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Heart & Home

Financial Wellness with Winnie Sun

This year, consumers and small businesses alike are confused and unsettled – the economy is slowly making gains but confidence remains low. Everyone is actively looking for ways to bring some security back into their businesses and their lives. Joining us is Winnie Sun, CNBC financial contributor, to give us a checklist on the key things we need to do as the year comes to a close.

With holidays and end of year planning here, what are the first steps we need to take?

As the year comes to a close it’s a great time to take a look at your finances to review how you can maximize your benefits. I appreciate tools that make it easy to organize and see a snapshot of your money.

SoFi Money is a cash-management account available through digital personal-finance company SoFi and it has two helpful features: Vaults and Roundups.

Remember the old envelope budgeting system? They’ve been giving it a digital makeover with Vaults. They help you to separate your spending and savings: You are able to earmark funds to go into different Vaults for your savings goals such as saving for a house or car, setting up an emergency fund, or really any category of your choosing - future vacation?

There’s also a built in savings rate which is 6x the national average interest rate on spending accounts.

Now let’s talk about their new feature called Roundups. This is where they’ll round up your transactions to the nearest dollar and deposit the difference into one of your savings Vaults. It makes savings automatic - when you spend it automatically saves!

And starting on Nov 23 - for a limited time, just in time for the holidays - they will even match your Roundups and deposit them into your Vault so that you could potentially save twice as much. Click here for more information.

Where else can we look for savings and additional benefits in our financial life?

Well, for many companies, this is open enrollment time. And this means, it’s the season to decide on health benefits. UnitedHealthcare is reminding people to look for well-being programs that reward you for meeting certain activity targets.

For some plans next year, UnitedHealthcare MOTION will enable - eligible enrollees - to earn incentives for moving. This means, incentives not just walking but also what they call “alternate activities” including weight training, swimming, dancing, yoga or using an elliptical. With a compatible, wearable device (like an Apple Watch), UnitedHealthcare Motion members who devote just 30 minutes to one of these activities & meet the program’s daily Intensity target have the potential to earn over $1,000 per year. Click here to learn more.

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