Human Resources is pleased to report that the new “My Secure Advantage” (MSA) financial wellness program which is offered in partnership with E4 (our Employee and Family Assistance Program) got off to a remarkably successful first month: between January 4^th and the 31^st 46 benefits-eligible Middlebury employees enrolled themselves in the program! And the initial feedback we have received from those using the Money Coaching program has been overwhelmingly positive!  According to MSA, the top three areas of interest for Middlebury participants have been: debt reduction, retirement planning and budgeting.  Might you be interested in those or other money-related topics, too?    Whether you are suffering from financial stress or have some extra cash and are in a position to do some financial planning consider joining your “early adopter” colleagues and  taking advantage of what MSA can offer.  Please consider consulting with a Money Coach (888-724-2326) or joining MSA for a live financial webinar later this month (see signup information below).

YOUR FREE FINANCIAL FORUM – Feb. 24th
Many members have asked that we continue our Financial Forum Series. We are happy to announce that we have scheduled a Financial Forum for each quarter of 2016. As usual, our panelists will address questions ranging from debt and budgeting, to investments and retirement. Since we are in the middle of tax season, we will also have a member of our tax team available to answer your tax-related questions. Submit a question when you register, then log into the webinar on February 24th to hear our panel address questions and concerns from people across the country.

MEET: Dave Jiru
35+ years’ experience in the financial services industry – Dave is a former Registered Rep. with the NASD and had Series 24, 7, 63 and 65 securities licenses. Dave manages the MSA Financial Ed. Dept. and is a frequent presenter of classes and seminars nationwide

MEET: Barbara Quan
Barbara has worked in financial services since 2001 as a loan officer for several mortgage firms, and she holds a California Real Estate License. She is a Certified Credit Counselor. She is bilingual in English and Spanish.

MEET: Donna Shackel
38+ years’ experience in tax and financial services – Donna is an EA and former IRS tax representative. She spent 10 years teaching tax law for both the IRS and California Tax Education Council. She is also a Certified Credit Counselor.

MAKE FINANCES A PRIORITY. SIGN UP FOR THE MSA NEWSLETTER TODAY.

As you prepare to file your 2015 income taxes, you may be asked about a form called Form 1095-C. The Affordable Care Act requires employers to furnish Form 1095-C to current and past employees who were covered in the employer sponsored medical plan for all or any portion of the tax year. Very recently, the IRS extended this year’s deadline for employers to furnish to employees the Form 1095-C from February 1 to March 31, 2016.

Please be aware that the extension to employers should not impact or delay a tax filer’s ability to file their income taxes as usual. Individual income tax-filers are not required to submit Form 1095-C when they file their taxes this year.  When the form does arrive (around March 31), be sure to keep the form with your personal tax records as documentation.

You may need to know the answers to a few basic questions when preparing your return:

• Does Middlebury’s plan meet the minimum essential coverage criteria as mandated by the Affordable Care Act?   Yes it does.
• Were you covered for all 12 months of the year? Each employee should know the answer to this.

If you have any questions, feel free to reach out to the Benefits Department in Human Resources at 802-443-3372.

Here are several links to the IRS website where more information on this topic can be found:

https://www.irs.gov/Affordable-Care-Act/Individuals-and-Families/Individual-Shared-Responsibility-Provision

https://www.irs.gov/Tax-Professionals/ACA-Information-Center-for-Tax-Professionals

Better Finances for the New Year

This is it!  This is the year you will be wiser with your money.  You plan to spend less than your income and to save money instead of falling further into debt.

Over half of Americans (55%) say they spend more than they make or just break even,¹ which is probably why a third of resolutions are money related.  Unfortunately, 25% of resolutions don’t even survive the first week.²

This year, start off right with a few steps (mini resolutions, if you will) that will help you improve finances for the new year.

Plan for Irregular Expenses

Oftentimes, people are tempted to fall back on their credit cards and spend more than they can afford when they have an irregular expense that they didn’t fit in the budget.  It could be something like your car registration or your spouse’s birthday – things that don’t happen each month but do happen every year.

Instead of waiting for those expenses to come around and hoping you haven’t used your whole paycheck for the month, plan for it now.

Start by taking out a calendar.  As you look at each month, note the birthdays and holidays and other yearly expenses, and write down the amount you might possibly spend.  (Not sure how much?  Take a look at credit card statements and bank account records to see how much you spent last year.)  Then, use those amounts as starting points for planning and saving.

For example, say you noted that your nephew is graduating at the end of May, and you want to give him a brand new one-hundred dollar bill.  With his graduation roughly five months away (and assuming you get paid twice a month), all you have to do is save $10 from each paycheck between now and your nephew’s graduation.

Get a Financial First Aid Kit (a.k.a. Emergency Savings!)

Emergency funds are for the unforeseeable events, like your car breaking down on the freeway or losing your job.  Such a major event will knock you off balance if you’re not prepared financially.

Although an initial goal for your emergency savings account could be as low as $1,000, the ultimate goal would be to have at least three to six months (or more) of your fixed monthly expenses.  Once you have  your goal in mind, take a look at your budget and figure out how much of your paycheck you can allocate toward emergency savings.  For example, if you want to have $1,000 in emergency savings by the end of the year, you would allocate $84 a month towards emergency savings.

Remember, the first (and perhaps, most important) step is getting started.  Eventually, saving money will become a habit, and it will be easier to contribute more and more.

Work with a Personal Cheerleader

It’s much easier to keep going when you have someone cheering you on and holding you accountable.  An accountability partner should be someone who can hold up your list of resolutions, wipe away the doubt, and help you move forward, when you get stuck.

Your Money Coach is the perfect fit.

MSA Money Coaches are financial professionals with years of experience.  Together, you will devise a budget that takes all things into account and develop a step-by-step plan to achieve your goals.  You can work on items like a debt management plan, learn how to save for irregular and emergency expenses, and feel good about your spending.

MSA members, who work with a Money Coach, find the support and expertise to be key for achieving their goals.  One member said, “[My Money Coach] is my accountability – and I mean it in the best way….  He continues to be my rah-rah team and is a constant support.  I am successful because of his guidance and confidence in me.”

If you would like an accountability partner who is knowledgeable in finances and knows how to manage money in everyday life, talk to your Money Coach.  With a Money Coach by your side, you’ll be less likely to face surprises that derail your financial goals.

Call 888-724-2326 and get ready to check off your New Year’s resolution for better finances.