Focus on financial health: pave the way to your next goal

When was the last time you checked your bank account balance? According to a recent study, more than 60% of Americans check their balance at least once a week.¹. This is a habit that, if practiced correctly, can help you achieve your financial goals.

Whether you’re seeking financial independence, planning a long-awaited vacation, or saving for a down payment on your first home, we want you to be aware of the tools and insights that will help make 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. Knowing how to budget, save, pay your bills, or even build a good credit score is knowledge that can help you at any time in your life. Even in these difficult times of the pandemic, when many of us are facing increased uncertainty in our finances and job security, having basic financial knowledge can make all the difference.

The last two years have impacted families, friends, colleagues and our community. Since the start of the pandemic, 61% of US Latino households report that they or someone in their family has lost their job or wages due to COVID². It is in these situations, especially, it is essential to know how to manage your finances to maintain your situation or normalize it.

If you’re not sure where to start, how to progress, or just want to refresh your knowledge, consider the following to pave your way forward and take control of your financial future.

advice and tools

Our financial goal center is the best place to start. Start by choosing a goal like saving, budgeting, or building credit, and check out tips, offers, and tools that make it easier to stay in control of your financial future. our page Grow Your Savings, For example, it has an interactive calculator in which you can prepare a plan to achieve your savings goals and also indicates what you can do with the automatic savings tool (Autosave) to follow a regular savings program that allows you to normalize your situation and meet your goals. Other resources are also available, such as budgeting worksheets where you can view and track your monthly expenses, tips on using the Credit Journey tool to build and protect your credit, and general information on low-cost checking accounts designed for you. facilitate access to people who have had problems obtaining or maintaining an account in the past.

Capital reserved for business owners

Education, support, and trusted resources are the basic first steps to gaining financial literacy, but equal access to capital is also critical. With the closure of 32% of Latino-owned businesses from these same dates last year until now^3, COVID-19 has only worsened inequalities and inequities that already required an intentional readjustment of capital’s priorities. Through our Entrepreneurs of Color Fund, we work to increase access to capital for future entrepreneurs, current business owners, and communities that have historically and unfairly had difficulty obtaining it. JPMorgan Chase also recently announced that it is setting aside funds specifically for African-American and Latino business owners. Visit your local branch and speak with a Chase For Business representative to see if you qualify

Fair Home Loans

Home equity is also an important contributor to family wealth, making it imperative that we increase the number of homeowners in Latino communities. One way to achieve this is through a mortgage. DreaMaker from Chase, which makes applying for a first mortgage or refinancing a current one more affordable with a lower down payment, offering reduced mortgage insurance, more flexibility around your credit score, possible assistance grants and homebuyer education courses .

No matter what your financial situation is, budgeting or saving are essential habits that can help you bounce back in life’s unexpected situations or stay in control and meet your goals. That’s why we’re here to have open conversations about financial health and to offer support, tools, and tips to get there. Financial health is a journey, and we can help you plan for it now and for the future.

For more resources, information, and access to tools that can help you reach your financial goals and objectives, visit chase.com/personal/financial-goals

• 1 https://www.theladders.com/career-advice/survey-36-of-americans-look-at-their-bank-account-daily
• 2 https://www.pewresearch.org/fact-tank/2020/05/05/financial-and-health-impacts-of-covid-19-vary-widely-by-race-and-ethnicity/
• 3 https://www.nber.org/system/files/working_papers/w27309/w27309.pdf