Controlling your costs: Use these free financial resources
Understanding your finances is key to controlling your costs, but it’s easier said than done.
Channel 9′s Elsa Gillis met with a financial planner who shared many free and easy-to-access resources that will help with a wide array of needs.
A large purchase on a lot of people’s minds is buying a home, and in this housing market, prices alone can cause even the most veteran homebuyers to hesitate. Financial planner Alec Calott suggested using Zillow’s mortgage calculator to get the big-picture cost.
“Zillow has a terrific free mortgage calculator,” Calott told Gillis. “It’ll look at insurances, it’ll look at PMI, it’ll look at property taxes, so that way you can get a great overarching understanding of a true picture of what your total house payment is going to look like.”
If a new home isn’t on your horizons but a new credit card is, Calott suggests using Nerd Wallet. It’s a one-stop place for not only credit card options but also student loans and savings rates. He says using programs such as these will help people figure out the amount of money to set aside to reach a goal.
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Calott also said to not be afraid to reach out to a financial planner for help.
“I think a lot of people are willing to talk to you about your specific circumstances, offer feedback, and hopefully be a trusted resource for you,” he said.
Customers can also turn to big banks to speak with someone about controlling their costs. For example, one-third of all Bank of America financial centers are in income communities and are known as ‘community centers.” Employees at these centers can connect you to many different resources based on your needs.
Both Bank of America and Truist are partners with Operation Hope, a program that offers free one-on-one counseling to clients throughout the Queen City. The mission of the operation is to advance economic opportunity for everyone.
A representative from Wells Fargo told Gillis that customers and non-customers are welcome to meet with bankers at any branch to discuss their finances. In addition, all three banks have multiple free online resources for a range of needs.
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