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Creating Financial Wellness

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How do I create financial wellness?

Healing your finances doesn’t have to hurt. 

April is Financial Literacy Month, but what is financial literacy? Financial literacy is possessing the knowledge to manage and make informed, effective decisions regarding your financial resources. Understanding basic money management skills and financial concepts can help you achieve a lifetime of financial security.

69% of consumers are not satisfied with their personal financial condition. [FINRA]

Legends Bank wants to ensure those in our community don’t fall into this statistic, and if you do, we want to help change that!

Start by making good financial decisions.

Here are a few good practices to put into effect when it comes to your finances.

  1. Know how to budget– Live within your means, which means living on less than you make each month.
  2. Save for emergencies– A good emergency fund is enough to cover 3-6 months of expenses.
  3. Save for the future– Contribute to a 401K plan, IRA, or Money Market.
  4. Pay your bills on time– Setting up auto payments and taking advantage of bill pay are easy ways to make sure you don’t end up paying late fees.
  5. Don’t make financial decisions on a whim– Take time to shop around and consider your budget before making any large purchases.
  6. Check your credit report– A poor credit score can cause credit card and insurance rate increases. Poor credit can also be a good indicator of identity theft, pulling your credit report regularly can help you catch errors or fraud. Legends Bank Secure Checking account makes keeping up with your credit easy and provides identity theft protection for peace of mind.
  7. Cultivate healthy financial habits– Having a regular time that you dedicate to reviewing, predicting, planning or educating yourself can be a big help in staying on track.

How much do you really know about everyday financial decisions?

Checking and savings accounts, debit cards, and credit cards are all things most people use regularly. But do you know how interest is accrued on different types of savings accounts, or how long it will take you to pay off your credit card debt?

Are you prepared for major life transactions?

Considering purchasing a new home or continuing your education? These are major life decisions. Understanding student loans and mortgages is an important step in planning.

Do you know what you need to do to finance a house? There are multiple mortgage options and the Legends Bank Mortgage Lending team are experts in helping you find what’s right for you! They can lead you through the steps that are involved in buying a home, such as qualification, mortgage types, and how much money you need to have saved as a down payment.

Educate yourself!

Improve the financial security of your future by educating yourself. Let Legends Bank be a resource! Our knowledgeable staff has decades of combined experience that we would love to share with you.

We also offer a FREE online financial literacy program. We want to help you become more knowledgeable in financial concepts such as paying for college, investing, insurance, taxes, mortgages, budgeting and retirement.

Don’t feel confident in your financial knowledge?

72% of Americans report that money and finances are a significant source of stress. [APA]

Don’t stress! Visit our financial literacy center and get educated!


Source(s): Forbes, EverFi, FINRA, APA

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