Welcome to our new program for Personal Financial Management. Based on your goals and priorities, you can create a plan that can help you be better equipped to secure your financial future.
The material is self-directed, which means that you can start at the beginning and work through the content at your own pace or just review the subjects that interest you most.
Whether you want to create a budget, pay off debt, save for a down payment, or plan for retirement, now, you can learn the skills needed to achieve your financial goals today…and in the future.
The federal government’s “My Money Five” is a great place to start. You’ll find clear explanations of the what you need to know and understand to make important money management plans and decisions.
TIP: Content that our site links to will have a TIME entry which is an estimate of the amount of time you might spend there.
You already know how to spend. Here are a few tools to help you manage spending, plan your saving and track your progress.
How much money do you really have to spend? By looking at your bi-weekly pay, you can track a month or two of your spending to see where it is going. That will give you the ability to take charge of your financial direction. This useful budget tracker can help you get started!
Net worth is defined as assets minus liabilities. It is a measure of what an entity is worth. For a company, net worth is the value of the company. For a household, it represents the assets you own, less any debt you have.
Think of your family as an economic entity when you are working out your finances. Calculating your net worth on a regular basis, perhaps annually, is a good way to see how much financial progress you are making. Use this tool to get started.
People who begin tracking their spending sooner tend to spend less, and what they spend their money on is more valuable to them.
Let’s be honest…saving is never easy, but those who develop a habit of saving, save more and have an easier time doing it.
Go to the fourth tab above Saving & Investing at KP to see how you can use company programs to build wealth and security.
Most banks have apps that track your spending. Or choose one from your app store by typing "budgeting and money management" in the search function.
The Index Card takes a simple, easy-to understand approach on important financial issues.
It is always difficult to set aside money for emergencies, so here's an idea. You are paid every two-weeks. This gives you two paychecks a month (24) with an extra 2 paychecks for 26 per year. Set aside the two 'extra' paychecks and watch your money grow!
Here are some ways you can prepare for your family’s education as well as financing your own.
There is a way to set aside money for your family’s education that is tax-advantaged. You make contributions on an after-tax basis, but distributions are not taxed provided they are used for educational purposes. Some states also provide tax benefits when you make contributions. You can contact your financial institution to see what they offer or contact Vanguard for further information:
Here’s the good news (Finally)! You are likely eligible for KP Tuition Reimbursement (TR)
Learn More »
Here is the even better news! BHMT-eligible employees of KP enjoy a wide variety of education benefits. Most of these programs are fully supported by the trust. One of the most popular benefits available to fiance your education is the Tuition Assistance Program (TAP).
You can use your KP Tuition Reimbursement (TR) benefit to cover non-travel related KP TR eligible expenses. If you are approved to participate in TAP, BHMT will pay any approved KP TR Applications (except travel) that you submit through KP’s TR system.
For more information: https://bhmt.org/tap/
KP has some great benefits. Are you taking advantage of them?
KP Pension Plan. Investments are handled by KP, no contribution is required, your major decision will be at the time of your retirement whether to take a lump sum or annuity. The decision as to whether you take a lump sum distribution or an annuity is best left until you retire. Use the KP Connection at right to access your pension benefit information.
KP Savings Plans are managed by Vanguard. You can contribute directly through payroll deduction and decide where your money is invested. Your eligibility and plan options are available through KP Connection.
You can also contact them by phone at 1-800-523-1188 to get started.