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Financial Health Check-Up | How-to Guides | Small Steps to Financial Wellness | Glossary | Find a Financial Professional

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How-to guides

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Your values influence your financial decisions

Before you dive into strategizing, it's important to evaluate what matters most to you. Use our worksheet so you can stay on track while staying true to your values

Download the core values worksheet

It pays to improve your credit score

Boosting one's credit score requires developing good spending habits, setting realistic financial goals, and consistency in bill payment.
Credit scores can drop fast with one missed payment, but with time and consistency, they can also increase. A score above 600 is a key threshold.
Checking and monitoring your credit score, correcting errors, and making timely payments are important steps to boosting one's score.

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Small Steps to Help You Reach Your Milestones

Automate savings with direct deposit

Never forget to pay yourself first.

Eliminate one unnecessary expense

Start with subscriptions and app fees. Do you really need them?

Make sure your beneficiaries are up to date

Life is always changing. Don't leave your loved ones behind.

Glossary

401(k)

Tax advantaged workplace retirement savings plan that allows employees to contribute a portion of their income with pre-tax dollars into their own retirement investment account.

529 plan

A tax-advantaged savings plan designed to help families save money for future educational costs. Learn more about 529 savings plans.

Annuity

A contract with an insurance company designed to help you accumulate funds for a long-term goal (like retirement) and/or protect you from the risk of outliving your savings. Learn more about annuity products.

APR (Annual Percentage Rate)

The cost of borrowing money on a yearly basis, expressed as a percentage rate.

Beneficiary

Someone or something named to receive proceeds or benefits.

Bond

A type of debt. When you buy a bond, you’re lending to the issuer, which may be a government, municipality, or corporation.

Budget

A plan that outlines what money you expect to earn or receive (your income) and how you will save it or spend it (your expenses) for a given period of time; also called a spending plan.

All definitions come from Consumer Financial Protection Bureau(CFPB).

Capital gain

The profit that comes from selling an investment for more than you paid for it.

Compound interest

When you earn interest on both the money you save and the interest you earn.

Credit score

A number created from a scoring model that uses information from your credit history.

Deductible

The amount of expenses the insured must pay before the insurance company will contribute toward the covered item.

Direct deposit

Money electronically sent to your bank account, credit union account, or prepaid card.

Disability income insurance

Replaces a portion of your income if you become too sick or hurt to work for an extended period of time. Learn about disability income insurance products.

Emergency fund

A cash reserve that's specifically set aside for unplanned expenses or financial emergencies.

All definitions come from Consumer Financial Protection Bureau(CFPB).

Financial aid

Money given in the form of grants, work-study, loans, and scholarships to help pay for post-secondary tuition and fees, as well as related expenses such as room and board, books, supplies, and transportation.

Fixed expenses

Expenses, like bills, that must be paid each month and generally cost the same amount. Some fixed expenses, like a utility bill, may also be variable because the amount changes each month depending on usage.

Gross income

Total pay before taxes and other deductions are taken out.

Interest rate

A percentage of a sum borrowed that is charged by a lender or merchant for letting you use its money. A bank or credit union may also pay you an interest rate if you deposit money in certain types of accounts.

Invest

To commit money to earn a financial return; the strategic purchase or sale of assets to produce income or capital gains. Learn more about investment products.

IRA

A traditional Individual Retirement Account (IRA) is a tax-advantaged personal savings plan where contributions may be tax deductible. With a Roth IRA, contributions are not deductible but qualified distributions may be tax free.

All definitions come from Consumer Financial Protection Bureau(CFPB).

Life insurance

A contract in which an insurer, in exchange for a premium, pays a death benefit to an insured's beneficiaries when the insured dies.
Learn more about life insurance products.

Minimum payment

The minimum dollar amount that must be paid each month on a loan, line of credit, or other debt.

Mutual funds

Pool together money from different investors to buy a collection of securities, typically stocks and/or bonds, which have common investment objectives.

Needs

Basic things people must have to survive (such as food, clothing, and shelter), resources they may need to do their jobs (such as reliable transportation and the tools of the trade), and resources to help build and protect their money and property so they can meet future needs (such as emergency savings and insurance).

Net income

Amount of money you receive in your paycheck after taxes and other deductions are taken out; also called take-home pay.

All definitions come from Consumer Financial Protection Bureau(CFPB).

Premium

The amount of money that has to be paid for an insurance policy.

Rate of return

The profit or loss on an investment expressed as a percentage.

SMART goals

Goals that are specific, measurable, attainable, relevant, and timebound.

Social Security

Provides benefits for retired workers and people with disabilities, as well as the unmarried children, surviving spouses, or former spouses (in certain cases) of both

Stock

A type of investment that gives people a share of ownership in a company.

Variable expenses

Expenses that change in amount from month to month.

Wants

Upgrades and other things that would be nice to have but aren’t necessary for living, income, or protecting what you have.

All definitions come from Consumer Financial Protection Bureau(CFPB).

Discover how easy it is to work with a financial professional

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No commitment
There's no cost to set up a meeting and talk with us.

It’s about Y-O-U
We’ll get to know you and understand your financial situation, goals, and objectives.

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Trusted advice
We'll provide you with options so you can choose the financial products and solutions that are best for you.

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A plan for the future
We’ll talk about the road ahead and set you up for success.

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Helping you secure your future

When you work with a financial professional, you’ll have an advocate in your corner, someone who understands your unique financial needs and family situation — and how to tailor a solution around both.

Find A Financial Professional

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Financial Wellness

Starting out

Taking the first step towards your goals is a lot easier when you start with the basics. We can help.

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The MassMutual Foundation

Learn more with FutureSmart

FutureSmart provides families, students and educators with digitally-based financial education. Explore more topics on FutureSmart to chart a course toward personal financial wellness.

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