Month: February 2024

Get help

Post author By Laerta Premto
Post date February 8, 2024

GET HELP

APRIL 2024

When your financial situation feels hopeless

In the classic Christmas movie It’s a Wonderful Life, George Bailey falls into despair after experiencing a financial catastrophe. He feels like his only way out is to take his own life. Sadly, this isn’t something that just happens in movies. People experiencing financial hardship are 20 times more likely to attempt suicide than those who don’t experience financial hardship.¹

While Clarence, the angel who rescues George, is fictional, there is real-life help for people struggling with financial stress. Your Costco benefits are always there with free coaching, free counseling and in-the-moment mental health support to help you carve out a path to financial stability.

Looking for more? Find other articles below

Money worries are a common problem

In a recent Bankrate survey, 52% of adults said that money has a negative impact on their mental health at least occasionally. Among those impacted by money worries, almost one-third worry every single day.

A big part of those worries is debt. Life has become increasingly hard to afford, leading the average American to be over $52,000 in debt.² Economic factors, student loans and increasing costs for housing, childcare, and even day-to-day expenses may set people up to spend more than they earn. These elements can combine to leave people fearing that they’ll never be able to pay off their debts.

Help is here

If you’re having financial challenges, you’re not alone in your struggle. There is help and hope. The best thing to do is take a two-tiered approach. Get help to address both the financial stressors and the impact these stressors have on your mental health.

Seek emotional health counseling

If you feel like you’re facing a financial crisis, working with a trained mental health clinician can help you learn ways to reduce those overwhelming thoughts. Resources For Living (RFL), your Employee Assistance Program, offers six free counseling sessions you can use to help with anxiety about your financial situation and discover coping strategies to regain hope and control.

You can also take advantage of RFL’s free financial resources, including 30-minute consultations on topics such as:

Credit and debt
Financial planning
Tax planning
And more

Reaching out is not a sign of weakness and doesn’t mean you’ve failed as a provider, a parent or a spouse, or failed to live independently. Rather, it means that you’re able to recognize that your financial situation is putting you under stress and that you want to address it.

Seek financial coaching

A financial coach can help you strategize options or solutions going forward. Your coach will work with you to tackle your finances one step at a time. Together, you’ll create a personalized plan to improve your finances and relieve your stress.

You can get free, one-on-one financial coaching with SmartDollar^®. During your video calls, your coach can help guide you on how to:

Pay off debt faster
Create a personalized money plan
Save for education expenses and retirement
Get on the same page with your partner
Feel more peace of mind

Schedule as many sessions as you’d like. And feel free to keep your camera off during your calls— your comfort and privacy matter.

A risk factor for suicide

While many people are very aware of the negative impact of financial stress, few know that financial hardship is a major risk factor for suicide. Stress over debt or difficulty in making ends meet can increase anxiety, distress and depression levels — all of which can put someone at risk for suicidal thoughts. Mental health conditions can also make it difficult to recover from financial stress. It’s a loop that can be hard to get out of.

If you or someone you know is having suicidal thoughts due to debt stress, money hardships, or any reason, seek emergency help. Call or text the Suicide & Crisis Lifeline at 988 or go to your nearest emergency department. Also call someone you trust – a friend, family member, coworker or clergy person.

¹American Journal of Epidemiology. Financial strain and suicide attempts in a nationally representative sample of US adults.
²Health.com. Financial stress is a leading catalyst for suicide — here’s how you can find help.

Sources:
Ramsey Solutions. Average American debt.
Bankrate. 7 ways to manage financial stress during trying times.
Forbes. The silent strain: How debt takes a toll on mental health

Getting yourself to a place of financial peace takes patience, persistence and a lot of support. The following resources can be essential in helping you get there.

Tags Benefits, emotional-well-being

Articles

Take action

Post author By Laerta Premto
Post date February 8, 2024

TAKE ACTION

APRIL 2024

Savings dos and don’ts

Saving money not only feels good, it also gives you more control and opportunities throughout your life. With savings in the bank, you can more easily meet life goals, such as taking a big vacation, upgrading your home, or funding a child’s education.

And here’s the good news: Saving money is not as hard as it may seem. With some thought, planning and a little discipline, you can make small changes that can make a big difference.

Check out the ideas below for inspiration. And don’t forget to use your Costco benefits to help you reach your savings goals.

Looking for more? Find other articles below

Do automate your savings.

By setting up monthly automatic transfers from your checking account to your savings account, your money will build without any extra work on your part. Even if it’s just $25 a month, it will add up fast. Consider naming your savings account or accounts to match your savings dreams or goals, such as “vacation fund,” “emergency fund” or “down payment.”

Do take advantage of reimbursement accounts.*

Are your children in afterschool care? Do you need a dental crown replaced? Could your elderly parents use some in-home help? You can set aside pretax dollars for these expenses — and save money on taxes — with a reimbursement account administered by Inspira Financial (formerly PayFlex).

Enroll in a Health Care Reimbursement Account (HCRA) and/or a Dependent Care Assistance Plan (DCAP) during Annual Enrollment in November. You can also enroll in DCAP during the year if your childcare needs change.

Do teach your kids how money works.

Kids can and should develop good money habits at an early age. You can help by teaching them the connection between work and money and encouraging them to have short- and long-term savings goals. Younger children can watch their savings grow in a clear savings jar. Tweens and teens can be given more responsibility by using a banking app on their phone to follow their savings progress or make transfers from checking to savings.

Do start small.

It’s often easier to save if you start with a short-term goal. For example, committing to saving $20 a month for six months is more attainable than setting a goal to save $300 per month for a year. Once you reach your short-term goal, you’ll have created a habit of saving that can motivate you to keep going.

Don’t forget to monitor your autopay accounts.

Using autopay for gym memberships, streaming subscriptions and other services is a common practice. But this convenient way of paying also has its costs. In a recent survey, 42% of those polled continued to pay for subscriptions they no longer used.¹ If you use autopay, make sure to regularly review what you’ve signed up for so you can cancel services you’re not using.

Don’t put off saving for your retirement.

Even saving a few dollars per paycheck for retirement can help you have a more secure financial future. The younger you start, the better, since you earn interest every year on both the money you save and the interest you earn along the way. For example, the chart below, provided by T. Rowe Price, shows the substantial impact that delaying your retirement contributions for ten years can have on the total amount you have available when you retire.

A bar chart about a person contributing $125/week for 45 years has more than double the retirement savings of a person contributing $125/a week for 35 years. — The chart is for illustrative purposes only and is not meant to represent the performance of any specific investment option. Final account balances are rounded to the nearest thousand. Assumes $125 invested each week in a tax-deferred account and a 7% annual rate of return for a hypothetical investor from age 20 to age 65. All investments involve risk, including possible loss of principal.

Costco’s retirement plan through T. Rowe Price makes it easy to save with automatic enrollment. You can choose a percentage of your pre-tax income to contribute. Costco makes contributions to your retirement plan even if you don’t contribute yourself.

Don’t skimp on preventive care.

Medical and dental conditions have better outcomes — and are less expensive to treat — when detected early. Make sure to get your annual physical exams, dental cleanings, vaccines and recommended screenings. Preventive care is free when you use an in-network provider.

Don’t go it alone.

We all have something to learn about improving how we manage our money. A SmartDollar^® financial coach meets you where you are financially to help you make the changes necessary to reach your savings goals. You can start these free one-on-one sessions at any time and sign up for as many as you want. Spanish-speaking coaches are also available.

*Not available in Puerto Rico.

Sources:
NerdWallet. How to save money now (before you really need it).
Americasaves.org. 54 ways to save money.
Ramsey Solutions. What is a financial coach?
Ramsey Solutions. 15 ways to teach kids about money.

Tags Budgeting, dental-cleanings, financial-well-being, Retirement planning, Savings

Articles

Explore more

Post author By Laerta Premto
Post date February 8, 2024

EXPLORE MORE

APRIL 2024

5 resources to help you navigate life

“In this world, nothing is certain but death and taxes.” – Benjamin Franklin

We’ve probably all heard this quote before. But did you know that your Costco benefits offer financial and legal services to help you with these two events — and many more in between? The following five topics may or may not apply to you, but if they do, make sure to use your benefits programs for support.

Looking for more? Find other articles below

Taxes

Let’s start with something that most Americans have to do — taxes. While it’s likely many of you have already filed your income tax return this year (the filing deadline is always April 15, unless that date falls on a weekend), there may be a few last-minute filers out there who can use a little help.

If you have any questions about your taxes, Resources for Living (RFL), your Employee Assistance Program, offers a free consultation with a tax professional, as well as articles on topics such as common tax errors and tax benefits for education. RFL’s tax team can also prepare your personal income tax return at a discounted rate.

Identity theft

Fraud and identity theft reports have nearly tripled in the last decade.¹ And no one is immune. If you see any of the warning signs, such as bills for items you didn’t buy or debt collection calls for credit cards you didn’t open, the sooner you act, the better.

RFL’s identity theft and fraud resolution program provides free consultations with certified fraud specialists, 24/7. These specialists will work to restore your identity and credit history. You can also access RFL’s identity theft resource center for information and advice on how to protect yourself against identity theft before it happens.

Divorce and family issues

Going through a divorce can be a challenge. If you have property or assets to divide, or if you have kids and need to work out custody and child support arrangements, you’ll probably need legal assistance.

A free 30-minute consultation with an attorney through RFL is a good first step. Then, if necessary, use their online resource center to find an attorney or mediator in your area and get a discount on ongoing legal advice. You can also search the extensive legal library to answer your questions and educate yourself on the legal process.

Wills and estate planning

No one wants to plan for sickness or disability. But planning can make all the difference in an emergency and at the end of life. Being prepared and having important documents completed can give you peace of mind, help ensure your wishes are honored and ease the burden on your loved ones.

RFL offers free tools to create legal documents that outline how your estate and finances will be handled in the future, including a will, a living trust and a power of attorney. Access the RFL Legal Resource Center and register for an account to get started. These documents have detailed, step-by-step instructions and can be accessed at any time. You can also request a free 30-minute consultation with an attorney experienced in estate law to help get you started.

Investing where you work

As a Costco employee, you play a big role in the company’s success. Owning a stake in the company you work for means you can share in the profits you help build. This, in turn, may help grow your savings over time.

Through the Employee Stock Purchase Plan administered by UBS, you can purchase Costco’s common stock through regular payroll deductions. Costco covers the commissions, so there are no additional broker fees. Participation is completely voluntary and open to employees age 18 and older.

¹Federal Trade Commission. Consumer Sentinel Network data book 2022.

Sources:
USA.gov. Identity theft.
National Institute on Aging. Getting your affairs in order checklist: Documents to prepare for the future.

Use the following resources to help support your financial well-being.

Tags financial-well-being, Relationships, Wills and trusts

Articles

Check it out

Post author By Laerta Premto
Post date February 8, 2024

CHECK IT OUT

APRIL 2024

Video: How to improve your credit score

Your credit score is a three-digit number, from 300 to 850, that represents your credit worthiness, or the likelihood you’ll pay your bills on time. The credit score model was created by the Fair Issac Corporation, now known as FICO, and is used by financial institutions. While other credit scoring systems exist, the FICO score is most commonly used.

There are several factors that go into calculating your credit score, including your payment history and the total amount of credit you have. Credit card companies and lenders may consider your credit score when deciding whether to approve you for a new account or what interest rate you qualify for.

Having a good credit score — one that’s over 670 — makes it easier to achieve major milestones, such as renting an apartment, buying a car or getting a mortgage for your first home.

If you haven’t applied for a credit card yet, you can build a good credit score by making on-time payments to your cell phone or utility bill. If your credit score is low or has dropped, you can take steps to raise it, such as applying for a secured credit card that requires a deposit before use, usually starting at $200.

Building and maintaining a good credit score is important — and doable. Check out the simple tips in the video below to help you get started.

Looking for more? Find other articles below

Show transcript

Sources:
Consumer Financial Protection Bureau. How can I improve my credit score?
CNBC. The beginner’s guide to credit scores: How to understand and improve your credit score.

Tags Debt, Financial planning, financial-well-being

Recipes

Healthy recipe

Post author By Laerta Premto
Post date February 8, 2024

HEALTHY RECIPE

APRIL 2024

Ravioli lasagna cups

Frozen ravioli serves as both the pasta and cheese filling in this super-easy and wallet-friendly riff on lasagna. Layered with marinara sauce, garlicky spinach, and a finishing touch of mozzarella, it’s saucy, rich and cheesy. While you could make this recipe in a casserole dish, using a muffin tin helps with portion control. Prep tip: Use frozen spinach in a bag instead of a box. Bagged spinach stays more separate and thaws more quickly than the solid block you’ll get from a box.

Ingredients: 7

Prep Time: 10 min | Total Time: 30 min

Serves: 6

Ingredients:

12 sprays cooking spray

15 ounces frozen cheese ravioli without sauce (24 average–size pieces)

1 ½ teaspoon olive oil

3 medium cloves garlic, minced

10 ounces frozen leaf spinach or chopped frozen chopped spinach, thawed

1 ½ cups jarred fat-free marinara sauce

¾ cup shredded part-skim mozzarella cheese (about 3 ounces)

Directions:

Step 1

Preheat oven to 375 degrees. Coat a 12-cup muffin tin with cooking spray.

Step 2

Bring a large pot of water to a boil. Add ravioli and boil 2 minutes. Drain and pat ravioli dry with paper towels.

Step 3

In a small skillet over medium heat, warm oil and garlic until fragrant and barely golden brown, about 2 minutes. Remove from heat. Squeeze as much liquid as possible from spinach and “fluff” spinach with fingers. Stir spinach into oil mixture.

Step 4

Into each muffin cup, layer 1 ravioli, 1 tablespoon marinara sauce, about 1 ½ tablespoons spinach, 1 ravioli, 1 tablespoon marinara sauce, and 1 tablespoon mozzarella.

Step 5

Bake, uncovered, until sauce is bubbly and cheese melts, about 15 minutes. Broil 1 or 2 minutes to lightly brown the cheese, if desired.

Nutrition

Source: WeightWatchers

With the WeightWatchers program and app, you can lose weight and eat healthier. Costco employees can join WeightWatchers for as low as $14 per month, and spouses/domestic partners and dependents can join for as low as $19.50 each per month. Participants must be age 18 or older to join. Sign up at WW.com/Costco or call 866-204-2885.