Back to the Basics of Money Management: Regions Next Step Highlights Free Resources During Financial Literacy Month
Regions Bank’s financial wellness program has year-round,
no-cost financial tips and tools to build budgets – and
Regions Bank on Wednesday invited consumers and businesses to
take a fresh – and free – review of their financial health and
their plans for building savings, reducing debts, and reaching
other financial goals.
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April is Financial Literacy Month, and
Regions Next Step, the bank’s no-cost financial education program,
is highlighting the importance of budgeting and saving to help
people focus on key parts of money management. The program has
useful tools and information to help people start or meet financial
goals. These resources are available to anyone, regardless of
whether they have a Regions Bank account, and there is no cost to
access them. (Photo: Business Wire)
April is Financial Literacy Month, and Regions Next Step, the
bank’s no-cost financial education program, is highlighting the
importance of budgeting and saving to help people focus on key
parts of money management. According to recent Regions Next Step
surveys, Americans have serious questions and concerns about
managing their financial futures. The good news is Regions Next
Step has a wealth of information and budgeting tools to help people
start or meet their financial goals.
Surveys have found:
- Only 35% of respondents think they will save enough to retire
- Roughly 60% of respondents say they do not follow a
- Additionally, 76% of respondents are not confident they can
withstand an unexpected financial emergency. For people with
medical financial hardships, a survey in 2022 found people are not
prepared to cover medical expenses or pay off debt.
Regions Next Step has useful tools and information to help
people start or meet financial goals. These resources are available
to anyone, regardless of whether they have a Regions account, and
there is no cost to access them.
“Seasons of economic volatility create stress and make a real
impact on finances,” said Joye Hehn, Next Step financial education
manager at Regions Bank. “With inflation impacting every part of
daily living, Regions Next Step is helping people lean into the
basics of money management to keep their financial goals on track.
Financial wellness is at the heart of how we serve consumers and
businesses, and we invite people to not only check out our free
tools online but also stop by for a personal conversation in any of
our branch locations.”
Resources available around the clock include:
- Budgeting and savings calculators help categorize spending,
address debt and increase savings. People can use these and other
online calculators to develop a budget, know where money is going
every month, and work toward long-term savings goals.
- The Regions Next Step content library includes courses on
creating a budget, building an emergency savings account, having
family conversations about money and more. These self-paced,
interactive courses are designed to help people grow money
management skills. Each course takes 10 minutes or less to complete
and can be accessed via a mobile device, tablet or desktop.
- Articles, podcasts, worksheets and other financial wellness
resources are available in the Next Step Family Budgeting and
Saving Resource Center to help set up families for financial
success through all of life’s milestones.
- The Personal Spending Plan Worksheet can plan, track and
organize monthly spending.
- Next Step workshops are available to people for one-on-one
guidance to address their money-management needs. These quick,
informative workshops can be delivered in-person or virtually. For
more information on hosting or attending a workshop, contact a
Regions Bank branch or call 1-800-REGIONS to learn more.
Additionally, Regions Bank customers can access convenient
financial management tools through My GreenInsights, available
through Regions online banking and mobile app. My GreenInsights
allows customers to create and track budgets, set financial goals
and combine external accounts, providing one place to track
spending and savings.
During Financial Literacy Month, Regions is also highlighting
- Consider Zero-Based Budgeting. This method accounts for
every dollar of monthly income, so it can be helpful to use when
people want to stretch their budget and find new ways to save. Each
month, start from scratch and create a new budget that accounts for
every dollar of income. Move any dollars saved by spending less
than budgeted into a savings account.
- Track Spending: Closely track spending on a weekly or
monthly basis to help ensure budget goals are on track. Regions has
a free downloadable worksheet to track personal spending. At the
end of the tracking timeframe, review spending trends, areas for
improvement and areas on target.
- Set Savings Goals. Saving a little bit on a regular
basis adds up over time. Set smaller savings targets along a
timeline toward a goal. Consider saving a percentage of your tax
refund as a simple way to begin.
- Do a Savings Challenge. Try Regions’ 52-Week Savings
Challenge, and watch savings grow when a little money is put aside
each week. By following the downloadable worksheet, $1,378 can be
saved in 52 weeks. Just save the amount each week that corresponds
with the week of the challenge.
- Maintain an Emergency Savings Fund. An emergency fund is
key to managing unexpected expenses. Some examples include car or
home repairs, medical bills or a sudden loss of income. Aim to set
aside three to six months of income, and keep these funds separate
from any other checking or savings account so you know it isn’t
part of monthly operating expenses. This podcast is available for
more tips on growing an emergency fund.
- Pay Down Debt. During periods of inflation, minimize
existing debt with variable interest rates, such as credit card
debt. Include these payments as a line item in the monthly budget.
As you pay down debt, reallocate funds from paid debt to other debt
or add it to savings.
Financial wellness is a key part of Regions’ mission to make
life better in the communities it serves. In 2022, Regions Next
Step provided financial education to more than 2.1 million people
across the Southeast, Midwest and Texas and received 3.2 million
financial education content page views. Nearly 150,000 Regions
podcasts and other resources on a variety of consumer and business
topics were downloaded. Further, Regions Bank associates completed
9,800 financial education volunteer hours.
“Regions Bank works with many community organizations to connect
financial education opportunities to more people,” said Wendi
Boyen, community advocacy and financial wellness manager for
Regions Bank. “Regions takes an inclusive and accessible approach
toward providing helpful insights and encouraging people to take
the next step in their financial journeys. By working together, we
can keep our communities moving forward.”
For more advice on budgeting, saving and planning, visit
Regions.com/NextStep. Or, visit a nearby Regions Bank branch to
speak with a banker directly.
About Regions Financial Corporation
Regions Financial Corporation (NYSE:RF), with $155 billion in
assets, is a member of the S&P 500 Index and is one of the
nation’s largest full-service providers of consumer and commercial
banking, wealth management, and mortgage products and services.
Regions serves customers across the South, Midwest and Texas, and
through its subsidiary, Regions Bank, operates more than 1,250
banking offices and more than 2,000 ATMs. Regions Bank is an Equal
Housing Lender and Member FDIC. Additional information about
Regions and its full line of products and services can be found at
About Regions Next Step®
Regions Next Step is the financial education program from
Regions Bank, offering a free collection of action-oriented tips,
tools and resources. Next Step is designed to simplify financial
topics, help people of all ages and businesses of varying sizes
stay on track and meet financial goals. Resources are available
online, in-person, virtually, and in English and Spanish. In 2022,
Next Step provided financial education to more than 2.1 million
people across the company’s footprint, delivered more than 1,600
financial wellness workshops, received 3.2 million financial
education content page views and associates completed 9,800
financial education volunteer hours. Additional information and
resources are available at Regions.com/NextStep.
version on businesswire.com: https://www.businesswire.com/news/home/20230405005188/en/
Jennifer Elmore Regions Bank (334) 240-1220
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