My Father’s first words to me were after I told him, I just started working for this private company, were: “the moment your benefits kick in, open a 401K plan, and IRA account with the credit union the company uses”. After thirteen years of employment at my current employer, my 401K and IRA accounts, have grown substantially. The company my Father was working for at the time, had it’s 401K and retirement plans with #WellsFargo. Wells Fargo has been working with my Father for over 20 years with his retirement plan. I must say, he has a large nest egg for his retirement years. He reached his goals 15 years ahead of retirement age, due to the financial and investing advise from Wells Fargo financial experts. I have set goals for myself to exceed my Fathers goals by 5 years, to enjoy retirement tranquil, dept free and assist my children achieve their goals financially. Wells Fargo recently collaborated with Telemundo for the “Conversemos de Tus Finanzas” campaign, empowering the Hispanic Community, by developing Spanish available resources. Hispanics consumers will have the capability to do their banking, using bilingual tools online, Spanish account statements, Spanish Text, Spanish call centers and Spanish speaking representatives in store or at your local branch. Well Fargo credit and money management tips will direct you income in reaching your financial goals.
Incorporating Wells Fargo Prepare a Budget is imperative in having an overview of all your finances. Draft a budget of income verses expenses. Implement Wells Fargo Credit Tips to stay on target. Manage the income in splitting funds between several bank accounts accurately, this will save you money in the long run. Listening to my Father comments, such as, live under your means, meaning spend on what you need, not on what you want, has helped me a great deal budgeting my finances. Budget Tips below:
- Comprehending your income: your annual gross income represents the total income you earn, minus deductions, is your take home.
- Tracking your expenses:track your expenses, collect your financial statements and examine, your fixed, flexible and discretionary expenses.
- Savings For Live Special Moments:stay on target and stay within your goals.
- Create a Budget:Step 1:Organize, expenses v income. Step 2:Track all spending. Step 3:Compare income v expenses. Step 4:Split the expense into categories and retain what you need. Step 5:Review budget monthly.
Wells Fargo also provides Credit tips. I use all the below tips on a monthly basis. I have been able to maintain a healthy credit score for over 20 years. I have also eliminated credit cards that require an annual fee, and high interest rates, and kept a few, that have the highest credit line and the lowest interest available.
- Pay you bills on time:pay your bills on time or before the due date, credit lenders review you payment history.
- Pay more than the minimum:paying more than the required monthly reduces the debt and generates more inquiries of lenders.
- Contact the lender verbally for any inquiries:contact the lender to inquire in discrepancies, request credit line increase.
- Check your credit report annually:assure the information is recent and accurate, errors may negatively impact your overall score, also discrepancies can be explained in writing, they can not be removed.
- Establish and maintain healthy credit:one you have achieved your goals as far a credit score, maintain it, apart from lenders, landlords, insurance companies and cell phone companies also review you credit.
The Money Management Tips provided by Wells Fargo, speaks of the different accounts available and their benefit. Using the appropriate account effectively will save money in the long run. Use the checking account for specific purchases. Direct deposit into your savings account, and forget it exist. Usually, your employer, will provide 401K or IRA retirement options, create one for each and forget they exist.
- Checking account:offers easy access to your money for daily transactions, keep your cash secure.
- Savings account: help accumulate funds for future needs,don’t need it, don’t touch it.
- Money Market account:similar to savings account, requires a high revolving balance to maintain.
- Individual Retirement Account (IRA):allows you to save independently for your retirement, make sure you are aware of the terms & features.
In using the above financial tips provided by Wells Fargo, will expand and broaden your idea about money, and understanding its a tool to survive. Growing up, all I heard was,”how much does it cost”, and “is it part of the budget”. As an adult today, my budget is goal driven and it’s extremely accurate and efficient. All gross income, is allocated accurately to the penny. To this day, analyzing expenses, before purchasing any item, I think to myself, “do I require that, do I need that, or do I want that”, if the item falls under require or need, I analyze further. If the item is a want, I simply do not purchase the item. I drafted a goal outline, made up of small goals, and are reached one at a time. This concept has helped myself and my family achieve and acquire more goals that anyone I know in our age group.