Mindful spending can lead to a happier new year

The holidays are here, and Americans are preparing to celebrate — and spend. According to PwC, 83 percent of U.S. consumers will spend more than $1,100 this season, up 6 percent from last year. Many Florida cities, including several in Broward County, rank among the top in the country for holiday expenditures. Unfortunately, while we’re all gearing up for the giftbuying and vacation-taking, not all of us have adequately budgeted for it. One report from MagnifyMoney suggests that a large number of consumers took on debt in the 2016 season, and 65 percent of those had not planned to do so.

The end of the year also provides an opportunity for people to re-evaluate their financial planning, and make a resolution to improve their understanding of financial priorities like budgeting and saving for retirement. The stakes are high for those facing growing debt, but also for our community. According to the Economic Policy Institute, nearly half of U.S. families have no retirement savings and retirement savings on average has stagnated in recent years.

Fortunately, there are resources to help people successfully pursue better money management strategies. For instance, Better Money Habits®, Bank of America’s financial education platform created with Khan Academy, provides unique online tools that enable financial know-how. Available for free, the site provides tips and interactive tools for people to customize their budgeting, saving and spending habits to meet their goals. Better Money Habits content has also started to roll out in Spanish, with more content being added to the site throughout 2018.

Across Broward County, there are specific initiatives in place that educate residents about crucial financial issues, and committed nonprofit organizations are working to make a difference in people’s lives and wallets. Many businesses, including Bank of America, support the work of the Urban League of Broward County, which offers start-to-finish support for managing the financial task of home ownership. The Urban Land Institute and Broward College also provide critical resources to those looking to improve their financial management skills.

As a community, we need to promote financial literacy among our students, who deserve a positive start on life’s financial journey. Advocating for required courses and equipping teachers with resources can support and encourage a brighter financial future for the entire community. In addition, many nonprofit organizations provide critical assistance, including the Greater Fort Lauderdale Alliance, which allows high school students to meet directly with business leaders to learn important management techniques. Big Brothers and Big Sisters of Broward and the Broward Education Foundation are also helping students learn life skills and prepare for the workforce.

In addition to these organizations, Bank of America supports the skills development work of Junior Achievement of South Florida and the Pace Center for Girls, which has been recognized with a Bank of America Neighborhood Builder grant of $200,000.

Business leaders across Broward have a special role to play in ensuring the community is equipped with the tools to develop better fiscal habits. Collectively, we need to make sure that local nonprofits have the resources they need to operate; such as giving to the cause and offering coaching support on benefits, special loan programs or affordable housing options.

The holidays are a time to reflect on the year and give thanks, but also to look to the future and consider what we want to achieve. There is little doubt that encouraging better financial health should be among our top priorities as we move toward a better tomorrow.

Lori Chevy is Bank of America’s Broward County Market president.