4 Ways a Financial Wellness Program Can Help Your Business and Your Employees

Many people are still recovering from The Great Recession back in 2008, and while it has been a decade since then, the adult workforce is still suffering from financially fragile employees. This includes workers that are struggling with living from paycheck to paycheck with little to no savings or credit in their account. Some employers may think that their employees’ financial wellness is out of their bounds, but their financial health is just as important as it can leave a large impact on their productivity and performance at work.

According to the American Society of Pension Professionals and Actuaries, an employer with 10,000 workers can lose up to $3.3 million a year due to poor performance incurred by your employees’ financial stress. This can be done in the form of absenteeism, payroll taxes, and delayed retirement, as stated by the Financial Finesse. In that regard, your company has the power to establish financial programs that can help ease financial anxieties and provide peace of mind to your employees, all of which will benefit your company’s bottom line. To that end, here are the reasons why your company will benefit from implementing a financial wellness strategy for your employees:

Benefit #1: Improve Productivity and Engagement

Financial stress can have a negative impact on your employee’s productivity and engagement. Not having enough financial stability to support injuries or illnesses can not only physically drain you, but it affects one’s mental state too. This will lead to an increase in absenteeism and lowered performance, which will cost your company to shell out time and money. By providing financial wellness programs and helping employees stay on track with their worries, you can help them proactively address issues that directly interfere with their productivity.

4 Ways a Financial Wellness Program Can Help Your Business and Your Employees 1

Benefit #2: Morale and Employee Retention

Financial stress can be mentally draining, and no matter how admirable your company’s culture is, more and more employees are choosing to switch jobs in exchange for a higher increase in their pay, no matter how minimal. However, with a financial program, you can improve employee morale and prevent an increase in turnover, which can encourage productivity and better employee retention for your company.

Benefit #3: Improve Your Reputation

How an employee is treated can now be transparent to the public, especially now with sites like Glassdoor allowing employees to shed some light on how employers act behind the scenes. By helping them ease their financial troubles, you will establish loyalty within your employees and build a positive reputation for your company. The benefits, of course, goes beyond fame by name alone. Word of mouth is a powerful tool that can make or break your company, and having a notable reputation can help you find more employees who would love to line up by your door and work for you in the long run.

Benefit #4: Lowered Health Care Premiums

Illnesses and injuries can’t be avoided, but adding financial stress on top of it all can worsen your employee’s mental health, which causes significant effects to their physical state. It can increase heart rate, blood pressure, and even suppress concentration, which can lead to weight gain, heart disease, stroke, and more. These can put a strain for employers as their healthcare costs will increase with more and more employees getting sick.

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This is why financial wellness is crucial to the success of your business & employees, get in touch today to see how we can help.

The Benefits of Financial Management

Financial management is one of the most integral responsibilities of business owners and managers. You need to consider all the potential consequences of your management decisions on profits, cash flow, and the financial health of the company. In order to practice strong financial management, you must obtain and allocate resources across the operations and establish supportive policies for these activities. An organization with solid financial management processes tends to make more informed decisions.

In general, financial management involves the formation and implementation of financial principles that drive an organization to reach its main goal, which is to raise the value of the business. Moreover, financial management consists of debt financing, cash flow management, as well as data collection and analysis to make sound decisions.

Financial management information systems help companies to connect all the financial management processes and procedures, which lead to a number of long-term benefits. They also allow businesses to take advantage of financing, management, and investment to achieve operational and financial goals. Here are some more benefits of financial management systems for your information:

Automated Financial Operations

Financial management information systems can help streamline financial management in your company by automating financial operations. This is an automated application that employs software programs, internal policies, and documented procedures to record, track, and summarize company budgets. Moreover, you can use your financial management information systems to generate financial statements, monitor decisions that affect profits, as well as track the outcome of your financial decisions.

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Transparency of Information

Another great benefit of financial management information systems is information transparency. In most companies, the owner and staff from the accounting and finance department are usually the only people who know about the company’s financial situation. By using a financial management information system, you will be able to access the system to check on different aspects of your company’s financial performance. This allows managers from across departments and functions to gain a better understanding of how and how much they can impact the business with their decisions.

Tighter Budget Control

As your company grows bigger, the budgeting process also gets more complicated as a result. With a financial management information system, all departments can keep an eye on their spending and make changes as necessary, which helps minimize budgeting complexity. Also, a financial management information system allows department managers to see what they and others in the company are doing. This is so that they share their thoughts and insights on potential problems that could affect their respective budgets. In short, a financial management information system enables them to do this without going through the hassle of arranging meetings to discuss these matters.

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Stronger Financial Controls

In order to have an effective financial management information system, you need to have all systems, procedures, policies, and methodologies in place. This may call for a few software systems. For instance, a financial management information system may need an accounting software package, a database system, as well as a resource planning software program that collects financial-related data from the accounting and database system. With these software systems together, your company’s internal financial controls can be strengthened.

If you’re looking for budgeting software, try out Chango today! Get in touch with us to see how we can help you manage your finances.

How to Track Your Expenses For Financial Control

Do you want to achieve financial freedom? Do you dream of the day that you won’t struggle to stay within your budget and you don’t have to resort to debt? The way for you to reach this goal is to track your expenses and learn good financial control.

There are more people than you would think who neglect to monitor their expenses, simply spending what they need to until it’s all gone. Even those who track expenses often don’t stick to their budget or aren’t sure exactly what to do.

The financial tracking process can be rather tedious for some. To be fair, it can be tricky to get the hang of. That being said, it isn’t nearly as complex as many assume it to be. Here are a few important tips to help you track your expenses on a regular basis to gain utmost financial control:

1. Create Financial Awareness

The first step to do is to develop financial awareness. You have to determine your financial status. Along with this is knowing how much you are earning and how much you are spending. When it comes to earning, you need to be wary of what source you’re getting your money from and what other sources you can get. On the other hand, you need to know how much in total you are spending and where the money goes. Chances are you’re spending more than you earn on a monthly basis.

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2. Track Expense

Now, let’s get into the specifics — how much you’re spending in total and where the money is allocated. It’s best to have a breakdown of your expenses such as the rental expense, utility bills, groceries, daily consumption, transportation, miscellaneous expenses, savings, emergency funds, and anything else you need. From there, you have to assess what the important expenses are. This leads us right into the next section.

3. Identify Spending Issues

After tracking your expenses, it will be easier for you to identify spending issues. Knowing what financial items are important vis-a-vis items of lesser importance will help you determine your financial weaknesses. Perhaps you’re spending too much on recreational activities that aren’t that important — going to the movies weekly or treating yourself to fancy dinners every other day. Perhaps you’re simply spending too much on grocery items that you never use in time. Everyone has a weak point — it’s just a matter of finding yours.

4. Stick to Your Budget

After you’ve established how much you earn, how much you spend, and where your financial issues lie, it’s time to create a budget. When doing so, you have to ensure that you earn more than you spend. This means that you may have to eliminate a few unnecessary expenses. As much as possible, allocate some to your emergency funds or savings. In fact, financial experts say it’s imperative to have a fixed allocation to your savings on a regular basis. The bottom line to all this is simple: stick to your budget.

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5. Keep Going Amid Overspending

There are cases where you might have to overspend due to an emergency. Let’s say that you’ve been rushed to the hospital, an appliance broke down, or unexpected bills came up. You may have to shell out a little more. Even if you didn’t encounter an emergency, there are times when you may not have been able to stick to your budget. Before you get discouraged and give up, try again! Keep going with your financial budget and goals. Don’t be tempted to stop and try again next month. Forming the habit of budgeting and saving up takes time. Once you’ve mastered it, however, it will help you in the long run. In due time, you’ll get to enjoy financial freedom!

6. Use Financial App or Software

When it comes to financial tracking, there’s a wide array of apps and software out there that you can use. Some of these apps are so advanced that they can go as far as showing you graphs and charts of financial trends. They can even automatically do the math for you, instead of forcing you to calculate the numbers and figures manually. You can even track your expenses using your mobile phone synced with the software on your computer. Financial software can make your life significantly easier, so take advantage of living in the digital age!

This is why financial wellness is crucial to the success of your business & employees, get in touch today to see how we can help.

Track Finances

Why You Should Keep Track of Your Finances

Everyone knows how important it is to keep track of their finances and spending habits, and yet not many people actually care to do it. While keeping track of your own expenses may seem like a boring and repetitive task, it is going to be worth it in the end.

Not only will it help you save a whole lot of money by telling you where most of your money is going, but it can also give you a reality check and prevent you from overspending. Here are some more reasons why you should start tracking your spending habits now:

1. You Can Identify Where Your Money Is Going

Without keeping track of your spending, it can be very tricky to pinpoint what is needed the most and spend accordingly. If you don’t have a good idea of where your money is going, then you may end up splurging on things that you don’t particularly need, such as designer clothes and expensive sneakers, rather than saving up for a vacation that you plan to take next year. In other words, it can be easy to lose track of what you want and need without knowing what you are spending your money on. Before you know it, you are already deep in debt and cannot find your way out.

2. You Can Start Setting Financial Goals

Once you know where your money is going, you can now begin to set financial goals. For example, you can set a weekly or monthly goal to save certain amounts of money. If you are planning to buy a car in two years and need 10,000 dollars for it, then you would have to save at least 420 dollars each month to reach that goal. However, it can be very unlikely to put away that much money every month without knowing what all the expenses are.

3. You Can Focus on Important Things

Financial goals are crucial in helping you spend your money wisely. Without them, it will be easy for you to spend on things that you want but don’t need. By stating clearly what your priorities are and setting a clear budget, you can better manage your money and only spend it on the most important things.

4. You Can Improve Your Bad Spending Habits

If you have been keeping track of your expenses, you will be able to see some bad spending habits that you need to improve. By knowing what your spending weaknesses are, you can start to make some adjustments to fix them. For example, if you notice that you tend to spend most of your money on eating out, then you should start making a change by cooking at home more often.

5. You Can Be Aware of Fraudulent Charges

If you have not paid attention to your spending, bank accounts, or credit card statements, you run a risk of getting fraudulent charges without you even knowing. The last thing you want is to wake up one day and find out that all your hard-earned money is lost or stolen. Moreover, you may also fail to notice double charges or auto-pay charges that may incur as well. By keeping track of your spending and financial information, you will be able to stay on top of where your money is and what is happening with it, allowing you to resolve any issue before it gets out of hand.

Summary

By now, you should already understand how important it is to keep track of your finances. Not only can it help you plan your budget effectively, but it can also keep your spending impulses at bay, eliminate unnecessary purchases, and avoid you from becoming indebted. All in all, with a good financial tracking system in place, you can manage your money better and be in complete control of your finances.

If you’re looking for budgeting software, try out Chango today! Get in touch with us to see how we can help you manage your finances.

Financial Literacy

All You Need to Know About Financial Literacy – A Quick Guide

We all want to have more money in our pockets, but the truth is that those dollar bills aren’t going to appear out of thin air. The ability to generate money and put it to good use arises from the understanding of its value and how to manage it. It isn’t uncommon to see Hollywood stars and professional athletes make hundreds and millions of dollars throughout their careers, only to lose it all and have to start over again. This is a problem that can and will happen to you if you aren’t “financially literate.” In this article, we’ll talk about why it’s imperative for people to understand the concept of financial literacy and how you can use these financial skills to manage your own money.

What is Financial Literacy?

In short, financial literacy is an understanding of the mechanism of money and the economy. The concept covers every element of how money flows within the market and how it comes back to you. Everything that you consider to be a financial decision is a part of this idea, including revenue generation, investments, and return on investment.

What does it mean to be Financially Literate?

If you can see the short and long-term effects of your financial investments, as well as how it’s going to affect your other ventures, chances are that you have some understanding of the idea of financial literacy. One of the most important parts of being financially literate is being able to distinguish between a profitable and a poor investment. To do that, you have to know the extent to which your actions can impact your finances years from now.

Being good with your money is an integral part of being a successful entrepreneur. After all, business owners need to know what they have to do to generate the most revenue with the resources they have. You may think that the majority of investors and entrepreneurs must be good at this, but you’ll be surprised to know that many of them actually aren’t that wise with their money. They make poor investment decisions while they don’t have the capital to fund the process to ensure long-term success, which leads to their investments being in deficits. This is what you need to actively avoid to ensure that you don’t run into those problems in the future.

Who Can Benefit from Financial Literacy?

Being financially literate is beneficial for everyone, even if they aren’t an entrepreneur or an investor. Even if you’re just a full-time office worker with no additional income, you can still benefit from this idea. You can plan your investments in stocks, real estate, and other markets while setting your money aside as your retirement fund. This is the most rudimentary form of how the idea can be put into practice, so if you think that it’s not something that you can do, you may want to reconsider your position.

How Can Financial Literacy Help to Improve my Life?

First of all, financial literacy will help you gain control over your budget. This allows you access to money when you need it, as you will have already made provisions for all the expenses in your life. Secondly, you won’t miss any good opportunities when they come along, as you will have spared some money on the side to fund those ventures. Proper money management will make it so that you’re not as dependent on loans and other sources of income. That being said, learning the theory isn’t enough. It’s vital that you are consistent and disciplined with how you handle your money. 

This is why financial wellness & literacy is crucial to the success of your business & employees, get in touch today to see how we can help.

Benefits of Tracking Expenses

4 Benefits of Tracking Your Expenses

If you ever find yourself burning a hole in your pocket by the end of the month, tracking your expenses is the first step to understanding how you can stay on top of your money, especially when you’re living from paycheck to paycheck. It is a highly efficient and beneficial way to improve your money management skills and keep you accountable to your financial obligations.

In addition to making sure you have enough to cover your monthly needs, you’ll gain invaluable insight on where your cash is flowing down to the smallest dime. It doesn’t take a math genius to figure this out, nor do you have to be a penny-pincher to make it work. Here are some benefits you’ll get to enjoy along the way:

1. You’ll gain awareness on your spending habits

Tracking your money is a great way of unveiling your priorities when spending and help highlight some areas of unmet needs. Some are more obvious than others — your electricity and utility bills, for example, may be at the top of your list. There are, however, small dimes thrown away to smaller expenses in between, such as your daily commuting budget, grocery bills, or lunches spent with your officemates. To that end, many areas of your budget will fluctuate weekly and monthly. Keeping receipts is no longer enough for you to stay on top of your budget, especially in this age where one-click purchasing and automatic billing makes mindless spending habits easier to develop. Fortunately, there are money-saving apps available that can help you keep track of where every penny goes, making the process of watching over your budget a quick and easy ordeal.

2. You’ll be more aware of any fraud or unknown charges

If you’re not keeping an eye out for your money, chances are you’re not taking a look at the happenings in your bank accounts or credit card statements. In that regard, fraudulent spending may be charged to your cards without you even being aware of it. This is a serious problem to have. It is also something painful to solve as hard-earned cash may be stolen, leading to a major setback in your budget. That’s why staying on track with where your money is and what’s happening with it is important as any emergencies or unexpected charges can be dealt with quickly and painlessly.

3. You’ll be motivated to cut back on some areas in your expenses

Some spending is non-negotiable. You need to allocate an allowance for food, bills, and a portion dedicated to savings for future emergencies. However, as you compare your spending habits to the available budget you have at hand, you may find some areas that you can trim down. Whether it be that extra order of dessert or the excess money generated by your habit of leaving the lights on or faucet dripping when you leave a room, having oversight over your money will help you analyze the aspect in your daily routine that you can cut back. The extra cash you have may seem small in comparison, but it can leave a positive impact on your wallet in the long run.

4. You’ll have more room to breathe and less room for anxiety

Many people have come to accept money as a stressful part of living. In between trying to make ends meet, there’s little room to breathe, let alone have enough to live a comfortable life without worrying about how you can get your daily expenses in order by the end of the month. Some struggle with saving up as it means sacrificing certain things in your present life for your future financial security and even that remains uncertain. This just emphasizes the importance of taking control of your own spending as it encourages you to face your financial problems head-on and come up with actionable solutions to secure your financial goals.

If you’re looking for expense tracking software, try out Chango today! Get in touch with us to see how we can help you manage your finances.

Ways to earn from home

Ways to earn from home

Everyone seems to work from home these days. I mean, it’s quite reasonable and desirable of course. You wouldn’t have to pay transportation costs, or eating out costs. Also, you can work in your pj’s or yoga pants. With your cat sleeping in the corner.

work from home

So I’ve made a list of jobs or not-exactly-jobs which can help you make extra money on the side. That is if you already have another job.

Ideas to make money from home

Some of the most common ideas to make money from home are listed below. In fact, these ideas are so often mentioned, that you sometimes be like “here we go again”.

But they are great ideas nevertheless!

1. Start a blog

Starting a blog is easier said than done. You need to regularly maintain it and keep improving at the same time. Also, starting a blog requires investment in the form of time and what-do-i-write-about blocks.

Howeverm starting, maintaining and improving in your blog is actually a really great way to earn some extra money on the side. It’ll take time, effort and energy (I’d say about a year at least). As you start getting more viewers and loyal readers, you’ll find out that you can earn hundreds and maybe even thousands of dollars!

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2. Virtual assistant

Virtual assistant platforms like Zirtual is exactly what you would do if you were a personal assistant to a person. Only thing is that you get to choose which times you will work.

The tasks aren’t that tough too. People who need a virtual assistant are those who lead an extremely busy lifestyle and cannot do simple, easy, repetitive tasks (such as booking tickets or clearing their inboxes).

ideas to make moey from home - virtual assistant

BUT, are willing to pay people to do it.

3. Maintain a fan page

Okay, so this is a slightly different idea to earn from home. You have to maintain a legitimate business’s page and engage meaningfully with their followers.

You have to like and comment on their posts, reply to their comments and keep a eye on spammy content.

ideas to make money from home - social media job

If you think this could be a job for you, go ahead!

4. Baby sitter

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It’s self explanatory. Many working parents want to hire a baby sitter so that there is constant attention on what the baby does, and is extremely cost effective if they have several kids. The best part about this job is that you can choose your own working hours.

Real ways to make money from home

Those were just some ideas for you to get started. However, if you want to start earn extra immediately (or as soon as possible), you can take a look at these real ways to make money from home.

1. Sell on Amazon

If you make a product (like handbags or stuffed toys), you can sell them on Amazon. With Amazon, you get a huge huge reach and people wanting to buy your product, will buy it.

real ways to make money from home - sell on amazon

However, there are some tricks to keep in mind. Always choose the “Fulfilled By Amazon” option so that no matter where your customers are in this world, Amazon will take care of the delivery costs. You just have to ship it to their warehouse.

OR you can work for Amazon Prime. It’s still Amazon, but as you know, Prime has the same day delivery option. You get a pay of $18-25/hr, and frankly speaking, that’s not bad.

2. Freelance writing career

Notice that I said career, not side income. Freelancing can be extremely helpful for people who have skills, but are maybe lacking the market. When you start freelancing, you have complete control of who you work for, how much you earn and when you work for them.

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Also, the writing industry is an extremely lucrative industry. People are always in the look out for more people to write their blogs, their essays, their resumes, their novels and even, proofread them. And proofreading, mind you, is a skill which only a few among all writers can do.

3. Airnbnb host

This particular passive income requires you to own a house, and if you do, you can rent a couple of your rooms.

real ways to make money from home - airbnb

Unlike completely leaving the house to their care (which you probably would if you were putting the whole house on rent and have no control on what happens inside), you set the rules here.

You can earn a healthy amount of at least a thousand dollars, depending on your locality and area of space you are renting out. The bonus which comes out of being a host is that you learn personal development skills like customer service, managing invoices and even marketing, which are stepping stones to grow your business.

4. Take online surveys

Taking part in surveys which everyone must do at least once in your life. It gives you easy, quick money for things which you basically do everyday on the net.

real ways to earn money from home - surveys

I have written another blog post about how you can get paid for watching ads, videos or even giving your honest opinion on how a website looks like – click here to know more.

5. Declutter

The very motive of decluttering is to make sure that the things which are overflowing from your closet or bed bunkers can be converted to cash by selling it.

real ways to earn money from home - declutter

That’s just the financial benefit.

The emotional benefit is that you have less things to take care of, wash, maintain or love. Meaning more time to yourself. I’d say that as a win-win situation.

Creative ways to make money

Now, the following methods to earn money are related to how passionate you are about your side hustles, because some of these creative ways of making money are quite demanding on the brain.

Long story short – embark on these creative ways only if you have a passion for it, and also if you are willing to go to any end to give the best end result to your client/customer.

1. Teach English

Teaching English is not something everybody can do. People in the English speaking countries tend to take it very lightly (since they were born and brought up in that language).

But for non-English speaking countries or demographics, like Chinese or Spanish students, having English teachers is of great demand.

creative ways to make money from home - teaching english online

The advantages of teaching English online, from home are extremely flexible working hours and having an above average pay scale hourly. Think $18-$22 per hour on an average. Some great platforms for online English teaching are VIPKID, iTutorGroup, MagicEars and Hujiyang. 

2. Cooking instructor

If you think you are a great cook, and your kids’s friends eat most of your lunches than thier own, then you have both a problem and a solution. The problem? You need to pay attention on how much your kid eats and if they stay  satiated and healthy or not.

The solution? Teach your neighborhood how to cook. Make your kids market your cooking skills in the luncheon hour and the hungry moms will want to learn fro you.

creative ways to make money from home - cooking

As you grow your business, you can start a blog (surprise, surprise) and become a food blogger. Or make cooking tutorials. There’s just one catch – you need to have a passion for cooking, and without it, this idea is a complete fail.

3. Fix Google's mistakes

See. Google may be the mother of all answers to your questions, but sometimes, it’s quite not as saintly as it appears. I what I mean to say is, even Google algorithms are on the constant motion of improvement and learning, but they need human beings to go through the search results and tell whats wrong, irrelevant, and outright disastrous.

creative ways to earn money from home - fixing google's mistakes

It’s a creative thing, being a search engine evaluator and helping Google, but you have to sign a non-disclosure agreement (which is fair enough, to be honest). You can find such jobs on Appen (formerly known as Leapforce).

4. Graphic designer

Being a graphic designer requires you to have working and good knowledge of Photoshop, Illustrator and visualization skills. If you a college degree in fine arts, that’s an added bonus that’s gonna really really give you a facelift from the rest of the crowd.

creative ways to earn money from home - graphic designer

Besides, graphic designers are really needed and are always in demand in the market. So if you have the skills, make people pay for it (quite literally).

5. SEM/SMM

This one requires real skills of digital marketing and knowing which ad performs will perform fine and how to make it even better. Running Google Ads and interpreting the outcome comes from experience and solid analytical skills.

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Social media is fast evolving and if you know how to make the social media followers tick and click on ads and posts like crazy, then you can be hired as a very valuable Social media marketer! And yes, you don’t have to go anywhere : you can work from home!

Conclusion

So! Had fun going through the ideas? I bet you did.

So tell me, which ideas did you like best? I personally loved the idea of making a career as a freelance writer, because I, for a fact know that you can get paid for just writing banger resumes and cover letters! Oh I have got skills in that!!

Do share me your favorite ones!!