Brad Oxnam, MFA
Finances can be a source of overwhelming stress for many people, but they don't have to be. As you take control of your financial well-being, you can also boost your emotional health, relationships, and overall quality of life by decreasing anxiety, mood issues, and sleep problems related to financial stress. There are a few easy first steps you can take to be empowered and to create an action plan for your financial well-being. Remember, it is a process, not an event.
- Increase your understanding of finances - Financial literacy goes a long way to decreasing anxiety over money. The Financial Empowerment Center offers free 1-on-1 financial counseling.
- Establish a monthly or annual budget - Create a list of your income and expenses. Include items like housing, utilities, groceries, transportation, credit card debt, entertainment, annual subscriptions, and insurance premiums.
- Build an emergency fund - This is your lifeline when unexpected events inevitably happen. Save up for this over time.
- Longer Term Savings – You can financially prepare for larger purchases, investing, or retirement. VUMC employees can contact Fidelity Investments to discuss what options may be available to them.
If planning out your finances still feels overwhelming, check out the Health Plus Game Plan for Your Health video in your Go for the Gold to get started. VUMC faculty and staff members experiencing financial anxiety can also talk confidentially with a counselor at Work/Life Connections-EAP on how to manage these feelings. Call 615-936-1327 for a free, confidential appointment.
