Financial Wellness Network Money Matters: Debt Avalanche

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TRANSCRIPT

(Jessica) Welcome to Money Matters on the Southern Bank Financial Wellness Network. I’m Jessica.

(John) And I’m John!

(Jessica) And today we’re talking about the debt avalanche approach to debt repayment! John, how does the debt avalanche strategy work?

(John) Well, Jessica, this is a great approach to debt repayment when facing high-interest rates. You order your debts by interest rate from highest to lowest. The plan is to pay off the highest-interest-rate debt first while maintaining the minimum on your other debts.

(Jessica) Right, and once that debt ...

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Financial Wellness Network Money Matters: Credit Card Overspending

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(Jessica) Welcome to Money Matters on the Southern Bank Financial Wellness Network. I’m Jessica.

(John) And I’m John!

(Jessica) And today we’re talking about how to avoid overspending on credit cards.

(John) You know, Jessica, credit cards can be helpful tools and a great way to manage your money when used wisely, but it’s easy to reach for them a little too often and get buried in credit card debts and fees. A great way to avoid overspending is to treat purchases as if you’re paying with ...

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Financial Wellness Network Money Matters: Financial Wellness 101

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(Jessica) Welcome to Money Matters on the Southern Bank Financial Wellness Network. I’m Jessica.

(John) And I’m John!

(Jessica) Today, we’re talking about financial wellness, which is a whole-picture view of an individual’s financial health. So John, what does it mean to be financially well, and how do we get there?

(John) Well, Jessica, basically financial wellness means that you are in control of your money rather than your money being in control of you. It means you match your spending to your priorities and your goals ...

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Financial Wellness Network Money Matters: Budget Assessment

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TRANSCRIPT

(Jessica) Welcome to Money Matters on the Southern Bank Financial Wellness Network. I’m Jessica.

(John) And I’m John!

(Jessica) So, you wake up one day and realize your budget is blown. It’s a mess.

(John) Look, Jessica, it happens. So, first, stay calm and assess the situation! What caused your plan to get off track?

(Jessica) Sometimes those things are out of your control.

(John) Exactly. The next step is to act on the things you can control. Take an honest look at your budget. Is it realistic? Are you living ...

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Financial Wellness Network Money Matters: Debt Snowball

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TRANSCRIPT

(Jessica) Welcome to Money Matters on the Southern Bank Financial Wellness network. I’m Jessica.

(John) And I’m John!

(Jessica) And today we’re talking about debt and snowballs? What’s that about?

(John) The debt snowball is a method for reducing debt. Like a snowball, it starts small and gets bigger.

(Jessica) So, how does it work, exactly?

(John) With the debt snowball approach, you focus on paying off your smallest debt first while maintaining the minimums on other payments. Once that first debt is finished, you apply those payments ...

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Financial Wellness Network Money Matters: Blown Budget

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(Jessica) Welcome to Money Matters on the Southern Bank Financial Wellness network. I’m Jessica.

(John) And I’m John!

(Jessica) And today we’re talking about what to do when your budget blows up. Uh-oh.

(John) Uh-oh is right. Just when you think you have a good plan and everything is under control, here comes inflation, high gas prices, and …

(Jessica) So, what do we do?

(John) First, make sure you know why you’re off track. Did you have some unexpected expenses? Did you splurge on a vacation? Or did ...

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Financial Wellness Network Money Matters: Increased Rent

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(Jessica) Welcome to Money Matters on the Southern Bank Financial Wellness Network. Today, we’re talking about what to do when your rent goes up.

(John) Unfortunately, rent is going up just about everywhere. And it’s best to be prepared.

(Jessica) So, what do you suggest?

(John) Start by looking at options. For instance: Is it time to move or find a roommate? You can also talk to your landlord so you know what kind of increase to expect and when it is coming.

(Jessica) ...

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Financial Wellness Network Money Matters: Gas Prices

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(Jessica) Welcome to Money Matters on the Southern Bank Financial Wellness network. I’m Jessica.

(John) And I’m John!

(Jessica) And today we’re talking about the price of gasoline.

(John) That is the topic of the year, no doubt.

(Jessica) John, with gas prices so high, what are some tips to help save money on fuel?

(John) The good news, Jessica, is there are lots of options available! Gas apps can find low prices near you, plus there are fuel rewards programs from places like gas ...

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Financial Wellness Network Money Matters: Inflation

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TRANSCRIPT

(Jessica) Welcome to Money Matters on the Southern Bank Financial Wellness Network. I’m Jessica.

(John) And I’m John!

(Jessica) And today we’re talking about inflation. That is a hot topic. What is inflation exactly?

(John) Well, Jessica, basically you have inflation when prices are rising on just about everything even though the products and services haven’t changed.

(Jessica) Basically, you’re getting less bang for your buck.

(John) Exactly.

(Jessica) So, what should you do?

(John) Well, short term, you might have to dip into your savings account if you have one. Big picture, you have ...

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Financial Wellness Network Money Matters: Stress & Employees

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Did you know that financial stress is one of the biggest impacts to employee performance?

According to a recent study, financial stress can impact your workforce in a wide variety of ways, ranging from increased absenteeism and tardiness to decreased productivity, even to physical health issues such as ulcers, anxiety, and heart problems.

So, what can you do to address this stress as an employer?

Many organizations now offer financial wellness programs that help teach employees to better manage their money and reduce their ...

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