By Jacqueline Paladino | Face Your Financial Fears with Tips from Bank of America | By Jacqueline Paladino | Halloween might be filled with ghosts and haunted houses, but for many Americans, nothing is scarier than trying to manage finances. From overdue bills to uncertainty about the future, money fears are leaving Floridians spooked. In fact, a recent Bank of America Better Money Habits survey found that a third (33%) of Gen Z are stressed about their finances, and of those, 52% say economic instability is a root cause.
Below are few simple tips from Bank of America on how Jacksonville residents can face their financial fears by developing money management skills and planning ahead.
- Banish bill frights – Start by organizing your bills in one place. Set up automatic payments for recurring expenses, and schedule reminders for those that require manual payment. This way, late fees won’t sneak up on you, and you’ll always know what’s due and when. Consider creating a spreadsheet or using a free budgeting app to track due dates, amounts and payment confirmations.
- Lift the curse of overspending – When the pressure to spend builds up, it can be hard to stick to your budget. If you find yourself overspending, review your bank statements to see where your money is going and identify potential triggers. To prevent impulse buying, try leaving your credit cards at home during a night out, or implement a 24-hour cooling-off period before making a big purchase. Another strategy is to consider being open with friends about your budget – it could be empowering for everyone involved.
- Set fear-free goals – Saving and investing doesn’t have to be full of scary unknowns. Begin with attainable, realistic goals, such as setting aside a small emergency fund, paying off high-interest debt, or investing in a retirement plan. Leverage digital apps or custom spreadsheets to help you track financial goals. Have regular check-ins with your family including children if the goal is something that involves them – like a family vacation. And make sure to celebrate the victories.
- Turn small savings into big treats – Even small, consistent saving habits can conjure big results over time. Once you’ve figured out how much you want to save each month, and you’re confident you’ll pull in enough income to meet that goal, you can set up automatic transfers between your checking and savings accounts. By automating deposits, you can eliminate the temptation to redirect your extra money to other things. Today’s smart money tricks can turn into tomorrow’s treats, laying the groundwork for a lifetime of financial progress.