Did your New Year’s Resolution include getting your finances back on track? Nearly 7 in 10 people make finances part of their plan for the New Year. If you are not sure where to start with this goal, Mr. Fred Medley, the Branch Manager with the Logan Circle Chase location can help you.
Mr. Medley says everyone should start with a financial reset. Look at all of your finances from the previous year. First, review where you had the most success. Secondly, look at the areas, where you can experience the most opportunities. The final step in this process is to set goals for the New Year. Have you ever made a purchase when you were feeling down, or felt good about the purchase, then later regretted it, but to make yourself feel better you buy something else? Well you are not alone and it even has a term, and it’s called “Emotional Spending”.
Most people quit New Year’s Resolutions within a week. If you find yourself backsliding into old habits financially, Mr. Medley suggests that you hold yourself accountable. If you know you are falling short of your goals and missing your target, just own up to it and try again.
Still need a little more help to get you back on track? Mr.
Heath Carelock, the Director of the Financial Center at Prince Georges Community College has three things his students take away after taking one of his financial empowerment classes. He says, it all starts with an understanding of the difference of past, present, and future financial track record. The class takes and in-depth look at your belief system and your emotions , regarding money. Once some of these things are reset, understanding and managing your finances becomes a lot easier. .
The Partnership with JPMorgan Chase and Prince Georges Community College is the first step in aligning the community with the right financial professionals to get everyone started back on the right track in 2022.
