This is part of a compensated campaign with Wells Fargo and Latina Bloggers Connect. As always, all thoughts and opinons shared are my own.
As a parent of 4 kids, I can wholeheartedly say that teaching money management skills to today's young people is indeed a priority. Growing up, we certainly weren't rich but my parents both worked and always tried to find ways to be smart about how they spent our family's money. That's something that I hope I can pass along to my own children. I often find myself engaged in conversations with them about why we should or should not spend money on certain things, how to figure out if something is a smart buying decision, and of course, saving for a rainy day. Recently, they got a kick out of the fact that I still have my $2 bills from who knows when! I think my mom or dad gave them to me decades ago and I just put them up for safekeeping. I never realized that showing them to my own children years later would spur a conversation about money and its ever-changing properties.
In recent years, Wells Fargo has also show their commitment to providing Latino consumers with financial education and in-language resources. That includes providing customers with bilingual online tools, Spanish Text Banking, Spanish account statements, Spanish-language call centers, Spanish-speaking bankers in stores across the nation, and more. These are resources that my ancestors would be proud exist! And I know that so many people are grateful to Wells Fargo for providing them ease of access when it comes to learning about their money.
Another great part of the Wells Fargo commitment, and in their effor tto connect with the Hispanic community in a meaningful way, Wells Fargo recently collaborated with Telemundo for the "Conversemos de Tus Finanzas" campaign. The campaign is focused on empowering Hispanics to enhance their financial knowledge and help them to reach their financial goals. The campaign provides customized content, tools and resources around the important financial topics of money management and credit. All of this is crucial for today's Latino families, since many of them are eager to pass these kinds of "money smarts" on to their own children for generations to come. Check out a few of the money management tips below, as you might be surprised to learn something new!
Manage cashflow and savings
- Track your spending. Online tools can make the process of tracking yourspending completely automatic. If you choose to track your spending manually, get in the habit of consistently following a few basic practices.
+ Save receipts - + Use your credit card
- + Update your records
+ Review the results - Pay yourself first. If you're having trouble finding ways to pay yourself first, try taking these steps to get into the habit:
+ Figure out how much you can afford
+ Set a personal payment goal
+ Create a savings strategy - Reduce your debt. If you find that you’re paying down your debt each month, but your balance doesn’t seem to budge, you may want to take a look at your payment strategy, here are a few tips to help you make more headway:
+Organize your debt
+Prioritize your payments
+Consolidate your debt - Save for an emergency. Learn how much you should save in case of an emergency.
- Keep track of your account. An important step in managing your finances is consistently tracking your account activity.
- Avoid overspending. Keeping an accurate record of your transactions is the best way to avoid spending more money than you have in your account.
And since this is definitely the time of year that many of us have finances and credit on the brain, here is a great infographic with some cold, hard facts about how your credit score is determined:
To check out all the great resources that will help keep you learn more about finances, credit, and money management, I encourage you to visit the “Conversemos de Tus Finanzas” website and follow along with hashtag #WellsFargo.
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