New Year’s resolutions aside and financial recovery seemingly around the corner from the economic ravages of the pandemic, it’s imperative that African American consumers examine their current financial status, assess the economic wellbeing, and develop a realistic plan to get back on track to building savings and wealth for short, long-term and legacy goals.
Millions of Americans are still reeling from the unparalleled setbacks of the past few years, and too many Black consumers continue to face serious financial fallout in the aftermath of the virus. Much of those losses suffered are in large part due to job loss, wage reductions, and the subsequent devastation imposed by inflation hinder financial recovery for individuals and families hard hit by the upheaval of money insecurity.
Wells Fargo wants consumers to do more than just survive or persevere through the storm. The leading financial institution encourages savings and budgeting, addresses budget basics and is applying new strategies and products to help Black Americans save for now and build for health financial futures.
Wells Fargo banking expert Nicole Burrell, District Manager Regional Banking/Delaware Valley Region/Delaware South District Wells Fargo & Company explains that the task of getting your finances back in order and moving toward your financial goals is not as daunting as it may appear at first glance.
The banking expert shared invaluable advice for consumers to get their bearings and get going with budgeting and savings plans.
On where to start …
“The first thing to do is analyze and start with where you are financially. That means stop and look at where are you in your personal financial journey and where you were in terms of what your savings goals were and what your budgeting goals were. If people don’t know what they don’t know, when they sit down with someone and literally go through the discovery process like what you have already versus trying to save a certain amount of dollars, they’re able to see the bigger picture and use those resources to help them to get on track … or make adjustments that you may be able to do within the means you have already.”
On how to develop budget and savings plans …
“Look at the process. How much is your output? How much are you spending on credit cards? How much are spending on loans, on your auto loan, on your mortgage? Just do a deep analysis because a lot of times your savings comes from readjusting your debt in order for you to be able to save money.
Take a step back and ask, “Is there a way that I can get a zero percent credit card for the debt that I have? Can I consolidate debt, so I have one payment …. or refinance my auto loan of adjust my insurance payment?” Sometimes you can find cheaper and more affordable ways to do what it is you want to do.”
On tools for budgeting …
Wells Fargo offers Budget Watch to keep you on target. It let’s you know on a month-by-month basis where you are. Sometimes there are emergencies and if something might have thrown you off track in March, you can see where to make [realistic] adjustments and decide what you can and can’t do in the [following weeks or month]. Regardless, it will keep you moving in the direction in which you can always adjust it, you can always change it [and] keep your plan in place,
On where to get help …
“Right now, the best thing that I can recommend is meet with a banker that helps you walk through and understand where you are and what your next steps are.
At Wells Fargo we have a number of tools for our customers, and the first thing is that our bankers will go through a full discovery needs around how and what you are looking to do, what you are looking to accomplish, and provide you a roadmap of how you get there.”
Getting back on the money track may at first glance appear to be a daunting task or at least one that doesn’t appear feasible in the short-term or perhaps not even long term. But according to the experts at Wells Fargo it’s more than possible to achieve your financial objectives and they offer tried and proven strategies to overcome obstacles and get consumers of solid financial footing.
“I wouldn’t have been doing this work for the past 32 years if I didn’t have a passion for helping get to their financial goals. We at Wells Fargo are excited to help customers discover whta’s possible if you manage your money properly,” concludes Burrell.