Smarter Spending Habits: Regions Bank Provides Free Resources for Better Money Management Amid Inflation
Regions Next Step hosted a financial wellness webinar to help people improve spending and saving skills as costs rise.
Originally Published On Doing More Today
Regions Bank announced a collection of available resources to help people improve the way they spend, save and manage debt. Available resources are part of Regions Next Step, the bank’s no-cost financial education program that serves people of all ages, regardless of whether they bank with Regions.
With the increasing cost of consumer goods and services, Americans are feeling the squeeze on their wallets. According to the U.S. Bureau of Labor Statistics, inflation hit a four-decade high over the summer, and the price of consumer goods rose 8.2% from one year ago in September. With rising prices for gas, food, rent and other essential items, it is a critical time to carefully budget and spend wisely.
To help people manage their money while costs continue to increase, Regions Next Step hosted a special discussion called “Inflation Money Tips: Guidance for Spending, Saving and Reducing Debt.” The webinar took place live on October 26 at 11:30 a.m. CT – and is available for people to access at their convenience and gain valuable skills.
During this webinar, Eric Smith, who is known nationally as “The Financial Literacy Coach,” covered best practices for spending, saving and reducing debt during challenging economic times. Access to the webinar is available at this link. The webinar is accessible via mobile devices, tablets and desktop computers.
“In today’s financial climate, it’s more important than ever for people to take an honest look at their financial behaviors and consider what changes may need to be made,” said Joye Hehn, Next Step financial education manager for Regions Bank. “Eric Smith has provided financial guidance to countless professional athletes. We are pleased to work with him on this upcoming webinar so he can share his advice with anyone looking to learn simple and practical tips on creating an action plan for smarter spending, continuing to save amid inflation, and paying down debt.”
Free resources are also available year-round through Next Step. This includes online, self-paced money management courses and Regions’ Weekly Webinar Series available in the expanded Next Step library of resources. The full schedule of weekly webinars is available here, and new dates are added regularly.
Regions Next Step also recommends the following:
- Analyze spending: Understanding how money is spent each month can help pinpoint where budget adjustments can be made. Go back and review all money spent over the last two months. Use Regions’ Daily Spending Tracker for the next several weeks for a clear picture of spending habits, and see where spending can be reduced.
- Make budget adjustments: After analyzing spending, use Regions’ Personal Spending Plan Worksheet and focus on “needs” versus “wants.” Start with the biggest areas of spending, such as entertainment and transportation, and see where it’s possible to cut back. For example, consider cancelling or rotating between subscriptions for monthly streaming services. Ask a friend or coworker to carpool to activities or work to decrease spending on gas. Shop around for lower rates on car, home or renters insurance.
- Pay down variable-rate debt: Periods of inflation are particularly good times to focus on minimizing existing debt with variable interest rates, such as credit card debt. Include these payments as a line item in the monthly budget. If there are cost savings, reallocate that money to paying down other debt or add it to savings.
- Look for unexpected ways to increase savings: Try making small changes that can add up over time. One way is to unsubscribe from marketing emails to eliminate the temptation of deals and sales. When online shopping, wait a day before purchasing the items to be sure they are still wanted or needed. Consider setting a “no spend” day or week to avoid excess spending. This can be for a specific category, such as groceries, clothing or entertainment. Get more savings tips in these savings podcasts.
- Dial back on energy bills: The costs of basic utilities like electricity, water and heating fuel can add up quickly during the hotter and colder months, but with some easy changes to your routine you can begin to save. The S. Department of Energy’s tips for saving money and energy in your home include: unplugging electronics when not in use, which can save 10% on a monthly electric bill, and use warm water instead of hot when doing laundry to cut the amount of energy used for the load in half.
- Trim grocery costs: Food expenses can add up quickly, so look for smart and creative ways to save. Put aside brand preferences and focus on the lowest prices. Watch for coupons and check weekly store ads. Cut back spending on meat by having ‘Meatless Mondays’ at home. Consider introducing monthly freezer, fridge or pantry cleanouts to use what is already on hand before buying more.
For more, visit www.Regions.com/NextStepFamilyBudget, or visit any Regions branch to speak with an associate.
About Regions Financial Corporation
Regions Financial Corporation (NYSE:RF), with $158 billion in assets, is a member of the S&P 500 Index and is one of the nation’s largest full-service providers of consumer and commercial banking, wealth management, and mortgage products and services. Regions serves customers across the South, Midwest and Texas, and through its subsidiary, Regions Bank, operates approximately 1,300 banking offices and more than 2,000 ATMs. Regions Bank is an Equal Housing Lender and Member FDIC. Additional information about Regions and its full line of products and services can be found at www.regions.com.
About Regions Next Step®
Regions Next Step is the financial education program from Regions Bank, offering a free collection of action-oriented tips, tools and resources. Next Step is designed to simplify financial topics, help people of all ages and business of varying sizes stay on track and meet financial goals. Resources are available online, in-person, virtually, and in English and Spanish. In 2021, Next Step provided financial education to more than 1.4 million people across the company’s footprint, delivered approximately 124,000 financial wellness workshops, received 2.4 million financial education content page views and associates completed 7,000 financial education volunteer hours. Additional information and resources are available at Regions.com/NextStep.