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How to Improve Your Financial Health: Tips From A Community Banking Expert | JPMorgan Chase & Co - YouTube
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[6]
according to the financial health
[8]
network over 50 percent of americans
[10]
don't have enough money saved on hand
[12]
for a 500 emergency and worldwide more
[15]
than one billion adults struggle to
[17]
manage their financial lives we're
[19]
joined now by nicole king first ever ccv
[22]
community manager
[23]
located in the harlem new york branch to
[26]
share how we can improve our financial
[28]
health and build good money habits thank
[30]
you for being here today thank you so
[31]
much for having me malika i'm excited
[34]
nicole it's not just low-income
[36]
households or certain geographies that
[38]
are struggling with poor financial
[39]
health can you talk about what we're
[41]
seeing and how we got here
[43]
you know melisa when i think about that
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number 50 is absolutely staggering it
[48]
makes me really understand that me and
[50]
my team still have a lot of work to do
[52]
as it relates to getting out into
[54]
communities and teaching financial
[56]
education but what we're seeing is that
[58]
households have not really got up in
[61]
person with their money they don't know
[63]
where their money is going so what we
[65]
like to always talk about with
[67]
communities is the importance of having
[69]
a sound budget which is really the
[71]
foundation of any financial plan and how
[74]
has the pandemic impacted people's
[76]
savings accounts and their financial
[78]
habits
[79]
yeah the pandemic has really wreaked
[82]
havoc
[83]
on communities globally
[85]
so if we learned nothing from the
[87]
pandemic we learned the importance of
[89]
really saving for the unexpected and
[91]
when i think about the the pandemic
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i've really seen how people weren't
[96]
prepared they didn't have the
[98]
recommended three to six months
[100]
of living expenses set aside for
[103]
emergencies so they were really in dire
[105]
situation i think it was an awakening
[108]
for a lot of people a lot of people
[110]
really understood that you know what i
[112]
have to do better with my money i really
[115]
have to understand how to manage my
[118]
expenses
[119]
and what tips do you have for people to
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help improve their financial health is
[123]
there a certain amount of money we
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should all be putting into our savings
[125]
each month yeah so experts typically say
[128]
that one should have between three to
[130]
six months of expenses set aside for the
[133]
unexpected now whether it's three months
[136]
or six months depends on the uh
[139]
household right so if it's a two
[140]
two-income household uh experts say that
[143]
you can get away with three months but
[145]
if it's a single earning household six
[147]
months is really the safety net
[149]
i always like to error on the side of
[151]
caution to say to have six months so you
[153]
can be comfortable
[155]
and what about people who after paying
[157]
all their bills each month don't have
[159]
extra money to put into their savings
[161]
how can they start to build good money
[163]
habits you know that's a great question
[165]
and i always challenge
[168]
clients and and members of the community
[171]
when they say to me i don't have enough
[173]
money to save
[174]
i asked them to take a look at their
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bank statement okay how often are you
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using ride share companies how often are
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you making breakfast or lunch and
[186]
bringing it to work right so
[188]
those things if you start small instead
[191]
of eating out or buying lunch five times
[194]
a week cut back maybe to three times a
[197]
week and the money that you save on
[199]
those two days you put it into a savings
[201]
account start small make sure that the
[204]
goal is smart make sure that is specific
[207]
measurable
[208]
actionable relevant and time-bound and i
[211]
use that acronym because it helps you
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stay on course because so often we have
[215]
so many competing financial priorities
[218]
but when you rely on your smart goal
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it's usually you stay the course when
[223]
things get challenging so that's the
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first thing i would say the next thing
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that i would say is use your resources
[229]
so here at chase we have amazing
[232]
resources to help communities improve
[234]
their financial health one of them is
[236]
autosave right with our auto save
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feature you can save as little as a
[240]
dollar a week right and again start
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small because i always say that
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it is the systematic behaviors that's
[249]
going to help improve your financial
[251]
health
[252]
most people are not born wealthy they
[254]
acquire wealth over time
[256]
first ever ccv community manager nicole
[259]
king thank you so much for being here
[261]
and sharing all of that information with
[263]
us thank you so much for having me i
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really enjoyed this
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