Back in the Black: Money Tips to Start Your Year Off Right

Stressing out about money can be bad for your health, causing you to feel anxious or depressed, and in turn inspiring risky behaviors like drawing off your retirement account or taking out costly loans, according to a recent report. Wouldn’t it be nice to reduce the pressure? These surprisingly simple strategies can make a big difference in both your outlook and your bottom line.

Talk about it. Everyone slips up financially every now and then. Sharing your situation with people who are close to you will relieve your worry and remind you you’re not alone. Experts say talking about financial challenges can make you feel better — and may prevent you from making decisions you’ll regret later.

Start an emergency fund. Putting money aside — even a small amount — can help you recover more quickly when unexpected expenses arise. If you tend to be short on cash, start your emergency fund by saving your tax refund or using those holiday gift cards to pay for needed items. If you’re paid via direct deposit, why not put a portion of your paycheck into savings (retirement or otherwise)? It’s a smart and nearly painless way to get started. You can also contribute to your tax-free health savings account (HSA) to cover unexpected medical expenses.

Adjust your payments. Really feeling the pinch? Experts at mint.com suggest several ways to improve your cashflow: updating your tax withholding,* lowering student loan payments and reducing credit card interest rates. Sometimes just one call is all it takes! If you’d like help across the board, consider using a consumer credit counseling agency. Our Employee Assistance Program (Perspectives) can connect you with options near you. To learn more, visit (perspectivesltd.com → INDIVIDUAL & FAMILY LOGIN → Username | THG500 → Password | perspectives → LOGIN) or call 1-800-456-6327.

*Change your payroll tax withholding at Employee Self-Service → Payroll tile → Tax Withholding tile → select Federal or State and follow instructions for downloading and submitting an updated form to HR Shared Services. Milestone employees may update payroll tax withholding at ViewPoint Employee Self-Service or by sending a pdf copy of your updated Form W-4 to HR@milestonelp.com; Pavement Maintenance and Protack employees may send a pdf copy of your updated Form W-4 to HRSS@thgrp.com.