GREENPATH NEWSLETTER MAY 2016 Working to Empower … · If you have landed a job, take the time to get a strong financial foundation and establishing savings, before you move out

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GREENPATH NEWSLETTER

MAY 2016

Working to Empower People to Lead Financially Healthy Lives

Hello, I’m excited to join GreenPath Financial Wellness as its new president and CEO! GreenPath has such a great history (55 years and counting)! What started out in 1961, as a service to help people budget and get out of credit card debt, has evolved into so much more. Today, our mission at GreenPath Financial Wellness is to empower people to lead financially healthy lives. We want our financial experts to be a resource for all people with financial goals, whether they are having a baby, getting married, retiring, blending two families, downsizing after the kids go off to college, or simply trying to save for the future. So, how do we do that? One of my main objectives is to offer consumers a litany of services and resources that enable

them to make wise financial decisions and achieve their financial goals. Watch Pathways in the coming months, as we announce new pilot programs, services and partnerships. I want to hear from you! What financial products and services are important to you? What other ways would you like to work with us? Please e-mail your suggestions to me at [email protected]. Thank you for putting your trust in GreenPath Financial Wellness. I look forward to serving you and working to create a world free from financial stress.

By Kristen Holt

GreenPath President and CEO

you are a victim. Don’t miss this free and highly important webinar!

Ways to Save on your Next Vacation – Wednesday, May 18 at noon ET School’s almost out, the weather is heating up and thoughts turn to vacation! However, when money is tight, or when you are saving for other long-term goals, vacations are often the first item cut from a budget. Join us as we talk about ways to save on your next vacation, and balancing money constraints with quality time spent with your family. To sign up for any of these personal finance webinars, log on to www.greenpath.com/gfw-webinars.

GreenPath will host two webinars in May. These 30-minute, online programs are taught by GreenPath education specialists. The webinars are always free and informative without a sales pitch. There’s also plenty of time for Q&A at the end of the program. Protecting Yourself Against Identity Theft – Wednesday, May 4 at noon ET Learn how to protect yourself from identity theft, one of the fastest growing crimes in the United States. Join us as GreenPath Information Security Manager Leo Hopper leads this special Webinar Wednesday program with tips, as well as examples of the latest ways thieves work to steal your identity. He will discuss how thieves obtain and use your personal information, how to protect yourself, and what to do if

Webinar Wednesdays in May

greenpathref.com | 1-877-337-3399

GREENPATH NEWSLETTER

Financial Tips by Age Group – Decade by Decade

There are two “golden rules” in personal finance that apply, regardless of how old you are: 1) live within your means, and 2) look forward to the future and save for it. These are two very simple concepts, but very powerful. If actually applied to your everyday life, they can mean the difference between being constantly stressed about your finances, and feeling secure and in control. Below are some more specific suggestions by decade. 20’s Tip #1: Establish a positive credit history. A good way to establish good credit is to get a credit card, use it often, and pay off the ENTIRE balance ON-TIME, every month. Paying before the due date and avoiding interest charges is critical to your financial health. Tip #2: Don’t be in a rush to move out of mom and dad’s house. If you have landed a job, take the time to get a strong financial foundation and establishing savings, before you move out on your own. Stay focused on paying down any student loan debt you may have. 30’s Tip #1: The 30’s are when you may become established in a career and ready to purchase a home or finance a wedding. Before taking the next step, review your credit and current debt load. Tip #2: If you are ready to purchase a home, determine how much you can afford to spend. This might be very different from the amount you are approved for by a lender. This is a big commitment. Make sure you take your future lifestyle into consideration, so that you do not feel cash strapped.

40’s Tip #1: Be careful with the upgrades. You may be advancing in your career and ready to buy a bigger house, or nicer car, because things are going well. This is a slippery slope, so be careful! Tip #2: Review your emergency savings. You may be socking away some money, but is it enough? There are plenty of “rules of thumb” for how much you should have in savings. Three months of expenses? Six months? This is a personal decision with no right or wrong answer. 50’s Tip #1: As retirement gets closer, review your debt load and retirement savings. Most of us do not want to enter our retirement years with debt. This is the decade to avoid getting further into debt, paying off existing debt, and increasing retirement savings. Tip #2: Don’t overextend yourself helping others. You may have kids in college and aging parents, but you should never lend money that you need yourself. 60’s Tip #1: This is the decade when most people decide to retire. Before retiring, be sure to find out exactly what your income will be and review your budget. The Social Security Administration has a retirement benefits estimator available at ssa.gov that can be used to estimate income. Tip #2: For most of us, housing is the biggest expense in our budget. If you are a homeowner, even if your home is paid in full, there are property taxes, upkeep costs, and utilities. Consider if the home you are living in is the right fit for you as you age.

By Katie Bossler, GreenPath personal finance counselor

GreenPath Reviews on ConsumerAffairs.comIf GreenPath has helped you, consider sharing your story on ConsumerAffairs.com. Here’s a recent submission: Ki said: “Our credit union mentioned GreenPath to us. I really

appreciate all the services you provide. My husband and I

aren’t in financial trouble, but just trying to be good stewards

of our money. Our house is paid off and I have been able to

save $23,000 and we have no credit card debt. But there is

ALWAYS ways to make the best better which we are striving

to do...Thank you.” Log on to www.consumeraffairs.com/debt_counsel/

greenpath.html to tell us your story! So far, more than 200 clients have shared their experience!