Nearly half of all employees say financial challenges cause them the most stress in their lives. It’s important to target stress at the source. Through the Financial Wellness Program, the Employee Assistance & Counseling Center provides personalized counseling and various resources designed to help employees cope with financial stressors. This program is here to empower you to take charge of your finances and financial wellbeing.

See the EACC's financial wellness services below for more information.
 

  • Financial Programs & Events

    EACC partners with the Regions Institute for Financial Education, local credit unions and other organizations to provide you with seminars and workshops on financial topics that matter to you. See what’s coming and save your spot today.

    SmartPath COVID-19 Webinars for UAB

    • June 10: Coronavirus — What’s Your Next Financial Move?
      How is the spread of Coronavirus affecting economic activity, financial markets and more importantly ... your livelihood? Join SmartPath President Alok Deshpande for this important webinar event to understand the current and potential implications of the pandemic on your money, what may still lie ahead (financially) and reasons for optimism going forward.
      Click here to register.
    • July 21: What Should I Do During These Uncertain Times?
      SmartPath has created a webinar specifically aimed at reducing financial stress resulting from the Coronavirus. Join SmartPath CEO Alok Deshpande to learn your age-specific strategy on what you should do (and not do) during uncertain financial times. He’ll share how to respond in your 20s, 30s, 40s, 50s and 60s.
      Click here to register.
    • August 19: Investing in the Age of Uncertainty
      COVID-19 has created massive uncertainty for investors. With optimism about containing the pandemic fading, markets are reacting violently to the rapidly changing environment. Join SmartPath CEO Alok Deshpande to take a deep breath and see steps you should take.
      Click here to register.


  • Financial Counseling

    Need financial guidance but not sure where to start? An individualized financial wellness counseling session will help you gain a better understanding of your financial situation, while teaching you the best options for managing your finances and paying off debt.

    The UAB Employee Assistance & Counseling Center offers free financial counseling services to help you develop a personal financial assessment and take control of your finances.

    To schedule a one-on-one appointment with an EACC counselor, call 205-934-2281. Appointments available Tuesdays & Thursdays at the EACC Office in Five Points and Wednesdays at UAB Medicine Office of Wellness.

  • Financial Seminars by Request

    The Employee Assistance & Counseling Center offers personalized financial education seminars by request, at a time and location convenient for your department. Most seminars are designed for groups of 20-30 employees — perfect for staff councils, academic departments and affinity groups. Seminars for larger groups and after-hour sessions are also available.

    Choose the financial topic that fits the needs of your group, from navigating UAB’s retirement plans to estate planning. With advance notice, we can develop a custom presentation. Submit a request online, and a member of the EACC Financial Wellness team will contact you within three business days to discuss your group’s programming needs.

    Submit a Request

     



  • Use tax refunds, bonuses wisely

    It feels good to get a tax refund. You may think your problems are solved. They’re not. Most people spend their refund before the cash even hits the bank. In December, they say, “I’ll get my refund in March, and this year I’m claiming my other daughter, so count me in for that vacation!” And before they know it, they’ve spent the entire tax refund … and then some. Instead, the first trick to being smart with a pending big check is to wait until you have it. Then, follow the 10/20/70 rule. View this blog post from SmartPath founder Alok Deshpande to see how this rule works with a $1,000 tax refund. For more information about SmartPath services for UAB employees, visit uab.edu/smartpath.


    Plan for Financial Uncertainty: How to Handle Market Ups and Downs

    When markets get rocky, it’s tempting to take action. But that may only disrupt your long-term goals. Here are some things you may want to consider during times of market volatility.

      Don’t veer off course: Not keeping all your eggs in one basket generally helps manage risk by spreading your savings or funds across different asset classes within your portfolio. Even when markets are down and one investment is performing poorly, another could be performing better. Resist the urge to try to “time” the market by readjusting your portfolio based on market conditions alone—and ask a professional for help if you think you’re having trouble being objective.
      Keep your eye on the horizon: Building a solid financial plan that takes goals into account, like paying off your mortgage, saving for college, and living in retirement, can help you stay level-headed when the markets are most volatile. Also, as tempting as it might be, don’t look! Checking your investment balance every day may add to your anxiety and takes the focus away from your long-term goals.
      Don’t forget to fill your piggy bank: Having about six months’ worth of living expenses saved in an account that’s easy to access could also increase your financial confidence when markets are unsteady. A financial advisor can help you determine what steps to take to meet your income needs while not disrupting your long-term investments—and make sure your portfolio is diversified as well.
      Explore “market proof” investments: There are savings products, including some types of bank certificates of deposit and annuities that are not affected by market volatility. You may want to consider them as a way to safeguard a portion of your savings and diversify your retirement portfolio. With the TIAA Traditional fixed annuity*, for example, your principal is protected and your balance is guaranteed to grow every day as well. And when you retire, you can choose to get guaranteed monthly income payments that will never run out.
    UAB wants to let you know that TIAA is here to help you now and going forward in evaluating your current and future goals. Schedule a meeting by phone with one of TIAA’s UAB consultants — visit tiaa.org/schedulenow or call 1-800-732-8353, weekdays between 7 a.m. to 7 p.m. to make an appointment.

      Look for EACC Financial Wellness Counselor Cecelia Boyd's Financial Tip of the Month in the UAB HR newsletter.

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