Talk about emergency savings

Have you discussed emergency savings with staff?  Do you and/or they understand how important it is to have some money set aside for unknown expenses?  Does it seem impossible for you or your employees to identify “extra” money these days to use for that purpose?

It would be nice if we could budget our expenses without having to worry about unexpected needs, like car or house repairs, illness, etc.  Unfortunately, we don’t have crystal balls that tell us when we’re going to need the extra money, so it’s best to set aside emergency savings for that purpose whenever possible. 

Although it sounds easy, many of us don’t have extra money that can easily be put aside to be used for emergencies.

There are ways to make savings more of a priority, even if it’s a little painful.  Most of us do have “extras” in our lives, even if they’re only a few dollars a week.  Giving employees the option to split their paycheck is probably the easiest way to put money aside.  Those dollars can add up over time and alleviate some of the stress our staff feel when emergencies arise.

Worrying about money causes stress, which affects productivity and well-being, so doing what we can to help might make a difference in our employees’ lives.

If possible, consider setting up emergency savings accounts for your staff and making some small contribution to get them started.  Even $25-50 at least gets the accounts going.  And, if your payroll allows, talk about employee’s ability to put aside even $10/$15 per check to go into the account.

Financial education also helps.  While some schools have started providing budget and investment information, a lot of individuals never get those lessons, making their lives more difficult.  Bring in a financial advisor or someone to talk about setting and maintaining budgets or the different types of savings available to help staff learn of various options.

Providing support that may alleviate some financial stress can improve employees’ quality of life. Let’s do what we can to provide tools that our staff can utilize to be more financially secure.

#finance #budgets #emergencysavings #positivity #management #hrconsultant

Emergencies can happen any time, any where. The financial stress involved can make matters worse.