MoneyMonday: Intro to MoneyNav

Welcome to this Intro to MoneyNav workshop. I’m Janel Cross, one of your MoneyNav coaches. Your employer recognizes there’s life outside of work and they want you to make the most of yours. That’s why they offer a financial wellness and coaching program called MoneyNav.

If you’re here, it’s probably because you don’t feel like “you’ve got it all together” when it comes to money. But most folks are stressed about money and more than two-thirds are living paycheck to paycheck. Millions are saddled with student loan debt and others are weighted down by credit cards, medical bills, etc.

So, if you feel you should be doing better with your money, you’re not alone. But MoneyNav isn’t about where you are. It’s about getting you where you want to be.

Our financial lives progress through 3 stages. Stage 1 is focused on building financial safety. In this stage, the focus is on steps like building emergency savings, creating a budget or spending plan, and eliminating debt.

Stage 2 is about accumulating money resources with a focus on investing and financial planning so that one day we arrive in stage 3 financial freedom focused on retirement and leaving a legacy. Our “Money Milestones” workshop explores these stages in more detail.

But let’s take a step back… what is financial wellness? Well, it’s having peace of mind regarding your present financial obligations and a sense of security about your financial future. MoneyNav helps you move toward the day when you have the money you need to make choices that bring joy and fulfillment to your life.

We recognize that people learn in different ways. That’s why we’ve built MoneyNav to deliver resources in a variety of ways.

First, if you want to explore a specific topic, like debt management or tips before you buy your first home, visit our website at moneynav.com. Also, look for MoneyNav on social media channels to keep up with our Money Hacks.

If you prefer classroom learning, check out our MoneyMonday series. These live webinars are offered from 12-12:30 on Mondays. Visit moneynav.com/moneymonday for upcoming sessions and to sign up. If the time doesn’t suit you, sign up anyway. That way you’ll receive the video version in the follow-up email.

The real heart of the program though is your personal MyMoneyNav dashboard which will be the focus of the rest of this session. To launch your dashboard, you’ll need to complete an assessment.

Finally, take advantage of our 1-to-1 coaching. You can schedule right from your dashboard or by emailing yourfinancialcoach@gmail.com.

MoneyNav helps you with all kinds of money issues like…

Managing cash flow and eliminating debt and making important decisions like buying or renting a home.

There are planning tools for investing, evaluating insurance coverage, and planning for retirement.

But MoneyNav isn’t just a self-serve library. Remember, there are also real, human financial coaches to help when you have questions or need advice. In a minute, I’ll show you how to request a 1-to-1 coaching session right from the MoneyNav dashboard.

To get started, simply email yourfinancialcoach@moneynav.com and we’ll send a link to your assessment.

“Let’s Get Started” button to launch an assessment which takes 3-5 minutes to complete.

Here’s a peek at the types of questions you’ll be asked. But, rest easy… there are no right or wrong answers. The assessment helps us get a sense of where you’re starting so we can suggest the best next steps to get you where you want to be!

So, just be honest about where you are.

After completing the assessment, you’ll receive a score in four key areas of financial well-being. You’ll see the areas where you’re coming up a bit short. Your overall total wellness score is here.

Your assessment responses are converted to “Money Moves.” Think of these as the best next steps you can take to improve the scores above and keep your wellness journey on track. For more detail on the suggested Money Move, you can on the icon. Or, to view all of the suggested best next steps, view all money moves.

This will take you to the Money Moves tab where you will see the various steps you can take to get your financial journey on track and moving forward. If you’re ready to make a money move, view the details.

Each Money Move is linked to articles, video workshops, and worksheets to get you “in the know.” You can also set reminders that will keep you on task. Finally, be sure to mark the Money Move complete so the program can create the next Money Move for you.

Head back to the dashboard and visit another central component of MoneyNav… the lifetime income tool.

While the Money Moves tab is focused on short-term tasks, the “Lifetime Income” tab helps you see whether you are “on target” for a successful retirement. Note that the more detail you provide, the more accurate this projection will be. Building your lifetime income projection is a great reason to schedule time with a financial coach which we’ll cover that in just a minute.

For now, I’ll point out how you can use the lifetime income tool to see how small changes can impact your long-term goals. It looks like my current strategy might have me coming up a little short. The tool allows me to make changes to things like my salary, my retirement age, how long I might live, and how much I am currently saving each month. Let’s say I plan to work one extra year. You can see that gets me closer to my goal. And if I increase my monthly contribution to my 401k, I’ll be right on track.

To get the most out of MoneyNav, you’ll want to link your savings, loans, and investment accounts. MoneyNav uses industry-leading data and cyber security technology to ensure your information remains safe and secure through a third-party provider, Questis, Inc. Questis also manages healthcare claims data for major insurance networks. Maintaining security and privacy is their highest level of priority.  

You can link your financial accounts by selecting the My Money Tab and navigating to accounts.   Then click the blue Add an Account button. You can enter or select your financial institution and then enter your website credentials for your account login. That’s all there is to it.

With a bit of effort, your My Money tab will provide a quick glance at your big financial picture. And, since the information is pulled directly from your financial institution, your quick glance will be in real-time.

And there’s more to the My Money tab than just recordkeeping of your accounts. With (click to play video) your financial accounts linked, you can see the recent transactions and track your spending. There’s a tool for creating a budget and a place to set financial goals. You can keep track of how your net worth, the money you have minus money you owe, changes over time. Finally, you can see a snapshot of all of your investment accounts in one place.

MoneyNav is full of resources you can navigate on your own but remember, you aren’t alone. If you have questions, get stuck, or want advice, simply schedule a time to meet 1:1 with a financial coach. From your dashboard, select “schedule an appointment.” Enter a quick note about what’s on your mind then select a date and time that suits you. Click confirm and you’re all set.

MoneyNav isn’t about where you should be or worrying about what you should have done. It’s about taking the next best step to get where you want to be. We want to make sure that, this time next year, you’re looking back with pride on what you’ve accomplished.

So, the next best step you can take right now is to complete your assessment. After this session, send an email to yourfinancialcoach@moneynav.com to receive a link. On behalf of the entire MoneyNav team, thanks for joining me today! Let’s make this the year you get Money Strong.