses. But there are some things we can control. Every day we make choices with our money.
How can I become financially well? ›
- Choose Carefully.
- Invest In Yourself.
- Plan Your Spending.
- Save, Save More, and. Keep Saving.
- Put Yourself on a Budget.
- Learn to Invest.
- Credit Can Be Your Friend. or Enemy.
- Nothing is Ever Free.
How good habits can help you achieve financial wellbeing
- Live within your means. ...
- Spend wisely. ...
- Free up funds. ...
- Build emergency savings. ...
- Avoid excessive borrowing and manage your existing debt. ...
- Save for the future. ...
- Protect what matters. ...
- Beware of scams and fraud.
10 ways to help you attain financial wellness
- Understand your budget. ...
- Have an “emergencies only” fund. ...
- Protect yourself and your belongings with insurance. ...
- Build savings and invest wisely. ...
- Reduce debt. ...
- Plan for retirement. ...
- Explore your beliefs around money. ...
- Seek support.
Financial Wellness
- Learning how to manage your money and establishing a personal budget.
- Not living beyond your means.
- Making a plan to pay back your student loans.
- Learning about debt and how to manage it.
- Building good credit.
What are the signs of a financially stable person? The most common signs of a financially stable person include having little to no debt, being able to make and stick to a budget, having a healthy amount of money in savings, and having a good credit score.
How can you create a positive financial well-being? ›
Tips for financial wellness
- Track your spending for a three-month period. ...
- Manage your debt. ...
- Understand how lending works. ...
- Create a budget — and set goals. ...
- Prepare when buying a home. ...
- Make automated savings deposits a habit. ...
- Create an emergency fund. ...
- Invest regularly.
The state and stability of an individual's personal finances and financial affairs are called their financial health. Typical signs of strong financial health include a steady flow of income, rare changes in expenses, strong returns on investments, and a cash balance that is growing.
How would you describe your financial personality? ›
Personality traits
Savers are debt averse; they pay off their mortgage early. Spenders: People who want to enjoy their money now and worry about the future later. They don't save much and tend to borrow. Sharers: Those who want to share their money with family, friends, charities or their community.
