Financial health for a typical American can be stressful; we know that 46% of all Americans would struggle coming up with $400 in the case of an emergency, and 60% of all Americans will face that emergency within 12 months or less.1 So, here’s the question: what does money mean to you?
To some money means success while for others it is a point of contention. If you are like 46% of all Americans who would struggle coming up with $400 in case of an emergency, you may have an unhealthy relationship with money. This stems from the feelings associated with money - judgement you feel may be passed upon you when you admit that you can’t afford to go out every weekend or your bills aren’t paid on time, or even feeling that someone might think your intelligence is less due to your financial status.
We want to offer you some advice and help you improve your relationship with money. The first thing you should do is to talk about it. Money is taboo, but if we keep it that way how can we ever improve upon our current status? When you walk into Lincoln Federal we will not pass judgement and you will leave celebrating the fact that you have made a decision to build a better relationship with your money. Our team will take your financial needs and place you in financial products that will help you grow and save over time.
Get started by opening a Lifetime Checking Account and a Choice Savings Account. This gives you the option of choosing EZ Save, which automatically allows you to round up your purchases from your checking to your savings every time you use your debit card. How many times do you use your debit card in one week? Think of how quickly you would have a $400 balance for emergencies.
Next, you should understand what money is. Money is a mechanism to help you accomplish your goals. Money does not define you. It only helps you accomplish what matters most to you. Now is the time to picture those things that matter most. Maybe you just graduated college, you want to buy a house, you want to fly to New York, and you would love to have a dog. Visualize whatever your dream is. Can you picture your new dog, Daisy, wagging her tail? The view from the empire state building? The view from your front porch?
Now, anytime that you pick up your debit card to swipe, think “will this cup of coffee help me save for my trip to New York?” Your behaviors will soon be aligning more and more with your goals. When this happens, you will have a ‘magic moment’ when things begin to click and you start down a path of financial wellness. You can start slow, you can start small, but you have to start now.
Written by Bailey Clark, Customer Service Supervisor. Adapted by Alyssa Rhoades, Marketing Coordinator.