According to the United States Treasury's Financial Literacy and Education commission, financial literacy is "the ability to use knowledge and skills to manage financial resources effectively for a lifetime of financial wellbeing." A strong foundation of financial literacy can help support various life goals, such as saving for education or retirement, using debt responsibly, and running a business. There are five basic components: Earn, Spend, Save and Invest, Borrow and Protect.
Earn: Understand your income
Prior to making a plan or completing a budget, you need to have a clear picture of your income sources. If you make the same amount each month, calculating income is easy. If your income is variable, it can be a bit more challenging to determine what you can count on to pay for your living expenses. But once you have this information in hand, you can begin planning a budget.
Need help calculating your income? We are here to help - contact a banker today!
Spend: Plan and create a budget
Now you can get a complete picture of your finances by bringing the information from all your accounts into our easy-to-use Budget tool. Our powerful software allows you to collect your account data from other financial institutions, credit cards, investment accounts, mortgage and insurance accounts into one place. Then, with all your information at your fingertips, our tools help you analyze your spending, track your investment portfolios, reach savings goals and take control of your finances. Checkout our Budget tool and learn more.
Save & Invest: Know your financial goals
To get started, you'll want to be sure you have an account that earns interest and we have some great account options. With an ACCESSbank savings account, CD or Money Market, you set yourself apart from the crowd and set your family up for a better future. Whichever account you choose, you'll get free access to Online and Mobile Banking to deposit checks and manage money, plus free eStatements. Choose an account now.
Now, you may have big dreams for your future and you'll want to have a plan in place to save for them. Whether it's an adventurous trip, a down payment on a house or anything that's important to you, you may want to know what it will take to hit your savings goal. Use our helpful calculators to run the numbers and see what changes you can make to keep your plan on track. Start planning your savings.
Borrow: Auto loans, personal loans, Mortgages and moreBeing a responsible borrower means understanding the details of all your loans - how much you'll pay each month, how your payment is divided and how long it will take to pay off your loan. Our calculators help you figure it out. Plus, you can see how things change when you add a little bit more to your payment each month. Use our calculators now.
Protect: avoid scams and becoming a victim of fraud
We seem to hear about a new online scam nearly every week. While the internet has changed the world for the better in many ways, there is a downside. Online scams are still widely prevalent, and despite the misconception that they are primarily a concern for senior citizens, a recent study by the FTC found(Opens in a new Window) that more millennials than retirees are now getting scammed out of money online. Everyone can be susceptible to these acts if they are not cautious. Here are some tips and tricks to avoid becoming a victim:
- Check your account often for suspicious activity - either through the Internet, phone or statements.
- Use your body or hand to "shield" the pin pad or ATM as you enter your pin.
- Always take your receipts with you and check them against your statements.
- Report unauthorized transactions immediately.
- Never give your personal or financial information in an email or over the phone unless you have initiated the contact.
- Use online banking to protect yourself.
- Monitor your credit report. Order a free copy of your credit report annually from each of the three credit reporting agencies.
Available to our clients, we've also got some great Fraud Prevention tools to protect your security, and your finances.
ACCESSbank is a full-service, locally owned bank catering to customers in the Greater Omaha area.