Managing money can be stressful, oftentimes affecting our sleep, physical and emotional health, relationships and performance at work and at home. 

April is National Financial Capability Month, a good time to take small steps toward having a better understanding of how to handle money matters like paying bills, managing debt and saving money. Below are resources available to help you make informed financial decisions for you and your family.

Build a stronger credit score

In today’s economy, a solid credit score is extremely important. It acts as a three-digit summary of your financial reliability, directly impacting your ability to borrow money, secure loans at lower interest rates and get approved for housing (including rentals). 

On April 16, join the interactive virtual workshop, “How to be Credit Healthy – the Do’s and Don'ts of Building a High Credit Score.” You’ll learn the key factors that contribute to building (and keeping) a high score, practical do’s and don’ts and common myths that can lead to confusion. 

Try this money gameboard journey

Taking small, steady steps can make a real difference when it comes to your personal finances.  That’s where Money Matters, a virtual gameboard from MHealthy, can help – one square at a time. Over 28 days, journey along the path completing quick, daily tasks related to budgeting, saving, managing debt, improving credit scores and more. Sign up for Money Matters by April 20 on the MHealthy Portal. 

The portal also offers online financial education courses such as, “Creating a Cash Flow Plan” and “Path to Financial Well-being.” You can find courses under Quick Links on the portal’s homepage.

The MHealthy Portal is available to active, benefits-eligible faculty and staff and their spouse/other qualified adult enrolled in a U-M health plan.

Save smarter for higher education

Paying for college can feel overwhelming, but Michigan offers tools that can help, including savings plans and dual enrollment options.

If you're saving on behalf of a child or loved one, the Michigan Education Savings Program (MESP) 529 is worth exploring. In April, TIAA will host three “Financial Fridays” webinars at noon: 

• April 10 – 529 in 20 Minutes: Your Power Lunch Guide to MESP 529 

• April 17 – Beyond Tuition: Your Complete Guide to 529 Qualified Expenses 

• April 24 – How Your Student Can Earn College Credits in High School Through Dual Enrollment 

Get help during difficult financial situations

In challenging times, it can be difficult to know where to turn for help. The MHealthy Resource Coach Program is here to support you and help you.  

Meet one-on-one, confidentially, with a Resource Coach who can help you explore options, connect with resources at U-M and in the community and build strategies that support your overall well-being – whether related to food, housing, finances or other essentials.

Review your retirement plan

TIAA and Fidelity, U-M’s trusted administrators of its Retirement Savings Plans, are available to meet with you virtually, by phone or in person. Their specialists are trained to help you create a financial plan and take steps toward your goals. 

Explore financial well-being resources anytime

The MHealthy website includes information, programs and university and national resources to help support your financial well-being year-round. It includes help with understanding financial basics, getting information on managing your finances, improving your credit scores, setting financial goals and more.