Regions Bank offers help managing money, becoming ‘financially fit’

Regions Bank offers help managing money, becoming ‘financially fit’
Regions bank is ready to get you financially fit for the new year. (Source: 401kcalculator.org)

MONTGOMERY, Ala. (WSFA) -Regions bank is ready to get you financially fit for the new year.

Regions Bank Financial Wellness Relationship Manager, Georgia Hendricks, says more people need their money to work better for them right now.

“Through COVID, even those that were so financially prepared with their savings, their emergency savings, their savings buckets in retirement, we found that it was not enough. You know, we were not ready for furloughs, for our spouses losing jobs, for our kids being home all the time. And so these things kind of derailed us,” Hendricks said.

Hendricks explained that getting back on track has to start with a plan.

“A financial plan, not only for your bills but for your extra money, your disposable income, because that’s really where we see the opportunity. It’s not that I can’t keep up with when my bills are due. Again, it’s running into Starbucks, or going into Walmart, or going to grab fast food for lunch or dinner. Those are the things that really do get us off track,” Hendricks said. “Then secondly is credit, you know, credit is the key to everything. And the higher your credit score is, then the more willing the banks or financial institutions are to lend to you. And again, your rate is lower. So the higher the credit score, the lower the rate, and the lower your payments are every month. So I think those two things really feed into each other. "

Hendricks estimates more than 30 percent of credit reports have some type of error, so she recommends checking your credit report regularly. You can get a free copy of your credit report every week from all three major credit bureaus through the end of April this year at www.annualcreditreport.com.

Because the start of a new year is often a time when we make new resolutions about our money, Regions Bank offers help to get us started.

Regions Bank Financial Fitness Friday is a virtual webinar open to anyone at no charge. The first one is Friday at 8:30 a.m. Sign up at this link.

“The beginning of the year is a great time, you know, we’re doing all kinds of other new year’s resolutions. So I would encourage you to implement some kind of financial plan into your New Year’s resolution,” said Hendricks. “Anyone, whether you bank with regions or not, can join and learn about the things that move your credit, and the great ways to establish credit, and how we can improve credit and how we can use it to our advantage. "

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