How to improve your financial well-being like a superhero
Published by: LifeWorks,
A villain lurks within your office walls.
You probably pass it in the hallways on a daily basis without noticing. It takes on the disguise of a stiff nod or a nervous smile, and can come in many forms.
It goes by the name of financial stress, and it harbors itself in most of your workforce. Public Policy Polling’s survey from February 2016 found that roughly 90 percent of 500 Americans surveyed said they are worried about their or their family’s finances, and almost 70 percent of workers said they’ve had to deal with financial issues while at work.
This criminal is not only disrupting workplace productivity; it’s hurting your employees’ health. Your office needs a savior. A protector.
You need a superhero.
Who is more equipped to fight a villain like poor financial well-being than some of our favorite superheroes?
Let’s take a look at how your employees can achieve financial well-being by following these money management tips we learned from the coolest caped crusaders around:
Cameron graduated a few years ago with his BA in business administration. After proving himself in his internship, you happily offered him a full-time role as a customer service representative. He was a rising star.
Then, as time went on, his performance plateaued and eventually fell below expectations. During his recent evaluation, he mentioned that he was among the nearly 70 percent of American workers trying to deal with financial issues at work.
His biggest problem? The pile of student loans he wasn’t able to make a dent in.
This struggle he faced heightened his anxiety, and he was considering medical treatment for his depression.
According to a University of Southampton study published in the Community Health Journal, mental health conditions such as depression, anxiety, and drug and alcohol dependency have been linked to experiencing financial issues, like worrying about student loan payments.
Of course, mental health in the workplace is a serious topic and must be handled in a sensitive, proactive manner. One way to potentially minimize the stress and anxiety employees like Cameron feel is by setting goals to get their financial well-being back on track.
To get them motivated, look no further than Bruce Wayne. After he witnessed the murder of his parents, he swore to protect and serve justice for Gotham City. He trained himself physically and invested in building a crime fighter persona known as Batman.
Notice his first step — setting an intention. In Cameron’s case, he can motivate himself with the intention of managing his student loans and other existing debt.
Next, Bruce Wayne didn’t just jump into street fights and infiltrate criminal underworlds. He planned and systematically prepared for his service. To battle a mountain of debt, employees need to prioritize what debts to pay down first, then plan expenses with a monthly budget, and stay consistent and diligent about healthier spending habits.
Spider-Man swings and leaps between skyscrapers as he scours the city and chases criminals. The main reason he avoids severe injury and death is that he’s always thinking ahead about where to aim his web next.
Both Spider-Man and employees, alike, want to avoid falling flat on their faces. Employees need to be just as forward-thinking with their financial obligations as Spider-Man is with his coordinated swings.
Unexpected expenses, like medical emergencies, gifts, car maintenance, and home repairs, can strike at any moment. Employees should create an emergency fund to prepare for the worst. To estimate the potential for unexpected expenses, employees need to review their expenses from the last year to see what surprises came up in their recent past. Then, they can tally up the amounts they paid, divide them by the number of paychecks they get in a year, and plan to save that amount every payday in a separate account.
Identifying Your Kryptonite
From Lex Luthor to General Zod, Superman has defeated a lot of foes. His powers are hard to rival, but like all of us, he does have a weakness. He is vulnerable to the green mineral kryptonite.
When you understand what your weaknesses are, you can make better decisions. Employees need to know what their weaknesses are that are hurting their financial well-being.
For many, the most common mistake they make with managing their money is lifestyle inflation. For example, people who earn more income as years go on will improve their lifestyle accordingly. They’ll purchase bigger cars, go out to eat at more expensive restaurants, and wear nicer clothes.
However, for the sake of their financial well-being, employees need to learn how to resist this urge. By avoiding overspending, people save more to achieve their big financial goals, like buying a house, retiring at 65 years old, or saving for college for children. In other words, encourage your employees to find their kryptonite and do anything they can to avoid it.
These superheroes are life-savers, and so are these tips for improving the financial well-being of your employees.
What are some other superheroes tips that can teach us about money management and financial well-being? Share in the comments below.