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When was the last time you looked at your bank account balance? According to a survey, over 60% of Americans check their balance at least once week[1]. This habit, if practiced the right way, can put you on the path to achieving your financial goals.
Whether you’re looking to become financially independent, planning for a long awaited vacation, or saving for a down payment to buy your first home, it’s important to become aware of the tools and skills available to help make your financial journey as smooth as possible.
Let’s talk about the basics first. Managing your money can be overwhelming, but it doesn’t need to be. Understanding things like budgeting, saving, paying your bills, and even building your credit score are skills that can help you at any stage of life. Even in difficult times, when so many are facing greater uncertainty around finances and job security, understanding core financial skills can be the difference-maker.
Since the start of the COVID-19 pandemic, 44% of Black Americans said that either they or someone in their family has experienced a job or wage loss due to COVID.[2] In these situations, especially, it is critical to know how to manage your finances to stay or get back on track.
If you’re unsure of where to begin, how to start making progress, or simply looking to refresh your knowledge, consider the following as you chart a successful path forward and take control of your financial future.
Advice and Tools
JPMorgan Chase’s financial goals hub is a great place to start. Start by picking a goal – save, budget or build credit – and explore advice, offerings and tools that more simply allow you to control your financial future. The Grow Your Savings page, for example, offers an interactive calculator that maps out a timeline to reach savings goals and highlights how the Autosave tool can help you manage a regular savings schedule to stay on track and meet your goals. Other resources, such as budget worksheets, are also available to monitor and track monthly spending, as well as guidance on using the Credit Journey tool to build and protect credit, and background on low-cost checking accounts designed to provide access for anyone who has had trouble getting or keeping an account in the past.
Reserved Capital for Business Owners
Education, reliable support and resources are fundamental first steps to financial literacy, as well as having access to capital. Through JPMorgan Chase’s Entrepreneurs of Color Fund, we’re working to provide more access to capital to future entrepreneurs, existing business owners and communities who have historically struggled to secure it. JPMorgan Chase is also setting aside funds specifically for Black and Hispanic business owners – stop into your local branch and talk with a Chase for Business representative to see if you qualify.
Equitable Home Lending
One way we hope to increase property ownership among Black communities is through our Chase DreaMaker mortgage, which makes applying for your first mortgage or refinancing a current one more attainable with a smaller down payment, and by offering reduced mortgage insurance, more flexibility around your credit score, potential assistance grants and homebuyer education courses.
Local Advocates
In Milwaukee we’ve also hired a community manager – a new role created by the bank – who is working with the community and small businesses to increase awareness of available resources. Our community manager is connecting with neighborhood organizations and creating programs to help connect more customers with financial health tools, products and services. Look for free interactive programs on topics such as budget building, home buying tips, interview and job search skills, how to fund a small business, and others coming soon.
No matter where you are financially, budgeting and saving are two key habits that can help all of us bounce back from life’s unexpected moments or keep you on track to ensure you meet your goals. That is why JPMorgan Chase is here to help everyone have open conversations about what it means to be financially healthy while providing the support, tools and advice to get there. Financial health is a journey, and we can help you think about a plan for now and the future.
For more resources, information and access to tools that can help you achieve your financial goals and milestones, visit chase.com/personal/financial-goals
Sponsored content from JPMorgan Chase & Co.
[1] https://www.theladders.com/career-advice/survey-36-of-americans-look-at-their-bank-account-daily