By Chaille’ Mackie, Vice President and Northern Region Manager, Bank of American Fork
This article also appeared in the South Valley Journal. Chaille’ Mackie shared the following money tips for both business owners and consumers.
Chaille’ Mackie has been with Bank of American Fork for 15 years, where she manages Bank of American Fork’s northern region, along with the day-to-day operations at its Riverton Branch. She loves that her customers have become her friends.
I spend much of my time each day assisting people with their finances. My customers come in and we help them understand how to maximize their savings, find the best accounts to manage their money and learn ways to help protect themselves from scams and fraud. As I have applied financial practices that I encourage others to adopt I have discovered that getting back to the basics is a solid foundation to build on.
Being and feeling in control of your finances can go beyond just having the money you need to live and provide for yourself and your family.
Sixty-four percent of Americans reported to the American Psychological Association in 2015 that money is a “somewhat” or “very significant” source of stress. Both those with a high net worth and those with low income reported stress because of money. Anxiety and stress can lead to unhealthy results, like poor sleep, irritability or high blood pressure. Knowing that I’m practicing safe and smart financial habits personally helps me to avoid money anxiety.
These are some really basic but important money tips that have helped me to feel peace of mind when it comes to money and valuable items.
It’s just stuff! It’s so easy to get caught up in the idea that we need more things—to wear, in our homes, to use—but having too many things can be overwhelming in the end. When I am thinking about purchasing an item, I make sure to ask myself: “Do I really want it? Do I need it? Do I just think I need it because it’s on sale?”
Take advantage of “free money.” I participate in my employer-sponsored retirement savings plan and with the added contribution from my employer, I’m able to save money for my future. I’m taking advantage of the benefits my employer offers me by participating in the employer match program. It’s easy to forget that these types of programs are a part of compensation—I wouldn’t say no to a direct deposit I have earned, so why would I say no to the retirement contribution match I’m earning?
Protect your silver and gold. Make sure you are protecting your valuables from thieves, fire, flood and earthquake by securing them in a safe deposit box or fireproof home safe. Doing this gives me peace of mind concerning the safety of my valuables.
I talk to people about money every day. In my 15 years in banking I have learned volumes about different ways to make, keep and use money. I hope these ‘back to the basics’ money tips will assist you in setting a strong financial foundation.