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Bank It or Plank It 2019

Posted by Alayna Osborne @alaynaosborne, Sep 12, 2019

Please click here to take the Bank It or Plank It survey.

We apologize for including the wrong link in the email. If you're looking for more tips and tricks from participants, please read below.

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Year after year, financial concerns are one of the leading causes of stress in America. It’s time to break the trend and discover your very own lost treasure.

During this 5-week challenge, you will be the captain of your own ship. Your efforts earn their weight in gold! Fill up your treasure chest by collecting as many gold coins as possible. Challenge yourself further by completing extra bonus activities! Explore the resources to increase your financial knowledge and discover easy ways to reduce spending, save more, pay off debt, and sail to financial well-being.

Before you know it, the “lost” treasure will be yours!

Interested in more discussions like this? Go to the Well-Being @ Work Community group.

Alayna Osborne | @alaynaosborne | Oct 25, 2019

I have found that saving money is easiest for me when I set it up for automatic withdrawal or by ACH deposits from my work paychecks. I don't realize that I "have the money" because my savings is in a different institution than where my checking. In turn, I spend less because I feel like I have less. I can also be more focused on what loans I can pay more principal off (mortgage, student loans, car) or what I can prepay for next month's bills if in case I have a large purchase/spending spree to go on (yearly auto insurance plan payment, holidays, birthdays, travel plans, etc.). For example, I have all my bills for November and half of them for December paid as of this last paycheck so I can now use my money for my holiday travel plans and gifts!

REPLY
Kelly Nance | @kelly62 | Oct 25, 2019
In reply to @tk618 "Hi @kelly62 - Credit Utilization is the ratio of how much credit is used in comparison..." + (show)
@tk618

Hi @kelly62 - Credit Utilization is the ratio of how much credit is used in comparison with how much is available. It is one of the factors used in creating a credit score. This is why a "maxed out" credit card can take a big bite out of a consumer's credit score. Leaving space on a credit card between what is owed (balance) and what could be owed (the credit limit) will help a consumer's credit score.

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good to know, thanks!

REPLY
ATennis19 | @ahmedz | Oct 25, 2019
In reply to @andreak "Hello, I found this article from Experian (one of the major credit handlers or a "multinational..." + (show)
@andreak

Hello, I found this article from Experian (one of the major credit handlers or a "multinational consumer credit reporting company") that can help you learn to build your credit here: https://www.experian.com/blogs/ask-experian/credit-education/improving-credit/building-credit/.
Best wishes,
Andrea

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Hi Andrea, thank you very much, this is extremely helpful. So many ways to explore. I hope something works out for me. Happy Friday! Best, Zubair

REPLY
ATennis19 | @ahmedz | Oct 25, 2019
In reply to @timmahle "Bank with Banks that are not Publicly Traded. In my experience they do not have the..." + (show)
@timmahle

Bank with Banks that are not Publicly Traded. In my experience they do not have the best interest for their customers. I have found the best banks are the smaller ones like Credit Unions who value you as a customer and don't think your expendable over a shareholder. Shop around on interest rates and hidden charges and you will often find those smaller banks will not stick it to you.

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Thanks for this, I totally agree with you.

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timmahle | @timmahle | Nov 11, 2019

If you have a savings account (Roth IRA) or general CD certificates keep an eye on those interest rates. I have found most banks are in it for the money. They know people are creatures of habit and generally stick with one bank once they start. Thus if the bank decrease interest rates they have very little incentive to increase them when the economy recovers. Same is true with insurance companies, they slowly increase fees over time so shopping around is always best to keep both entities honest. Car insurance is tricky for one must make sure one is comparing apples to apples on coverage because there are so many variables.

REPLY
dorries20 | @dorries20 | May 16, 2020
In reply to @kelly62 "I decided to put away two credit cards (dated yesterday) to see how much I really..." + (show)
@kelly62

I decided to put away two credit cards (dated yesterday) to see how much I really use them. If I haven't used them for 6 months, I will probably get rid of them. I often keep cards because I can get savings when I shop. Wondering if it's really worth it. Thoughts?

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I get several benefits from the 2 cards I own. I, also, use their data to track spending and what types of spending, so I don't have to keep track with other spreadsheets. They both have been helpful during this time, since I shop online and pay with the card to avoid too much germ exchange. Keeps up my credit rating too.

REPLY
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