Managing Money Matters: Take Steps Toward Financial Success

Sam* eagerly awaits pay day! The arrival of his paycheck provides a moment of relief, it feels like he can breathe again.

Sam mostly makes good choices, responsibly pays his bills and covers necessities but also spends a little extra on meals he enjoys and spends a little more on impulsive purchases. This time of contentment is short-lived. Within days, Sam notices that his funds are dwindling down faster than expected and begins to anxiously awake his next paycheck. He finds himself using credits cards to get by until pay day. Sam’s experience is common for most Americans. More than half of Americans report living paycheck to paycheck. Few live comfortably throughout the month. What is happening? 

Our relationship with money impacts almost every aspect of our lives. Not only do we need money to meet our basic survival needs such as food, water, and shelter, money is necessary for fun and relaxation. Even the quality and quantity of these things are affected by money. Many Americans believe that having lots of money is the key to financial success. What is even more important than the amount of money you have is how the money you have is managed. 

Money management refers to the practice of understanding income and spending as well as making informed decisions about both long-term and short-term financial goals. Money management is the key to financial success!  

What can you do to protect your financial future?  

1. Track Income and Spending
The first step to money management is information. Monitor what funds you have coming in and what expenses must be covered. We cannot know where we are going financially if we don’t know where we are. This first step makes that possible. 

2. Develop a Clear Plan for Your Money
Develop goals for debt relief, savings, and income. Hoping you will just have enough is the fastest way for just the opposite to be true. Without a plan, money will seem to disappear.  

3. Learn the Difference Between Wants and Needs
Knowing the difference between wants and needs can be difficult because we live in a culture of abundance where the lines get blurry. It can feel necessary to have a 60-inch flat screen TV when it is in fact a want. Even our basic needs can turn into wants if we are not careful. For example, we may need shelter, but we may want a high-rise condo with a doorman even if it is not financially feasible at this point in our lives. We all need food but may want to eat out at expensive restaurants. Prioritize needs to avoid overspending. 

4. Seek Financial Services and Education 
There is little to no education about money management in this country even though it is incredibly important. It is not surprising that many Americans struggle in this area. Reaching out for help can transform your finances as well as the financial future of your family. Feeling overwhelmed by this process is normal. The Care Coordinators at Union EAP can make this process feel seamless. They will help you find financial services to help with budgeting, debt management, bankruptcy prevention, and even credit issues.  

Money management isn't just about numbers — it's about building a life of stability, opportunity and peace of mind. By tracking spending, creating a financial plan, and seeking help, you can improve your long-term financial future. It’s not about perfection, it's about progress, and small steps go a long way.  

At Union EAP, we're here to walk with you on this journey. Whether you're just starting out or looking to refine your financial strategies, our Care Coordinators are here to connect you with the right resources. Don't wait for the perfect moment —make today the day you take charge of your financial future. 

Call us at 855-500-1915 and let Union EAP help you build the financial foundation you deserve. 

*Sam does not refer to an actual person but is a fictional character that represents the experiences of many.  

Always, 

Dr. Calvina Ellerbe 

Members Matter