In today's increasingly complex financial landscape, working on your financial goals and wellbeing requires more than just willpower to spend less and save more. It should include a strategic approach to utilizing the resources that your financial institution offers that can provide the vital support and knowledge needed to effectively navigate your financial journey.
These resources often encompass a wide array of financial education programs, personalized services and products that are intentionally geared to bolster your ability to reach your goals, smoothing the path toward financial stability and growth.
A resource that is often underestimated is financial education. The modern financial environment is full of intricate concepts that, once understood, can significantly alter your financial perspectives and view of your financial wellbeing. Most financial institutions strive to boost financial literacy by offering resources like classes, interactive tools, webinars, and on-demand digital content. These features aim to deconstruct complex financial topics into digestible, comprehensible pieces, spanning various topics from managing credit and savings to understanding investments and retirement planning.
From just $107.88 $24.99 for Kiplinger Personal Finance
Be a smarter, better informed investor.
Sign up for Kiplinger’s Free Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
Despite the apparent value of these resources, they tend to be underutilized. This unfortunate trend can be attributed to various factors, including a lack of awareness, cost misconceptions, competing priorities or even a hesitance to seek assistance. However, by embracing these educational tools, you can enhance your financial confidence, navigate issues such as credit management, understand investment strategies and handle debt effectively.
Credit and debt counseling can help
Another invaluable resource available through many financial institutions is credit and debt counseling. These services play an instrumental role in guiding you toward a healthier relationship with your finances and planning for the future. Counselors can aid in managing credit effectively, improving credit scores and developing efficient debt-repayment strategies. They can also help you work toward financing a large purchase or using and managing debt effectively.
Financial institutions also offer a variety of incentives and programs designed to encourage saving and investing while supporting you in achieving financial milestones. Resources such as high-yield savings accounts, rewards programs, matching contributions, and reduced loan rates can help you grow your savings, earn higher returns, and minimize the costs associated with financial products.
Even as the digital age has seen many banking services transition online, the importance of face-to-face consultations cannot be overstated. Personal interactions offer opportunities for tailored advice and guidance, addressing your unique financial circumstances and needs. This level of personalization is particularly beneficial when making significant financial decisions, such as buying a home or a car. All told, the optimal approach for many people may involve a combination of in-person meetings and digital interactions, depending on the complexity of your financial needs, preferences, and circumstances.
Resources for retirees and pre-retirees
For retirees and pre-retirees, making the most of your financial institution's resources includes strategic decisions about liquid savings. One of the primary financial objectives in this life stage is ensuring that these funds remain safe and accessible while generating the highest possible interest. Strategies to achieve this delicate balance include confirming that your funds are insured by a reputable authority, such as the FDIC, consulting with a financial adviser, considering the impact of inflation and exploring various types of accounts and financial instruments.
Your financial institution is uniquely equipped to guide you through these considerations and decisions, providing the resources and expertise to help you make informed choices.
Remember — financial institutions are partners in your financial journey. They offer a comprehensive array of resources, tools and services designed to support you in achieving your financial objectives. By leveraging these resources and incorporating them into your fiscal strategies, you equip yourself with the knowledge, tools, and confidence necessary to navigate your financial journey, make informed decisions and work effectively on your financial goals and wellbeing.
related content
- Four Reasons Credit Unions Are a Good Bet in Unsettled Times
- Best Credit Unions
- How Can I Prepare for an Unexpected Financial Emergency?
- Is Now a Good Time to Buy a House?
- CD vs. High Yield Savings Account: Which is Better?
-
Risk Is Off Again, Dow Falls 397 Points: Stock Market TodayMarket participants are weighing still-solid earnings against both expectations and an increasingly opaque economic picture.
-
I Inherited $50,000, and My Retirement is Already Fully Funded. Where's the Best Place to Store It for Maximum Growth?These savings solutions can help you maximize returns without the risk.
-
Parents and Caregivers: Don't Miss Your Roth Conversion WindowCaring for a child or parent can mean a drop in income and a lower tax bracket. Why not take advantage by moving money into a Roth account? Here's how it works.
-
Testing the Retirement Waters in Florida? A Partial Plunge May Negate Tax BreaksMost folks know Florida is a tax-friendly state, but they might not know that part-time residents may not qualify, as our cautionary tale shows.
-
Catch-Up Contributions for Higher Earners in 457(b) Plans: What You Need to KnowGovernment 457(b) plans are about to get more complex as new Roth catch-up requirements come into force. Here's how to prepare for the changes.
-
I'm a Financial Planner: This Is Why Commitment, Not Perfection, Drives Financial SuccessMeeting your goals is more likely if you stick to your strategy despite market volatility and scary headlines. Consistency makes a difference.
-
I'm a Financial Professional: This Is Why Now Is the Time for Investors to Look AbroadExtreme U.S. market concentration has made international equities not just a diversification play, but a timely opportunity.
-
Four Ways to Make the Most of Your Benefits During Open EnrollmentOpen enrollment is a chance to make sure you're getting every ounce of value from your workplace benefits and on track to reach your long-term financial goals.
-
Your Estate Plan Isn't 'Done' Until You've Completed These Five Steps, From an Estate Planning AttorneyCongratulations on getting your estate plan in order. Now, you need to communicate the relevant details to ensure your plan is effectively carried out.
-
A Nightmare for Parents: How to Navigate the Legal Boundaries of Tenant Rights During a Family CrisisThis family's story illustrates how important it is to get help sooner rather than later and highlights the complexities of tenant rights and legal protections.
