Assistance with Life, Work, Family, and Wellbeing

Assistance with Life, Work, Family, and Wellbeing

Time to Quit?

Quitting smoking has lots of benefits — to your health, your finances, and even your relationships with others. If you are ready to take your first steps toward becoming smoke free, consider these tips:

• Find your motivation. Figure out why this is the right time for you to quit (or to try quitting again). Is it because of your health, the nuisance of having to find a place to smoke, or the impact smoking is having on your family or finances? Whatever your reason, make sure you are clear about it so you can plan ways to stay motivated when you’re hit with a craving.

• Pick a quit date. Many people choose the Great American Smokeout (November 16, 2017) as the day to quit tobacco. However, you may prefer a different date that fits better with your upcoming schedule. Mark this date on your calendar and think about what preparations will help make it a success.

• Consult with your physician. Your doctor may recommend a nicotine replacement therapy to help you cope with cravings and gradually wean you from the physical addiction to tobacco. In addition, he or she can explain the impact quitting smoking is likely to have on any current health conditions.

• Seek support. Consider participating in a smoking cessation program. These programs can help you deal with both the emotional and the physical impact of quitting smoking.

• Don’t give up! Whether you’ve been smoking for years or just started, quitting is worth the trouble. Stopping smoking will improve your heart rate and blood pressure almost immediately, and many other effects of tobacco will begin to fade within months. Becoming smoke free will also decrease your risk of heart disease and cancer and improve many chronic health conditions.

LifeMatters can provide assistance with quitting smoking and staying smoke free. Help is available 24/7/365.

The above information is for educational purposes only and is not intended to take the place of medical advice.

Conversations About the Future

Having a conversation about the future with an elderly parent or loved one may be difficult. However, it’s important for your entire family to be clear about an elder’s wishes regarding caregiving needs and in the event of a catastrophic illness. Some of the topics you may want to cover include:

• Finances. A thorough understanding of financial issues will help your family make good decisions. Questions to ask:

- Is there a complete list of your parents’ financial accounts, including passwords?

- Do your parents have a financial power of attorney?

- What is your parents’ income, and how much debt do they have?

• Care options. Discussing what to do if your parents can no longer live on their own will help you anticipate future challenges. Questions to ask:

- What type of care (in-home, assisted living, etc.) would your parents prefer?

- Can the family cover costs?

- Is long-term care insurance a good option? If so, what kind should your parents buy?

• Assigning responsibilities. It’s important to determine what role each family member will play in caring for parents. Questions to ask:

- Who will take point in day-to-day caregiving? What support can other siblings contribute?

- Who will be each parent’s designated health care proxy? Is there a legal document on file?

- What options are available for backup or respite care?

• End-of-life wishes. All adult family members need to know about a loved one’s wishes should a health care crisis occur. Questions to ask:

- What does each parent want in a health care crisis situation?

- Does each parent have a living will?

- At what point would hospice care be the best choice for a parent?

• Following death. Knowing your parents’ wishes may help you make decisions after they pass away. Questions to ask:

- Do your parents want to be buried or cremated? Do they have a plot chosen or specific wishes for disposal of their remains?

- Have your parents pre-paid for their funerals? Do they have a funeral fund set aside and, if so, where is it?

- Do your parents have life insurance policies? Who is the designated beneficiary?

- Do you have a copy of each parent’s will and the name of his or her attorney?

LifeMatters can assist with addressing the practical and emotional impact of providing care for a parent and help you cope with end-of-life issues. Call 24/7/365.

Source: LexisNexis Martindale-Hubbell and Balance

Dollars & Sense:

Money Emergency Tips

If you’ve received a big bill that is threatening to blow up your budget, you’re probably feeling stressed about what to do next. Don’t let these feelings paralyze you — instead, take a deep breath and tackle your problem head on. These options may help:

• Find immediate ways to save. Look for ways to free up cash fast. If you don’t already have a budget, review your checking account statement and daily spending habits and look for ways to decrease expenses. Easy things to cut include eating out, subscriptions to magazines or streaming services, and little luxuries like a daily stop at the coffee shop. Consider making some of these changes permanent so that you have more money to put toward savings in the future.

• Use credit wisely. If you don’t have enough cash to cover an unexpected bill via checking or savings, using a credit card or personal loan may be your only option. However, it’s important to make a plan for paying off that debt as soon as possible. If you have more than one credit card, use the one with the lowest interest rate or consider taking advantage of a special low-rate offer (if one is available). Then, do your best to pay off the card before the rate goes up.

• Don’t risk key assets. Taking out a home equity or car title loan or borrowing from your 401(k) could create more problems than it solves. Avoid risking your home, transportation, or retirement savings for what is likely a short-term situation.

• Be smart about borrowing from loved ones. If a friend or family member offers to make a personal loan, be respectful of the risk he or she is taking. Create a written agreement that specifies how much you are borrowing, how often payments are due, and by what date the loan will be repaid in full.

• Seek guidance. The LifeMatters Financial Consultation Service can suggest ways to address your money concerns. In addition, LifeMatters can provide helpful tips on how to avoid emergency situations in the future.

The LifeMatters Financial Consultation Service can help you:

• Review your financial fitness

• Design a budget

• Look at options for getting out of debt

Assistance is available 24/7/365.

Source: Balance

Starting Out: Making Smart Money Choices

If you are early in your career or moving out on your own for the first time, it may be difficult to decide how you should prioritize your finances. Paying for housing and other monthly expenses comes first — but what should you do with the cash that’s left over at the end of the month?

The reality is that there is no “one size fits all” plan for establishing a good financial foundation. However, asking yourself some key questions could help you figure out which financial goals should be a priority. Should you:

• Buy a house? If you intend to stay in one place or are raising a family, saving for your first home makes sense. If you’d rather have the freedom to move on short notice should a new job opportunity or change in your personal life occur, then it may be smarter for you to continue renting and put your money toward another goal. Don’t wait too long — it may take a few years to pull together a down payment on a house.

• Pay off your student loans early? The interest rate on student loans is often low (usually below five percent), so it may make more sense for you to focus on paying down other debt or setting aside money in savings. However, if your loans are at a higher interest rate, you may want to look for ways to pay them off sooner.

• Open a retirement account? Retirement may seem very far away, but the more you save now, the less stress you’ll feel when you near the end of your career. In addition, many retirement accounts, such as a 401(k), are deducted from pre-tax income — so putting a percentage of your income in a retirement account may actually save you money because you’ll pay less in taxes at the end of the year. If your employer offers matching funds, try to set aside the percentage that maximizes your match. It’s free money for your future!

When you’re just starting out, it’s important to remember that even small amounts of money can pay big dividends over time. Being smart about money now will pave the way for a more secure future.

For help with budgeting or setting up a future financial plan, contact LifeMatters. Help is available 24/7/365.

Source: Balance

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