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Money Management International Improving Lives Through Financial Education
SUCESS NewsletterFinancial Education Newsletter
 
American workers are feeling stressed

MMI Copywriter

By Kim McGrigg, MMI Community Manager

In addition to personal financial stress caused by the recession, many American workers are also bearing the burden of their employer's financial problems.

According to a study by The Hartford Group Benefits, 37% of consumers said they feel they have experienced ‘severe’ financial impact due to the recession.  To add to the pressure, consumers are also expected to work harder and longer.  The Harford Group study found that:

  • 24% have additional work or an increased workload;
  • 17% feel as though they need to put in more hours at work; and 
  • the majority (72%) feel moderately stressed with one-third feeling very or extremely stressed at work.

And speaking of working more, according to the U.S. Census Bureau, 7.6 million Americans have more than one job. Of these, 4 million work full time at their primary job and part time at their other job.

Unfortunately, working longer and harder isn't necessarily beneficial to employees or their employers.  When asked how stress is impacting their work environment, employees’ top answers were:

  • having less patience with coworkers (38%); and
  • taking longer to complete work (19%).

If you are facing financial and work-related pressure, check out these stress-handling tips.  You might also enjoy reading:

Debt repayment can improve your health

Financial problems put workers' health at risk

Employees are stressed by retirement planning and debt

 

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Parents' new toolbox for raising financially successful kids

Now is the time to prepare your kids for financially successful futures. Visit MMI's new Youth and Money section and find the resources you need to teach your young ones to be good money managers.


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The goal of our highly trained professionals is to arm you with the knowledge necessary to take control of your financial situation. Our online seminars stress the development of skills that can assure long-term success. You will gain the peace of mind that comes from improved spending habits, increased savings, and the wise use of credit. Take the first step toward financial wellness by enrolling in a Web seminar today!

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How to wean your teen off an allowance

 

Children grow-up so quickly. Before you know it, the day will come when you must allow your child to assert his financial independence and take him off an allowance.

A common age to do this is 16, when many kids get their first paying job. However, age is only one factor to consider. It’s important to remember children mature at different ages. So the question of when to take your child off an allowance should be based on his readiness to effectively earn and manage his own finances.

When your child is ready, consider the following tips on how to effectively take him off an allowance.

Provide tools and resources for financial success. Teach your child the fundamentals of budgeting and show him how to manage household finances. Allow him to control some funds so he can learn how to set priorities and understand the difference between wants and needs. As he gets older, allow him to pay for some of his own expenses, such as buying school clothes.

Hold a family meeting. Make sure all family members are aware of what’s going on and explain the reason for the change. It’s important that both parents are on the same page about how, when, and why to take your child off an allowance. Also, give your child an opportunity to ask questions and provide feedback.

Offer a severance package. Before taking your child off an allowance, make sure he is financial prepared for the road ahead. Make sure he has plenty of notice and clearly understands when the allowance will end. You might also consider giving your child two to three months’ worth of allowance to help get him started.

Expect your child to face challenges. Resist the urge to step in and help your child when he faces minor financial challenges. These are growing pains that most kids face and it produces valuable rewards when he learns to handle mistakes on his own.

Taking your child off an allowance can be intimidating as he will have to learn to live without financial support from you. With the right guidance and financial confidence, your child can learn to earn and manage money on his own. Visit MoneyBunny.com or the Youth and Money section of MoneyManagement.org for more parenting resources on teaching your kids good money management skills.

 


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Update your account balances online. When you receive your monthly statement from your creditors, login to your MMI account and update your balances. It is important that we have the most accurate balance information possible on file. 

If you would like more information about signing up for a Debt Management Plan through Money Management International, visit MoneyManagement.org.


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About Money Management International

Money Management International (MMI) is a nonprofit, full-service credit counseling agency, providing confidential financial guidance, financial education, counseling, and debt management assistance to consumers since 1958. MMI helps consumers trim their expenses, develop a spending plan, and repay debts. Counseling is available by appointment in branch offices and 24 hours a day, 7 days a week by telephone and Internet. Services are available in English or Spanish. To learn more, call
866.530.9869 or visit MoneyManagement.org.


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