Financial Well-being

Financial well-being is an important part of your overall personal well-being.

Being financially well means you can meet your current and ongoing financial obligations, feel secure in your financial future, and are able to make choices that allow you to enjoy life – in other words, financial freedom.

However, data shows that personal finances continue to be a leading cause of stress for many Americans. Financial stress occurs when there is uncertainty around finances, a sense of worry about the future, and a lack of security. Like most types of stress, this can impact your:

Ability to sleep
Physical health
Emotional health
Relationships
Performance at work
Family life

If you have or are currently experiencing financial stress, you’re not alone – there are many resources and professionals available to help. Getting to a place where you are financially well takes time but it’s never too late to start thinking about your finances.

gameboard with a jar filled with coins and a plant growing out of it in the background

Money Matters Gameboard Journey - Starts April 6!

Small, steady steps can make a real difference when it comes to your personal finances. The Money Matters Gameboard can help! Participants will take a 28-day journey, completing quick, daily tasks designed to boost your financial know-how - one square at a time.

Learn more and register for the Money Matters Gameboard

jar filled with coins with a plant growing out of it

April 16 Workshop: How to Be Credit Healthy

Register for the April 16 virtual workshop to learn about credit reports, credit scores and the do’s and don’ts of borrowing.

Learn more and register for the April 16 workshop

Notepad with Saving for college written on it

April Financial Friday Webinars: Higher Education Affordability

The thought of paying for college can feel overwhelming. The state of Michigan can help. During Financial Capability Month in April, TIAA will host three webinars focused on the 529 program, student aid and dual enrollment in Michigan.

Read the article and register for Friday webinars

post-it note with "We can help" written on it.

MHealthy Resource Coach Program

The MHealthy Resource Coach Program is a free, confidential service for all U-M faculty and staff. If you are experiencing a financial crisis or other personal hardship, our Resource Coaches can connect you to community and local resources.

Learn more about the Resource Coach Program

Find Out Your Financial Well-being

If you’re not sure where to start, the Consumer Financial Protection Bureau developed a questionnaire to measure your current financial well-being. You'll get a score, see how your score compares to others and see steps you can take to improve it.

Go to questionnaire

green financial well-being petal from U-M's model of well-being highlighted

Financial Resources on the MHealthy Portal

The MHealthy Portal includes Path to Wellness and Knowledge courses focused on financial well-being. Available to benefits-eligible employees and their health plan enrolled spouses/OQAs.

Access financial resources on the MHealthy Portal

Financial Well-being Resources, Workshops and Support

Need Help?

It may be difficult to talk about financial struggles, but taking small steps can help change your financial future. It’s important to remember that you’re not alone. Resources and services are available to help you navigate a financial crisis:

One-on-one, confidential assistance is available to you through MHealthy’s Resource Coach program. Get help with locating the right resources at U-M and in your community for finding food, meeting basic needs and more. In some cases, financial support is available to cover an urgent financial need.
Need help with food, housing, or paying bills? Need support in a family crisis or community disaster? Michigan 2-1-1 is a free-to-use, confidential service that connects you with local community-based organizations across the state offering thousands of different programs and services for people seeking answers.

Virtual Workshops: Your Money Matters Series

MHealthy has partnered with U-M Credit Union and the Michigan Education Savings Program to offer the following virtual workshops to the U-M community.

Upcoming Workshops:

More information coming soon.

Past Workshops:

April 16 Workshop: How to be Credit Healthy – the Do’s and Don'ts of Building a High Credit Score

In today’s financial marketplace, 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). In addition, credit history can impact employment opportunities. At the same time, current data shows that about 53% of consumers currently fall within the model's "preferred" range of 720 to 850, which means 47% have room to boost their scores. This workshop will cover the key factors that contribute to building (and keeping) a high score and also help uncover the common myths about credit scores that often lead to confusion.

Date: Thursday, April 16, 2026
Time: 12-1 p.m.
Presenters: Mark Munzenberger, Financial Education Manager, and Nicole Bernacik, Financial Specialist, U-M Credit Union

Access the recorded session from the April 16 workshop.

March 5 Workshop: Protecting Financial Well-Being: Recognizing Risky Lending Practices

The emotional and financial impact of high-interest debt can impact your overall well-being. Join the Financial Empowerment Center through the Washtenaw County Office of Community and Economic Development (OCED), in partnership with MHealthy, for an informative and interactive workshop focused on recognizing risky and harmful lending practices that can undermine financial stability.

This session will explore how certain lending practices are designed, why they can create financial strain, and how to recognize common warning signs before they lead to long-term stress. Participants will learn how to identify high-risk loan features, explore safer borrowing alternatives, and connect with trusted resources that support financial well-being.

Discussion topics include:

Understanding Risky Lending Practices: What they are, how they operate, and how to recognize misleading, confusing, or unfair lending tactics.
Common Traps and Red Flags: Payday loans, “buy now, pay later” offers, and credit products that obscure true costs or repayment terms.

Date: Thursday, March 5, 2026
Time: 12-1 p.m.
Presenter: Washtenaw County's Financial Empowerment Center
Access the recorded session and presentation slides from the March 5 workshop.

January 13 Workshop: Your 2026 Money Game Plan – A Guide for Success!

Financial success always starts with a plan, and there is no better time to create one than with the arrival of a new year. Much more than a resolution, a financial plan is your guide for success that can be used throughout the year to help keep you moving forward and prepared for those untimely and unexpected events.

Can you make this the best year yet? Yes! We’ll cover strategies to:

Boost savings
Pay down debt
Promote better transparency
Develop goals that are meaningful and attainable

Date: Tuesday, January 13, 2025
Time: 12-1 p.m.
Presenter: Mark Munzenberger, Financial Education Manager, U-M Credit Union

Access the recorded session from the Jan. 13 workshop.

December 4 Workshop: Your Questions, Our Answers: Year-End Financial Well-Being Town Hall and Q&A

Let’s finish 2025 strong and start planning for 2026! Join us for a fast-paced, interactive session where we’ll recap major financial events from the year, reflect on how we did on key goals, and answer your top questions.

Wondering if 2026 is a good year to buy a home?
Curious about credit card debt consolidation, student loan changes or helpful budgeting apps?

This session is your chance to get answers directly from financial experts. Don’t miss this opportunity to gain practical insights and plan ahead with confidence.

Date: Thursday, December 4, 2025
Time: 12-1 p.m.
Presenter: Mark Munzenberger, Financial Education Manager, U-M Credit Union

Access the recorded session from the Dec. 4 workshop.

October 16 Workshop: From Piggy Banks to Paychecks – Building Confidence with Money

Instilling financial literacy from a young age can set the foundation for a lifetime of confident money choices. Starting these conversations early on allows children to develop a healthy relationship with money and understand its role in their lives. By discussing money matters in a relatable and age-appropriate manner, parents, caregivers and supportive adults can empower children to grow into financially savvy adults.

This interactive workshop will offer practical ideas and strategies for encouraging financial responsibility and independence across different ages and stages of development: Early Elementary (Grades K–2), Upper Elementary (Grades 3-5), Middle School (Grades 6-8), and the Pivotal High School Years (Grades 9-12). Join us to learn, share, and build skills in guiding the next generation toward financial well-being.

Date: Thursday, October 16, 2025
Time: 12-1 p.m.
Presenter: Mark Munzenberger, Financial Education Manager, U-M Credit Union
Post-event Resources for October 16 workshop:

Recording
Book recommendations - Elementary
- Save It (Cinders McLeod)
- Moneybunny Book series (Cinders McLeod)
- Little Daymond Learns to Earn (Daymond John)
- I am Money (Julia Cook)
- Count on Pablo (Barbara deRubertis)
Book recommendations – Middle School
- How to Turn $100 into $1,000,000 (James McKenna)
- The Everything Kids Money Book (Diane Mayr)
Book recommendations – High School
- O.M.G. – Official Money Guide of Teenagers (Susan Beacham)
- Smart Money, Smart Kids (Dave Ramsey)
- Rich Dad Poor Dad for Teens (Robert Kiyosaki)

Tax Prep Assistance

If you’re worried about the cost of preparing your taxes, resources are available to help:

The United Way works to connect Michigan families in Macomb, Oakland, Washtenaw and Wayne Counties with Volunteer Income Tax Assistance (VITA) programs through its partners, the Wayne Metro Community Action Agency and the Accounting Aid Society. These programs offer free virtual tax preparation for 2024 returns.
The IRS offers free basic tax return preparation to qualified individuals.
The IRS also offers IRS Free File, which uses guided prompts to lead you through online tax preparation. You file your federal and state returns through an IRS partner site or Free File Fillable Forms.
The Tax Counseling for the Elderly program, available to those age 60 and older, specializes in questions about pensions and retirement-related issues unique to seniors. Find a provider near you.
The Volunteer Income Tax Assistance (VITA) program, is available to those who make $67,000 or less, who have disabilities, or who speak limited English. Find a provider near you.
AARP Foundation Tax-Aide provides tax assistance to anyone, free of charge, with a special focus on taxpayers older than 50 with low to moderate incomes.
Employees (of any age) making less than $67,000 can contact the University of Michigan Housing Bureau for Seniors at 734-998-9341 to schedule an appointment for free tax income tax preparation.
Accounting Aid Society has no-cost tax preparation services for households making less than $67,000 a year. Appointments are encouraged. To make an appointment, call 313-556-1920 or schedule online.
Individuals making over $67,000 but less than $84,000 can file for free at My Free Taxes (provided by United Way).

The Basics of Financial Literacy

What is financial literacy?

Financial literacy means having a basic understanding of how to handle money matters like saving money, paying bills, debt management, investing, etc.

Financial well-being begins with understanding how to manage your money. Boosting your financial knowledge increases your ability to make good financial decisions for you and your family.

Self-assessments – measuring your financial health

If you’re not sure where to start, this resources can provide you with a snapshot of your financial well-being:

Consumer Financial Protection Bureau Measurement Tool

Six core areas to becoming financially literate:

Budgeting to manage your money
Paying bills and saving money
Basics of debt (mortgages, credit cards, etc)
Credit history and credit scores
How investing works (401k’s, the stock market, etc.)
Setting financial goals

Helpful resource:

Consumer protection basics… plain and simple (consumer.gov)

Managing Your Money

It’s important to understand your financial situation and what expenses need to be met. This will help to keep you from falling short, make it easier to make informed decisions on how to use your money, and reduce stress.

Some people feel overwhelmed by the thought of money management. Though it may take time, it does not have to be complicated.

Tips and resources to help you manage your money:

Creating a Budget – Reviewing your finances periodically or creating a budget is always important, but especially if your financial situation is changing. It’s an opportunity to assess how much money is coming in each month, prioritize your bills (mortgage/rent, utilities, groceries, etc.), and if needed, consider eliminating non-essential expenses.
- This fillable PDF helps you make a simple, one page budget to see where your money is going at a glance.
- Budgeting Technology – Mobile apps are a convenient way to manage your money. Free or low-cost budgeting applications are available to help with budgeting, working toward your financial goals, paying bills and more. Before using any app, do your research to make sure it is reputable and safe. Here are some great and affordable apps (note, some required a subscription):
  - You Need a Budget
  - PocketGuard
  - Every Dollar

Save for Emergencies – Having money set aside for unexpected events such as a lost job, illness or car repairs means you won’t have to break your budget to cover these. How much you save can depend on how much extra money you have available. Save what you’re able but as a general rule, it is recommended to put at least 10% of your income into emergency savings each month. To learn more about emergency funds, view this essential guide to building an emergency fund from the Consumer Financial Protection Bureau.
Protect your identity and money – Protect yourself and beware of scammers who use fear and uncertainty to prey on people.

Helpful resources:

7 Steps to Manage Your Money (U.S. News and World Report)
The best budgeting apps in 2020 (cnet.com)
U-M Credit Union Videos:
- One-minute video: Where should I keep my emergency fund?

One-minute video: How much should be in my emergency fund?

Managing Your Debt

The average U.S. household owes more than $104,000, according to the Federal Reserve Bank of New York.

Debt comes in many forms – mortgage payments, car loans, school tuition, student loans, credit cards, medical, tax – are just a few examples.

Nearly everyone has debt. However, it’s important to be able to manage your debt so you are in control and can build good credit.

Tips for managing debt wisely:

Know exactly what you owe, and who you owe. This will help you never miss a payment. The best way to do this is to obtain a copy of your credit report.

Know how much your debt costs you. Lenders loan money and almost always get more back than what was borrowed – through interest. The higher the interest rate, the more money it takes to repay your debt. Also, longer repayment terms mean you'll pay back more money in the end, even if your monthly payments are smaller.

Make payments on time every month. If you don't pay at least the minimum payment each month, your creditor could charge a late fee and may report your late payment to the credit bureaus. This damages your credit score. If you are unable to make payments on time, talk to your creditors about what options are available to you.

Borrow only what you can afford. A general rule of thumb is to spend no more than one-third of your income on debt—including mortgages, credit cards, and loans (e.g., car loans, student loans, and lines of credit).

Helpful resources:

National Foundation for Credit Counseling (NFCC)
Consumer protection basics… plain and simple (consumer.gov)
Coping with Debt (Federal Trade Commission)
Public Service Loan Forgiveness (PSLF) Program (links to information from U-M Shared Services Center)

Understanding and Improving Your Credit Score

Your credit score and credit history play an important role in your financial well-being. Your credit history is summed up in a three-digit credit score, which:

Lenders use as a risk factor in determining your ability to pay back a loan.

Helps lenders determine whether they will loan you money towards buying a home, purchasing or leasing a car, approving a credit card, and more.
Landlords use in reviewing rental applications
Helps to determine your interest rate on a loan. Lenders typically charge a higher interest rate if you have a low credit score, costing you more money over the life of the loan. Improving your credit takes time, but the sooner you start, the faster your credit scores will improve.

Tips for improving your credit score:

Pay your bills on time, every month. Late payments have the biggest impact on your credit score. Missing one payment can damage your score immediately.
- Set a reminder to pay a few days before the payment is due, or consider setting up automatic payments on your bills.
- If you are not able to make payments on time, contact your creditors before they contact you. Don’t wait until you’ve missed payments. It’s a better idea to be proactive and reach out to your creditors to explore options such as hardship programs, loan deferments, reduced interest rates, and balance transfers.
Reduce your credit card debt. How much credit card debt you’re carrying is the second-biggest factor influencing your credit score.
- Try to use 30 percent – or less – of your total available credit. In general, the lower your spending on each credit card, the better your score.
Review your credit report. It’s important to check your credit report regularly for errors and dispute any errors you find.
- Your credit is maintained by three major credit reporting companies – TransUnion, Equifax, Experian. By law, you can get a free copy of your credit report from each company every year.
- If you see any negative information that shouldn’t be there, contact the credit reporting company and the creditor immediately. Read this article on how to dispute errors on your credit report.

Helpful Resource:

U-M Credit Union: How to Build and Maintain a High Credit Score

Setting Your Financial Goals

Setting financial goals is an important step toward becoming financially secure. Your goals can be long or short. Maybe you want to save money for a down payment to purchase a house, pay down credit card debt, pay for a wedding, go on a vacation, or buy a car. Regardless of your goal, you will need a plan to achieve it.

Short-term financial goals:

Short-term financial goals help you stay focused and keeps you on track to achieving longer-term goals. Having money set aside acts as a safety net for unexpected events such as an illness or car repair.

Tips for achieving short-term goals:

Create a budget. This will help you assess how much money is coming in each month, prioritize your bills (mortgage/rent, utilities, groceries, etc.), and discover where you could possible save. Get started with this fillable budget PDF.
Write down your goals. This can keep your objectives clear and get you motivated to achieve them. A good tool to creating goals is using the SMART method. Your goal should be Specific, Measurable, Action-oriented, Realistic and it should have a Timeline.
Create an emergency fund. Don’t let your goals get derailed by an unexpected expense. Have money set aside acts as a safety net for unexpected events such as an illness or car repair. How much you save can depend on how much extra money you have available. Save what you’re able but as a general rule, it is recommended to put at least 10% of your income into emergency savings each month.

Long-term financial goals:

Long-term goals typically take several years to accomplish and require longer commitments and often more money. Examples might include buying a home, saving for a child’s college tuition or saving for retirement.

Resources for long-term planning:

Retirement planning at U-M:

TIAA and Fidelity: Access investment services, free one-on-one meetings and retirement planning from one of the university’s authorized retirement savings investment companies.
Planning for Retirement: Learn about how to determine when you are eligible for retirement, what happens to your benefits in retirement, and your income options in retirement
Social Security Retirement - You can never be too early or too late when it comes time to planning for a secure retirement. There are many factors to consider when making that monumental decision and one of them is Social Security. We know that navigating a government program can be overwhelming, intimidating and daunting. However, you will be amazed at how easy it is to work with Social Security, to navigate their planning resources, get your questions answered and utilize the online tools to ensure you make the right decision.
- filing strategy options when it comes to spouses and divorced spouses benefits
- key factors to consider when determining the right time to file
- how you can work and collect benefits at the same time and how and when to file the application
- how your decision on when to file for retirement benefits can affect widow(er)s benefits
- learn about Medicare - when you must have it and when you don't need it

Helpful resources:

People with Debt (National Foundation for Credit Counseling)
52 Week Savings Plan (NerdWallet)
Need to save up for college? Stay motivated with these three tips (Consumer Financial Protection Bureau)
Financial inTuition Podcast (Consumer Financial Protection Bureau)
Plan to shop for your auto loan (Consumer Financial Protection Bureau)
Preparing for a Baby? Tackle These 15 Financial Tasks (NerdWallet)
U-M Credit Union Videos:
- The Three Buckets of Savings

One-minute video: How do I get started with saving?

One-minute video: How to save consistently

One-minute video: How to I organize your savings

Additional Financial Resources

Well-being at U-M: Financial well-being is one of the eight dimensions included in University of Michigan’s model of well-being.
U-M Credit Union: Customers can access resources available through U-M’s partner financial institution, including financial planning resources.
Public Service Loan Forgiveness (PSLF) Program: Federal loan forgiveness program available to individuals with federal student loans and are also working for a government or not-for-profit organization.
Uniquely Michigan Deals: MCard deals and discounts available for faculty and staff.
University and Community Resources: Resources for financial assistance, housing, transportation assistance, debt counseling and more.
Choosing Your Financial Planner: Tips for finding a financial planner who’s right for you.
Getting the Most Out of Your Health Care: Tools to help you make smart and cost-effective health care decisions.
Know the Odds: Gambling Prevention & Harm Reduction: Information, resources and support provided by Wolverine Wellness.

MHealthy

Financial Well-being

Money Matters Gameboard Journey - Starts April 6!

April 16 Workshop: How to Be Credit Healthy

April Financial Friday Webinars: Higher Education Affordability

MHealthy Resource Coach Program

Find Out Your Financial Well-being

Financial Resources on the MHealthy Portal

Financial Well-being Resources, Workshops and Support

Upcoming Workshops:

Past Workshops:

April 16 Workshop: How to be Credit Healthy – the Do’s and Don'ts of Building a High Credit Score

March 5 Workshop: Protecting Financial Well-Being: Recognizing Risky Lending Practices

January 13 Workshop: Your 2026 Money Game Plan – A Guide for Success!

December 4 Workshop: Your Questions, Our Answers: Year-End Financial Well-Being Town Hall and Q&A

October 16 Workshop: From Piggy Banks to Paychecks – Building Confidence with Money

What is financial literacy?

Self-assessments – measuring your financial health

Six core areas to becoming financially literate:

Helpful resource:

Tips and resources to help you manage your money:

Helpful resources:

Tips for managing debt wisely:

Helpful resources:

Helpful Resource:

Short-term financial goals:

Tips for achieving short-term goals:

Long-term financial goals:

Resources for long-term planning:

Helpful resources:

Stay informed with UHR News