April is Financial Literacy Month, and Regions Next Step, the bank’s no-cost financial education program, is highlighting the importance of budgeting and saving to help people focus on key parts of money management. According to recent Regions Next Step surveys, Americans have serious questions and concerns about managing their financial futures. The good news is Regions Next Step has a wealth of information and budgeting tools to help people start or meet their financial goals.
Surveys have found:
Only 35% of respondents think they will save enough to retire comfortably.
Roughly 60% of respondents say they do not follow a budget.
Additionally, 76% of respondents are not confident they can withstand an unexpected financial emergency. For people with medical financial hardships, a survey in 2022 found people are not prepared to cover medical expenses or pay off debt.
Regions Next Step has useful tools and information to help people start or meet financial goals. These resources are available to anyone, regardless of whether they have a Regions account, and there is no cost to access them.
“Seasons of economic volatility create stress and make a real impact on finances,” said
Resources available around the clock include:
Budgeting and savings calculators help categorize spending, address debt and increase savings. People can use these and other online calculators to develop a budget, know where money is going every month, and work toward long-term savings goals.
The Regions Next Step content library includes courses on creating a budget, building an emergency savings account, having family conversations about money and more. These self-paced, interactive courses are designed to help people grow money management skills. Each course takes 10 minutes or less to complete and can be accessed via a mobile device, tablet or desktop.
Articles, podcasts, worksheets and other financial wellness resources are available in the Next Step Family Budgeting and
The Personal Spending Plan Worksheet can plan, track and organize monthly spending.
Next Step workshops are available to people for one-on-one guidance to address their money-management needs. These quick, informative workshops can be delivered in-person or virtually. For more information on hosting or attending a workshop, contact a
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During Financial Literacy Month, Regions is also highlighting key tips:
Consider Zero-Based Budgeting. This method accounts for every dollar of monthly income, so it can be helpful to use when people want to stretch their budget and find new ways to save. Each month, start from scratch and create a new budget that accounts for every dollar of income. Move any dollars saved by spending less than budgeted into a savings account.
Track Spending: Closely track spending on a weekly or monthly basis to help ensure budget goals are on track. Regions has a free downloadable worksheet to track personal spending. At the end of the tracking timeframe, review spending trends, areas for improvement and areas on target.
Set Savings Goals. Saving a little bit on a regular basis adds up over time. Set smaller savings targets along a timeline toward a goal. Consider saving a percentage of your tax refund as a simple way to begin.
Do a Savings Challenge. Try Regions’ 52-Week Savings Challenge, and watch savings grow when a little money is put aside each week. By following the downloadable worksheet,
Read More: Back to the Basics of Money Management: Regions Next Step Highlights Free