Finances For Every Stage Of Your Life
Finances For Every Stage Of Your Life
ABNB is proud to be your financial institution of choice. We also strive to be your trusted financial partners for life. We all face so many unexpected twists and turns in our daily lives, dealing with them and keeping your finances in order can be stressful. ABNB's Financial Education Representatives are here to assist you — no matter what your situation is. We don't judge you or your situation and are dedicated to helping you get financially fit.
Listed below are three different programs geared towards improving your individual situation. In addition, we periodically offer FREE financial seminars covering specific financial issues of interest to our members.
Starting Point For Financial Wellness
It’s a new year and time to think about acting on your New Year’s resolutions. Was one of those resolutions concerning money matters and improving your current financial situation?
From a financial perspective, you’re thinking about buying a home, a car, or simply trying to increase your credit score. Maybe your goal is to replenish your emergency fund from last year so you’ll have the ability to weather the storm if unexpected expenses pop up.
It’s time to remain healthy and take action to improve your financial health as well!
Create a Monthly Spending Plan
Be proactive and take time to create a monthly budget instead of “waiting for the first of the month”. Schedule a specific time right now to do this for yourself.
Start with a list of all your income resources, and then make a list of your projected monthly expenses. You can use a budget form, an Excel spreadsheet, or download a free online budget planner. This is a great financial planning tool to help you understand how much you earn, how much you spend and what’s left over each month. This will take some time, but it will be well worth the effort to improve your long-term financial wellness. You may even be surprised at what you discover, but it’s all designed to help you get a better handle on your finances, today.
Start Saving Money NOW For a Rainy Day
Saving a little money each month helps you meet your expenses, provides peace of mind in case of a financial emergency, and builds wealth over time. Saving money also gives you financial freedom, which relieves stress and anxiety. Make it easy on yourself by planning what you’d like to save every paycheck. Remember, you’ll be more successful starting with a small amount each month. You’ll also notice over time that you don’t even miss it (and you’re not spending it). As an example, commit to saving as little as $20 per paycheck -twice per month. This will help you save $240 in six months and it’s a great way to start building your rainy-day fund. Budgeting per paycheck is the best way to know what needs to be paid, and remember to set up automatic online bill pay so you won’t get late fees.
A holiday savings account is a perfect way to prepare for the holiday gift-giving season and manage your money. Open a separate savings account for your holiday spending and make it part of your savings plan every year. Look back at what you spent the previous year to give you a better idea on how much you need save this year.
Remember, to get an accurate picture of your spending habits, save your receipts and review your monthly financial statements. Also, look at your ATM withdrawals regularly to see what the money was used for. You might be surprised at what you see and may need to adjust your spending habits accordingly. Finally, be aware of your ‘money leaks’. Take credit card information off shopping websites. Paycheck spending should be dedicated to essential living expenses like rent, utilities, etc. Try a “stop spending” week to reflect on whether you can really afford to purchase non-essential goods.
Follow these steps that will help manage your money.
In 2022, set some savings goals (new car, tuition, etc.)
Use the last three-months financial statements as a guide
Write down a spending plan and calculate your net pay from each paycheck
Assign essential living expenses to each paycheck
Always save for goals and emergency expenses
Regularly review your plans to lower expenses
Implement your plan
Track your expenses (keep receipts)
Review weekly spending to uncover unnecessary spending
Adjust your spending accordingly
There is no right or wrong way when it comes to how you budget. Remember, modifications can always be made when you review spending from each paycheck. Once you have reached a savings or spending goal, you can plan for the next one.
Pay More Than The Minimum
When paying off your debts, find out what works best for you. The following are five examples on how to pay down your debts faster:
The “Avalanche Method” involves making minimum payments on all your debts, then using the extra funds to pay off the debts with the highest interest rate.
The “Debt Snowball” method involves making minimum payments on all your debts, then paying off the smallest debts first before moving on to bigger ones.
Transfer your high-interest credit card balances to zero-interest offers, and plan to pay off the debt before the balance transfer expires.
Change spending habits. For example, instead of buying lunch, bring your lunch from home. You can always think of other ways to reduce monthly expenses without sacrificing lifestyle and remember to apply the savings to paying off your debts.
A debt consolidation loan can be used to repay multiple debts with one monthly payment at a lower interest rate.
Be persistent. Discover where your money goes every month. Make specific plans to reach your savings goals. These new-found savings will relieve anxiety and assure your success.
You can do it!
Financial Education Seminars
Bank On Hampton Roads
Tired of living paycheck to paycheck? The road to financial freedom is closer than you think. Invest in yourself by signing up for the Financial Coaching program through Bank On Hampton Roads. Through the NEW 5-MONTH PROGRAM and one on one coaching, Bank On Hampton Roads will be your partner helping you build the skills and confidence to use your financial knowledge.
The Basics For Mortgages When Buying A Home
In this free Financial Education Seminar, ABNB's Mortgage Manager Alfred Howard Jr. provides tips on what you should know before buying a home. Topics covered include:
- How to prepare before you buy
- Steps for applying for your mortgage
- Questions and answers from our mortgage expert
To RSVP for any of our great financial education series events, please email Joselyn Hansbarger at [email protected]. A direct webinar link and call-in instructions will be sent to those who provide their preferred email address in their RSVP. Attendees will have the option to call-in or join events virtually.
Budget coaching is offered FREE of charge to ABNB members who simply want to find out where they stand financially. A personalized and confidential spending plan is developed, your credit report is carefully reviewed, any necessary financial issues are discussed and resolved, and then specific recommendations are made.
Budget coaching topics include:
- Developing short and long term goals
- A review of your current financial situation
- Plans to implement specific modifications in your current strategy to enable you to reach those goals
- Professional assistance every step of the way in the process
Money Management is a short-term program (3 to 6 months) offered FREE of charge to ABNB members who:
- Have enough money to pay their financial obligations but don't seem to be establishing or meeting financial goals
- Can meet their financial obligations but seem to be getting further behind not matter what they do
In addition to the financial coaching you receive, you will work with the financial coach one-on-one to strengthen your financial decision-making skills for the long haul.
Debt Management is a long-term program (1 to 5 years) offered FREE of charge to ABNB members who are in serious financial debt, where their monthly obligations are equal to or exceed their monthly income. We take this situation very seriously and will do everything in our power to help overcome these issues.
Through the Debt Management Program:
- Financial priorities and lifestyles are adjusted
- Payments to creditors are often reworked and lowered in a fair and equitable manner enabling you to meet all of your financial obligations
Debt Management is the preferred alternative to bankruptcy which can have long-lasting negative effects. It can work. Don't wait until it is too late to seek help. Call the Financial Coaching Department directly at (757) 523-5380 for a confidential appointment!