Every year, people set New Year’s resolutions, and since January is dedicated to financial wellness, now is the ideal time to organize your funds. You may position yourself for success this year by making the most of the appropriate resources to improve your financial situation. Financial expert Adam Davis, vice president of Financial Health Inclusion and Liquidity at Capital One, sat down with California Life’s Will Armstrong to talk about the need of performing a financial check-up for your financial health as well as what to look for in order to increase your financial stability in 2023.
You should start your year with a financial check-up, advises Davis. It’s the ideal time to start over on everyone’s financial path as January is Financial Wellness Month. He advises us to approach it as a clean slate, giving you the opportunity to take stock of your money, accounts, and budgets before deciding which tools and tactics would best help you achieve your objectives. There are numerous things to think about. Finding the appropriate answers for any financial problems you may have is one of the finest ways to kick-start your financial health and make this year financially successful.
If you’re unsure of how to get started or what the initial steps are, Davis has got you covered. He claims that identifying any needless fees you may be paying and then searching for methods to reduce them is one of the greatest places to start. If you can discover a financial institution that doesn’t impose overdraft fees, it may be of great assistance. Fees like bank overdraft fees and non-sufficient costs have a negative effect on individuals who are most financially vulnerable. As the first top 10 bank to do so, Capital One truly set the standard for the industry when it did away with overdraft fees a year ago. For our clients without credit cards, our no-fee overdraft offers a safety net for customers.
Setting up of a savings system is a fantastic proactive measure. Have a strategy for how you’re going to budget and save if you have extra money coming in, such as a bonus or a tax return, so that you can pay yourself first. You will advance in your goals as a result. Another strategy to aid with your savings is to automate scheduled transfers between your accounts. Another method to avoid being tempted to spend that money as soon as it is received is to think about setting aside a modest portion of each paycheck for savings.
Finding financial organizations with accounts where you may organize your money can assist to make your various savings objectives more transparent. There are also a ton of free resources available, such as Capital One’s money and life program, which allows you to determine your financial objectives and determine whether your actions are correctly aligned with them.
Your financial stability also depends on credit, therefore take this opportunity at the start of the year to grasp your credit score. There are several free programs available that allow you to check your credit as frequently as you’d like without having an effect on your score. Many of them will also include interactive simulators so you can see how certain actions will affect your score and whether they will. Digital banking applications are a different approach to have simple, easy access to your accounts and frequently provide financial, individualized solutions.
For more information you can go to Capitalone.com