Whether it’s planning your retirement or your lunch break, it’s always smart to have a plan so you aren’t “up the creek without a paddle” if something goes wrong. Your finances are no exception.
A 2015 study by Northwestern Mutual found that 58 percent of Americans believe their financial plans need improvements while 34 percent have no financial plan at all. According to the Northwestern Mutual, this unfortunately shows the disconnection between what Americans know they should do and what they’re actually doing when it comes to their finances.
So you want to make a plan. That’s great. But where can you start? We caught up with a few of our branch managers to see what they would advise you to do when it comes to making those first steps towards a personal financial plan.
Q: What personal finance tools would you recommend people use to learn more about controlling and mastering their personal finances?
Carrie Pescatello—Coppell Senior Branch Manager
“Sometimes members don’t know how to plan out into the future to reduce their debt and this calculator has been a lifesaver for many. It seems simple, but when members are trying to see the end in sight, this gives them hope for knowing that on a specific date they will have a debt repaid, especially when it comes to credit card debt.”
Juli Maxon—Downtown Branch Manager
“I think recommending the GreenPath tools we have on the website is a great start to getting a handle on their finances. It educates members on how to handle their budget and manage a checking account. I took the course and it is a wonderful tool I think our members will find very beneficial.”
Nyron Harding—Oak Cliff Assistant Branch Manager
“Physically writing down and seeing where are all of your funds are going helped me get a big picture of where my money was actually going. This is where an allocated spending plan can come in handy because you can actually see where your money is being used.”
Tina Schmidt—Sales Manager
“There are great personal finance books you can find online. For example, Forbes has a great article titled ‘Best Personal Finance Books for All Ages.’ It lists books recommended for teens, 20-somethings, 30-40, 50 plus, and for anyone.”
Robert Sheridan—Richardson Branch Manager
“If you want to get a handle on budgeting, personal financial management apps such as Mint let you see all your financial information all in one place so you can get the full picture of where your money is going. It will even analyze thousands of account offers to make recommendations that best tailors to your lifestyle and financial goals.”
Are you ready to take the first steps to tracking your personal finances? Our awesome branch managers will help you find the best route so you can be on your way to being better prepared for whatever the future holds!
Find the branch closest to you and come in any time!