PHLWell ended the second quarter of 2023 with a session that reviewed financial tips that were shared with Department of Aviation employees over the first two quarters of the year. In a frank dialogue led by Human Resources Administrative Representatives Latia White and Ashlee Franklin, staff talked about ways to better manage money, shared tips on saving savings, and the importance of having life insurance. These tips can be valuable to the airports’ guests, too.
Wednesdays are “cash only challenge days. According to White, “We’ve become so accustomed to spending electronically, and not tracking how we spend. By using cash, the spending becomes tangible. When in the habit of using a card, or your phone or watch to make a purchase feel less real. Try to keep $20-$50 in cash to make small purchases.” Finance Clerk Cheryl Prout said she takes $200 out of her account each pay. Once that money is gone, she doesn’t withdraw more. It forces her to make mindful spending choices.
Director of Air Service Development Edgar Vesga mentioned that he has a portion of his salary automatically deposited into an account that is separate from his main account. The account does not have a debit card or checks, so it’s not easily assessable. “It gives you time to pause and decide if you really need to make that withdrawal,” said Vesga.
Franklin mentioned how she learning to be as organized as her mother, who keeps all her personal and financial information in a lockbox. “I’m really encouraged to follow my mother’s example! ‘Teach me your ways, mom!’,” she said. “Although there’s sometimes a stigma attached to planning, we need to find a level of comfortability when it comes to discussing plans for growing older. The reality is, we all need to prepare for all circumstances, because they are inevitable."
White reminded participants to update the beneficiaries on our policies and accounts. “Life- and death- happens to us all. It’s important to be prepared,” she said. “Check on your parents and share this information with your friends, co-workers, and family members.”
Here are the last three tips from the PHLWell team:
- Automate!
- Automate!
- Automate!
Look into automating your bills, deposits, and account statements. The idea of automating to this extent may make you uncomfortable initially, but experts say it helps immensely when working towards financial stability in the long run.
We are on our way to "phinancial" wellness!
