What will you do with your $500?

Utah State University benefit-eligible employees who have been enrolled in the health care plan since July 1, 2010 will soon receive checks for $600 minus “appropriate payroll taxes.”  (I’m estimating about $500 to invest.) The funds are available because “USU’s self-insured health plan has experienced lower than expected claims.” According to USU president Stan Albrecht, “we believe that these lower claims reflect conscious choices about personal health and wellness and the use of our University health plan.  These positive choices have created an opportunity for the University to extend this one-time wellness dividend.”
 

First, thank Wellness Center director Caroline Shugart for her unrelenting efforts to encourage improved fitness and exercise behaviors! 

Also, this is a good time to re-visit the “Small Steps to Health and Wealth” website, promoted by Financial Planning for Women, to adopt a few more positive behaviors: http://njaes.rutgers.edu/sshw/

Best uses for those funds: pay down credit card debt, fund a Roth IRA, or open a 529 college savings account for your child, grandchild, niece, nephew or whichever child you expect to be caring for you and your money in your old, old age.  

For help in choosing a mutual fund for your IRA go to the FPW website: http://www.usu.edu/fpw/schedule/powerpoints.htm (review the PowerPoint presentations on Mutual funds, IRAs, and Retirement or go to “college 529 plans.” Right click and use the "Save As" option to download the PPTs to your computer for viewing).