When was the last time you checked your bank account balance? According to a recent study, over 60% of Americans check their balance at least once a week. It is a habit, if practiced the right way can you get on the path to achieving your financial goals.
Whether you’re looking to become financially independent, planning a long-awaited vacation, or saving for a down payment to buy your first home, we want you to be up to date with some of the tools and skills that will help you on your financial journey. as smooth as possible.
But let’s talk about the basics first. Managing your money can be overwhelming, but it doesn’t have to be. Understanding things like budgeting, saving, paying your bills, and even building your credit score are skills that can help you at any point in your life. Even in these difficult times with the pandemic where so many of us face greater uncertainty about our finances and job security, these are the types of times when understanding basic financial skills can make the difference.
The past year has had an impact on families, friends, colleagues and our community. Since the start of the pandemic, 44% of black Americans have reported that they or a family member suffered a job or salary loss due to COVID. In these situations, in particular, knowing how to manage your finances is essential to stay or get back on track.
If you’re unsure of where to start, how to start growing, or just looking to brush up on your knowledge, consider the following as you chart a successful path and take control of your financial future.
Tips and tools
Our financial goal center is a great place to start. Start by choosing a goal – save, budget, or increase credit – and explore the tips, offers, and tools that make it easier for you to take control of your financial future. Our Boost Your Savings page, for example, offers an interactive calculator that plots a timeline for meeting savings goals and highlights how the auto-record tool can help you manage a regular savings schedule to stay on track. on track and achieve your goals. Other resources are also available, such as budget spreadsheets to monitor and track monthly expenses, tips on using the Credit Journey tool to create and protect credit, and checking account information. low cost designed to provide access to anyone who has had problems. obtain or maintain an account in the past.
Reserved capital for business owners
Education, support and reliable resources are the first fundamental steps in financial education, but equal access to capital is just as essential. With 41% of black-owned businesses closed since the same period last year, COVID-19 has only deepened the disparities and inequalities that demand an intentional redefinition of capital. Through our Entrepreneurs of Color fund, we strive to provide better access to capital to future entrepreneurs, existing business owners and communities who have historically and unfairly struggled to obtain it. JPMorgan Chase also recently announced that it is setting aside funds specifically for Black and Latinx business owners – stop by your local branch and speak with a Chase For Business representative to see if you qualify.
Fair real estate loan
Home equity is also a major contributor to family wealth, forcing us to increase land ownership among black communities. We hope to achieve this through our Chase DreaMaker Mortgage, which allows you to apply for your first mortgage or refinance a current mortgage with a smaller down payment, and by offering reduced mortgage insurance, more flexibility around your credit score. , potential assistance. grants and training courses for home buyers.
Visit our community center in the Crenshaw District
Just a few weeks ago, we officially opened our new Community Center branch in Crenshaw District, which offers financial health workshops, job training, small business pop-ups and more. Unlike traditional branches, this branch was designed specifically for the South Los Angeles community and with the goal of filling the gaps in access to financial education, resources and access to capital to achieve success. milestones such as buying a home, starting a small business, or paying for an education. .
And you might have also seen that we have hired a community manager based in our Crenshaw Community Center. As Community Manager for Los Angeles, Jordan King will work with the community and small businesses to raise awareness of available resources and help connect you with financial health tools, products and services. Find more free interactive programs on topics like budgeting, home buying tips, interview and job search skills, how to finance a small business, and more to come .
No matter where you are financially, budgeting and saving are two key habits that can help us all get over unexpected moments in life or stay on track to ensure you reach your goals. That’s why we’re here to help everyone have open conversations about what it means to become financially healthy and provide the support, tools and advice to get there. Financial health is a journey and we can help you think about a plan for the present and the future.
If you can, please stop by our Crenshaw Community Center at 4401 Crenshaw Boulevard to learn more about the resources available.
Alternatively, for more resources, information, and access to tools that can help you reach your financial goals and milestones, visit chase.com/personal/financial-goals
Content sponsored by JPMorgan Chase & Co