Written by Tyson Sutton of Dundee Bank

This month we feature Tyson Sutton, a personal banker with Dundee Bank, as he shares with us how they promote financial health in our community. Dundee Bank is a proud member organization of Live Well Omaha. 

“85% of Americans say they are stressed about money “sometimes”, and a full 30% say they are constantly stressed about their finances” per CNBC. At Dundee Bank we believe being financially healthy is crucial for overall good health. If this idea can be instilled at a young age, we hope that it can carry all the way through one’s life. That is why we recently partnered with All Saints and Holy Name Schools to work with students, teaching them how to open accounts and the importance of saving money, even if it is only a small amount!  Each student will have their own account that they will be able to deposit real funds once a week. Each student will be rewarded for saving their funds once they hit certain benchmarks (5 dollars, 10 dollars etc.) to help instill the importance of being financially healthy.

 

5 keys to being financially healthy:

  1. Stick to a Budget: Budgeting may be time consuming, and seem overwhelming, but if you can create a budget and stick to it. Over time it will become second nature and you won’t be overspending.
  2. Balance Balance Balance: There is nothing worse than standing in the checkout line searching your pockets for cash because you were just declined. You can avoid these occurrences by being aware of your accounts and knowing the funds you have
  3. Security: Fraud is growing and evolving. Yes steps have been taken to continue combating this, but you can never be too careful with your money. Be aware at ATM’s and gas pumps for card skimmers, only make purchases with reputable online merchants.
  4. Have a savings plan: Murphy’s Law “whatever can go wrong, will go wrong”. Have a safety net in place, things like health care, groceries, transportation, and other daily needs have become expensive. If you or a family member were to be injured or unable to work, would you have the funds to make it by?
  5. Pay off the credit card: Credit cards may seem quick and easy, but can come with some not so welcome consequences. Things like high interest rates, membership fees, and expensive penalties may not be worth the simplicity.

Want to know more? Contact Dundee Bank at https://www.dundeebanking.com/