Your Ready Card Balance - Key to Financial Wellness

[Faheemkhatri4]

Financial wellness includes setting priorities, controlling budgets and debt, managing risks and building resources. It's also about feeling good — stress from money worries affects health, readycard balance check 
work and relationships.

The first step to financial wellness is creating a plan to pay down debt. Then, track spending and build an emergency fund.
Managing Your Money

Managing your money is a big part of financial wellness. This includes budgeting and creating emergency savings to cover unexpected expenses. It also means reducing debt and setting and reaching short- and long-term goals for yourself like saving for retirement or buying a home.

One way to improve your financial wellness is to make sure that you are paying your bills on time. Another is to avoid over spending. You can do this by creating a monthly budget that includes both fixed and flexible expenses, income, and savings. By keeping this budget in front of you, you can control your spending habits and reduce stress.

Another tip for improving your financial wellness is to pay down your credit card debt. Having less debt can help you save more and improve your credit score. You can also improve your financial wellness by setting aside a separate savings account to cover emergencies and large purchases.

It’s also important to check your credit report regularly and not apply for too many loans or credits. You should also try to cook at home more often and cut out unnecessary expenses such as fast food, coffee, and snacks. These expenses add up and can be a drain on your wallet.

You can also improve your financial wellness by increasing your earnings. For example, you could take on a second job or start a small business to boost your income and make more money. You could also look into employer-sponsored education and training programs. Or, you could invest in a savings or an IRA to get a better return on your money.

It’s also a good idea to establish your recurring monthly expenses, such as utilities, insurance, and car payments, so that you can plan for the future. This can help reduce your financial stress and give you peace of mind. You should also set savings goals and track your progress toward these goals. This can include everything from buying a house to saving for your children’s college tuition.
Tracking Your Spending

If you want to get a better handle on your finances, one way is to track your spending. While this might not sound like the most fun activity, it can help you identify where your money is going, and shed light on any budget priorities that are inadvertently slipping through the cracks.

There are a few ways to track your spending, from using dedicated expense-tracking apps that pull in information from all of your accounts and credit cards (like Quicken, Mint, Personal Capital and Pocket Expense) to reviewing your bank statements or credit card bills, either online or on paper. The key is to find a system that works for you and stick with it.

Another option is to set up a spreadsheet where you plug in every expense, big and small, each month after you receive your bank and credit card statements. This can give you a more detailed picture of your spending habits, and you can also refer back to months of expenses when it comes time for a budget review.

Whatever method you choose, a good rule of thumb is to include both fixed expenses and variable expenses. Fixed expenses are those that are typically the same each month, such as mortgage or rent, utilities and debt payments, while variable expenses are those that vary from month to month, such as food, entertainment and travel costs.

Once you know where your money is going, it might inspire you to change your habits, particularly those involving large purchases or impulse buys. For example, you might realize that you're spending more than you can afford on a new smartphone or that you're wasting money on an unused gym membership that could be better spent on an emergency savings fund or toward your student loans.

You might even decide to switch to cash only for certain categories of spending, such as groceries or eating out, to help you control your spending. Or, you might use an envelope for each category of spending at the beginning of each month to keep track of your money throughout the month. Whatever your financial wellness plan looks like, it's important to perform a regular check-up and ensure you're on track with your budget, saving enough and managing your debt.
Transferring Money Anytime

Getting into a state of financial wellness may take time and patience, but it can reduce stress, promote a better quality of life, enable financial independence, and encourage good money habits. Maintaining your financial wellness may also help you reach your goals, save for unexpected expenses and even help you build wealth.

Achieving financial wellness requires recognizing challenges like overspending, debt and a savings gap, and taking steps to address them. This includes budgeting, paying off debt and building an emergency savings fund. It’s also important to regularly learn about personal finance topics and seek out expert advice when needed.

Some financial challenges can be overwhelming, especially in today’s economy. The COVID-19 pandemic, lingering high unemployment and rising interest rates have many people worried about their finances. Many have trouble covering basic living expenses and are unable to meet their short-term and long-term savings goals. Having an emergency savings account can give you peace of mind, so you’ll be ready for a financial setback or a sudden expense without having to turn to credit.

Other important aspects of financial wellness include having health, auto and renters or homeowners insurance, which can protect you from expensive bills in the event of an illness, injury or damage to your property. You should also aim to have a decent credit score by paying your bills on time and keeping your balances low.

You can add money to your prepaid card through direct deposit, adding cash or by using a service like MoneyPak or Visa Ready Link. Direct deposit is the most convenient and secure way to load funds to your prepaid card, because you can have your paycheck or government-funded check automatically deposited into your account each payday. It also helps you avoid check-cashing fees.

With the READYcard mobile app, you can easily check your balance and track spending from any smartphone. The downloadable app features an easy-to-read screen and is completely free. It can also be used to locate a prepaid loading location and find your current location with walking or driving directions. You can also use it to send or request money, track your transactions and access your free credit report via Score Tracker, a feature that’s available to all READYcard holders.
Finding Load Locations

The ability to locate nearby load locations for a prepaid Visa or MasterCard makes it easier for people to stay in control of their spending. Mobile apps like ReadyCARD let consumers find load locations on a map, search for specific merchants or zip codes, and view transaction histories in greater detail so they can see when they've used cash versus when they've paid with their card.

Financial institutions looking to drive engagement with their financial wellness offerings should avoid jumping in with content they think their customers will want, and instead focus on what the data shows. For example, BBVA sends targeted text messages about saving money based on each customer's income, expenses and debt levels, rather than general "give up your daily latte to save more" advice.