CLEVELAND, July 14, 2017 /PRNewswire/ -- The year is
past the halfway mark. Do you know where your money is going?
If your New Year's resolution
centered on doing more to manage your money, summer is a
great time to take stock. At KeyBank, we believe small steps pave
the way to big changes, whether that change is moving into a new
job, buying a new home or vehicle, or getting ready for
retirement.
Your mid-year review doesn't require a major financial overhaul
– feel free to focus on just a few areas. To help you get started,
here's some thoughts from KeyBank:
- Start with the monthly budget you use to track spending and
saving. "This is a good time to know whether typical recurring
expenses such as food, utilities, healthcare and insurance are
about what you anticipated when you set your budget," said
Stephen D. Fournier, KeyBank Central
New York market president, retail sales leader for Eastern New York and regional network sponsor
for deposits.
Fournier suggests looking for significant spikes or drops in your
spending and reallocate your money accordingly. For example, if
your healthcare costs are less than anticipated, consider
increasing the amount you set aside for emergency savings.
- Enroll in online banking and bill pay programs. Online banking
gives you instant access to your balances so you can move money as
needed to make the most of your various accounts.
"When it comes to managing your money, knowledge truly is power,"
said Jill M. Taylor, KeyBank Utah
market president, retail sales leader for the Rocky Mountain region
and regional network sponsor for digital banking and payments.
Taylor also recommends tapping bill pay programs that might save
money by helping you to avoid late fees.
- Mid-year is a good time to request credit reports and review
credit card use, said Gary A.
Chavoustie, New England retail sales leader and regional
network sponsor for consumer lending. "Apart from knowing
your current credit score, checking credit reports is one more way
to ensure no one has used your identify to obtain credit, leaving
you holding the bills."
He also recommends taking a close look at current credit card
statements so you can calculate interest and fees, as well as how
much of your monthly income is required to pay credit card
debt.
"You might decide to launch a mid-year campaign to cut back
credit card debt. There's lots of options, such as picking one card
you will pay off and "retire", or by consolidating debt by
obtaining a home equity line of credit or a credit card with a
substantial long-term 0 percent APR."
Like tracking spending, setting budgets and establishing goals,
finding time for bi-annual financial wellness checks requires being
willing to make change. But small money management changes made now
can make significant in the long run that make the effort
worthwhile.
This material is presented for informational purposes only
and should not be construed as individual tax or financial advice.
Please consult with legal, tax and/or financial advisors. KeyBank
does not provide legal advice.
About KeyCorp:
KeyCorp's roots trace back 190 years to Albany, New York. Headquartered in
Cleveland, Ohio, Key is one of the
nation's largest bank-based financial services companies, with
assets of approximately $134.5
billion at March 31, 2017. Key
provides deposit, lending, cash management, insurance, and
investment services to individuals and businesses in 15 states
under the name KeyBank National Association through a network of
more than 1,200 branches and more than 1,500 ATMs. Key also
provides a broad range of sophisticated corporate and investment
banking products, such as merger and acquisition advice, public and
private debt and equity, syndications, and derivatives to middle
market companies in selected industries throughout the United States under the KeyBanc Capital
Markets trade name. For more information, visit
https://www.key.com/. KeyBank is Member FDIC.
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SOURCE KeyCorp