Staying on the same financial page

While Valentine's Day is a major focus for many families this month, it's also a great reminder to make sure you and your loved ones are on the same page financially. Open converations about money can help set your family up for long-term financial success. 

Here are a few simple ways to build a strong financial foundation together:

1. Have ongoing discussions- Conversations about money can feel uncomfortable, but they're essential. For spouses, take time to review accounts together, including debt and investments, and make sure you both know where important documents are kept, such as marriage certificates and life insurance policies. From there, discuss your goals, budget and how expenses are paid. For children, start with the basics, like the importance of saving and budgeting. As kids get older, help them practice money management by opening a Savings Account for earnings from birthdays and hoidays. This allows them to see firsthand how their balance can grow over time through dividends and consistent savings. 
2. Use Automation - Setting up direct deposit and online bill pay are among the easiest ways to keep your finances on track. Life gets busy, and it's easy to miss a payment, especially during family emergencies. Autoating payments helps ensure important bills, like rent or your mortgage, are paid on time. You can also set up automatic payroll deductions to move a portion of each paycheck into your Savings Account, making saving effortless and consistent. 
3. Have a backup plan -  Unexpected expenses happen. Linking your Checking Account to a Line of Credit or your Savings Account can help prevent overdrafts and avoid unnecessary fees that may strain your family budget. Automatic transfers provide peace of mind and help keep your account balance out of the negative. 
4. Safeguard your accounts - Protecting your family's finances is easier than ever with Online & Mobile Banking*. Through Online Banking, it's easy to stay on top of account balances, deposits and withdrawls. Monitoring transactions from your phone can help you catch and prevent fraud. To stay in control, set up text or email alerts to notify you when your account balance falls below a certain amount. Not sure ho wto set up an alert? It's easy:
   • Log in to Online Banking
   • Navigate to the Menu
   • Select Alerts under the Settings & Alert tab
   • Click New Alert and choose the alert type and dollar amount
5. Don't Stress - Money can be a sensitive topic, but it doesn't have to be successful. The more confident you feel managing your finances, the better prepared your family will be for whatever comes next. Whether you're a young couple just starting out, raising a family or enjoying retirement, support is available every step of the way.

From debt consolidation and refinancing higher-rate loans to investment & retirement planning, Abound is here for you and the people you love--offering reliable financial solutions for every stage of life. 

Interested in opening a Line of Credit for overdraft protection or setting up automatic payments for your Abound Loans? Visit your local branch today!