Are you meeting your financial obligations? Are you saving for life events? Do you feel financially prepared for the future? The answers to these questions make up your ‘financial well-being,’ a term becoming increasingly important as we make (or don’t make) the choices that can empower our financial state. Most know that the practice of financial well-being is important, but how can we make sure we’re doing it correctly?
The financial well-being of our Associates matters to Macy’s, Inc. Inspiring optimum energy and wellbeing at work improves quality of life for you, for your family, and for your community. “Macy’s, Inc. wants every Associate to feel empowered to make better financial decisions, both with our company-sponsored benefits and also outside of the workplace,” said Kevin Theissen, VP, Financial Benefits and Wellbeing at Macy’s. “The mission of our team is to empower Macy’s Associates to make better decisions with their money. Macy’s, Inc. offers wonderful financial benefits to help with Associates’ financial well-being, both now and in the future And it’s important to help with the financial stability of our Associates, because it will help them to be more productive in life.”
Theissen shared the following advice about financial well-being, including the 401(k), with Coast to Coast.
Budgeting will enable you to have more freedom to spend in the long term – whether that means saving for retirement, getting out of debt, or having a stash of money ready to meet an unexpected emergency. Create a realistic budget for you and stick to the plan. Remember, the purpose of a budget isn’t to put you into handcuffs, but rather to redirect your spending on the most important priorities of your life.
Life can throw us curveballs, such as injuries, illnesses, or natural disasters. Having an emergency savings fund takes away financial pressure from a stressful situation. Prioritize saving. Start small and save what, when, and how you can. Make it automatic by creating regular transfers to your savings. Create mini-goals over time, which will lead to much bigger savings.
Investing in a 401(k) plan is essential to providing for a successful retirement. It’s never too early or too late to start investing in a 401(k) plan, and the sooner you start saving, the sooner you can take advantage of the compound growth. Contribute at least enough to meet the company match – that’s free money for you!