Nearly two-thirds of Americans have either no emergency savings or less than one month of expenses saved for emergencies, according to a report from the Consumer Financial Protection Bureau. Most employers recognize the value of helping their employees save for retirement—that’s why they offer 401(k)s and matching contributions. But what about helping employees prepare for their most basic financial needs such as affording unexpected expenses? Some employers are doing just that by offering emergency savings accounts to their employees.

One of the most common questions we get when the stock market is going up and down and loopy-loop like a rollercoaster is: Should I hold off on investing in the stock market until things settle down? There are generally two schools of thought.

At the Financial Gym, though, we’d encourage you to ask yourself another question before we give you an answer: Do you have a full emergency fund? That is, three-to-six months worth of expenses in cash.

Everything is getting more expensive, including your credit card debt. Last month, the Federal Reserve raised interest rates by 0.75%—the largest one-time increase in nearly three decades. Credit card companies factor the Fed’s rate into the annual percentage rates (APRs) they charge consumers, so if you are carrying credit card debt, you can expect to pay even more on interest in the coming months.

But luckily, you are not powerless in the face of rising interest rates.

When you’re designing your financial wellness benefits, it’s helpful to know what employees actually have on their minds financially so you can best address their needs. Our Certified Financial Trainers (CFTs) work with employees across the country and throughout various sectors, and the same topics come up again and again: budgeting, retirement, and debt management. We’ve all heard the advice “you need a budget,” but about 50% of people don’t use a budget or even know how much they spend last month. When employees are taking control of their finances, this is often where they start because cash flow affects all other areas of their finances.

We’ve all heard the advice before that if you want to eat healthy on a budget, you need to meal prep! My belief is that this is the most common advice because it really works. I personally am a huge fan of meal prepping as I’ve not only seen the benefits it has on my wallet, but also the time it saves me throughout the week. That being said, if I am being realistic, there are some weeks I just don’t get around to meal prepping! So, I’ve developed a number of backup plans, tips, and tricks for whipping together a cheap and easy meal that doesn’t need to be meal prepped.

It's the first week of a new job. Amidst the excitement of taking on a new role and meeting coworkers, your HR manager sends you a pile of paperwork to fill out—W2s, health benefits enrollment, the employee handbook. As if you weren't overwhelmed enough already, among that stack is your 401(k) enrollment form and a list of investments which to choose from. Decision fatigue leads many people to the default option: a target date fund.

Once the new job craziness dies down, you may start to wonder: what is my retirement account actually invested in, and is it right for me?

Even smart employers who offer financial wellness benefits for their employees might hit a new challenge: participation in these benefits is not in line with their expectations. One study found that of employees who have access to financial wellness benefits, only 8% said they participated in them. This could be a sign that the employer is not offering the right type of program.

To get the most out of a program, employers need to make sure that their financial wellness offerings check off these boxes.

I’m not sure if you know this, but I still work one-on-one with clients. As the business has grown, I have taken progressively fewer clients, but I’m fortunate enough to be on the financial journeys of about 40 clients, with many of whom it’s been over five years now; and no matter how busy I get, I will always be here for those clients because at this point, they are beyond clients, they’re family.

This past weekend, I had quarterly reviews with two couples who both share 7-year anniversaries of working with me. They started with me at different points in their lives/families and careers, but both have accomplished so much over this time.

Life is more expensive lately, and many of us are feeling the squeeze. We can all economize to a certain extent, but you can only cut so much, and sometimes the only answer is to make more money.

Thus, the side hustle. While nobody wants to work a whole 'nother job, here's a selection of opportunities that are easy and profitable enough that you won't have to exhaust yourself every day for a few extra pennies. You won't get rich doing them, but they can help keep you afloat. Happy hustling!

Employees and employers alike are struggling with inflation. In the past year, wages have increased 4.5% while the cost of our most basic necessities (groceries, rent, gas, and mortgage payments) has risen between 10%-48%. This has put pressure on employers to increase pay or risk losing their employees to competitors. If across-the-board salary increases in line with inflation aren’t in the budget this year, what else can employers do financially to assist their employees? Inflation hits low-wage workers the hardest because there is often little flexibility in their budgets to begin with.

When it comes to figuring out how to build credit, you might already know that a credit card can be a powerful tool in strengthening your credit profile. If you’re relatively new to using credit cards to build credit or simply want to brush up on better cardholder habits, knowing how to use a credit card wisely is the first step toward your credit goals. Here’s what you should know: Rewards credit cards can help you save money in the long run. Some cards offer tantalizing sign-up bonuses valued at hundreds of dollars and the prospect of getting cash back on basics, like gas. The appeal of earning rewards can compel you to recklessly chase points.

With the stock market recently finishing off a 7-week downward spiral toward a full-on bear market, investors have been scrambling and prices have been rising. You have probably heard of—if not already been feeling—the effects of inflation. Inflation increases the cost of goods and lowers the value of your assets compared to your purchasing power. When this happens, it can cause us to seek ways to preserve our wealth. With this in mind, you may have come across I bonds as a way to earn a return while hedging against inflation. We’re here to clear up some details about what a Series I bond is so you can make an informed decision about whether you should buy into this asset class.

Understanding our personal finances --- how to budget, save, pay off, spend, and invest wisely -- is essential for everyone, including your employees. Financial wellness is a growing concern of employees and the Culture and HR managers that we speak to on a daily basis.

One of the most common questions we get when speaking to HR Directors is “Why do I need The Financial Gym when we can bring in our 401K provider to speak about financial literacy?” This is valid, and it begs the question: “How financially literate are your employees?”

The racial wealth gap is well-documented: the average Black household has a net worth ten times less than the average white household. Also, Black households hold only about 3% of the country’s wealth despite making up close to 16 percent of the population.

Some of the proposed solutions to the racial wealth gap focus on actions that Black Americans can take to improve their own individual financial situation: save more, get more education, buy a home, or start a business. At TFG, we are huge fans of financial literacy and taking control of your personal finances, but we also understand its limitations in overcoming hundreds of years of government-backed discrimination.

It’s Pride Month — a time of year when companies rightly celebrate their LGBTQ+ employees. However, many employers are missing out on ways that they could be supporting their queer and trans employees, especially when it comes to their benefits package. Pay equality is often viewed as the most important financial issue in the workplace, but employer-sponsored benefits can play a huge role in either leveling the playing field for LGBTQ+ employees or perpetuating inequality. Out-of-pocket medical expenses can have huge financial consequences for queer and trans employees.

Despite the economic challenges of rising inflation and the slipping stock market, a high yield savings account is the best place to store cash you might need in the next year. If you are ready to take the plunge and open your first high yield savings account, you are in luck! These days there are plenty of great options and interest rates are rising after two years of stagnation.

FDIC insurance is the fail-safe that would reimburse you in the unlikely event that your bank goes under. This guarantee should help you sleep soundly at night with your money in the bank, rather than under your mattress.

After the last major economic downturn, hearing that the next recession might be around the corner (or already in our midst) can feel unsettling. Despite the buzz of impending recession fluttering across the media, the reality is that so many factors simultaneously influence the U.S. economy no one can truly predict its timing.

The mystery of the unknown — when the recession will hit, how long will it last, and if it’ll even reach our doorstep at the same magnitude as the Great Recession — can be problematic.

Increasingly, employers are realizing the importance of supporting their employees’ mental health and wellbeing, and financial health plays a huge role in that. Thirty-four percent of employees said that financial stress has severely impacted their mental health, according to the 2022 PwC Employee Financial Wellness Survey. That stress extends into the workplace: nearly one-fifth of employees said that financial stress greatly affected their productivity at work.

Employees’ desire for financial wellness programming and resources is also becoming more common.

After two years of canceled and modified vacation plans, many people are excited about the prospect of more “normal” summer travel. Of course, with average flight prices increasing sharply since the start of the year and record-high gas prices, you might be wondering how to get the most out of your summer vacation without breaking the bank.

Being flexible about the dates and times of your flights is one of the best ways to keep your airfare cost as low as possible. Google Flights date grid and price graph can help you easily identify the cheapest dates to fly.

We all know the traditional banking model: one checking account and one savings account to cover all of your needs. Back when everyone received a physical paycheck and banking was done in person, this model made a lot of sense: who wants to run to the bank every week to move their money around? Not me! Fortunately, with the proliferation of online banking, it is easier than ever to manage multiple accounts. This has allowed people to bank in a way that makes sense for their lives, and as it turns out, having all of your money lumped together in one place is not necessarily the most effective strategy.