DIY - Financial Wellness at Work, Chapter 2

Photo Credit: Benold Financial Planning

Recently, I set up a Slack channel at work described thusly:

"An information and learning commons to jointly develop the financial acumen we fear we don't have." 

 I did it because the issue of not knowing where to start had emerged as a theme in both random discussions and on our annual employee survey.  After a lifetime spent managing the financial affairs of small businesses and nonprofits, I figured I've learned enough to lead self-help discussions. I don't think of myself as a financial expert, just a knowledgeable amateur. 

February 1, 2022 - The Kids Are All Right But What About The Parents? 

One of the topics that has come up as being of interest is caring for elderly parents. I've been looking around for resources and doing that reminded me of two things. (1) The importance and discomfort of frank talk between adult children and elders about needs/finances/slipping intellects, and (2) this book by Roz Chast, Can't We Talk About Something More Pleasant? 

While the book has its grimly comic moments, what it's most useful for--IMHO--is a sense of "others have gone down this road and lived to tell the tale; maybe I can, too." If you are thinking about the question of aging parents and your role in their lives and are feeling flummoxed about how to move past your denial and theirs, this is one place to start.I say that knowing that my very adult elder stepson nearly jumped out of his skin when I told him we needed to talk about Bob's and my wills. I also say that remembering the intervention my brother, sister, and I had to do with my mother after her husband died. "Mom," we said, "none of us can get to where you live in less than 8 hours. You can live near any one of us, but you have got to move. We'll take you to look at communities, we'll help  you downsize, but you have got to move."

 February 7, 2022 - Saving? Who Even Does That Any More?

You are probably already aware of the shocking statistic that 47% of Americans cannot cover an unexpected $400 expense because they do not have that much in savings. Perhaps the most heartbreaking thing about that statistic is that it cuts across socio-economic strata.  Starting to save seems like a joyless and futile endeavor--especially now that we are contending with inflation, the likes of which we have not seen for quite some time. "What's the point?" we ask ourselves.Coming from a multi-generational household where the Depression formed the financial landscape of both my mother and my grandparents, we were taught early to save...no matter how little we might put by. Piggy banks, Cinderella banks, banks with moving parts--these were common birthday and Christmas gifts. The smart thing both generations did was make savings into a kind of a game or a personal challenge for us kids.

Vintage Savings Bond Poster

Thanks to a love of ritual, I looked forward to the weekly trip to the bank to present the Christmas Club coupon and the couple of dollars Mom would deposit towards her goal. No doubt that's why savings devices like the 52 Week Savings Challenge still appeal to me.  I'm sure it's why I still have a piggy bank.

If you've already broken most of your New Year's resolutions, maybe consider the 52 Week Savings Challenge as a fresh start. Halve it, double it, shorten it to 26 weeks, make it a family challenge...or  try some of the other savings challenges that have come into being.

This year it may be especially important to build your rainy day fund because the IRS is already warning of delays in processing returns and issuing refunds.