Taking the time to develop your financial literacy is essential to understanding your banking and protecting your assets. Financial literacy is the cognitive understanding of financial components like budgeting, investing, borrowing and more that enables you to make informed, money-smart decisions.
At First Reliance Bank, we provide customers like you with helpful tools designed to better your understanding of banking. There are a lot of different moving pieces in banking and what you need to know can vary based on your personal financial goals.
Throughout this blog we will detail some of our core resources and tips that will better your financial literacy. Visit our website to read more of our blogs filled with banking information tailored to your needs.
Why financial literacy helps you manage your money better and reach your financial goals faster
Financial literacy provides you with built-in tools to help you reach your financial goals and manage your finances with confidence. Having these tools empowers you to make smart decisions and reduce your financial stress.
It is not uncommon for individuals to feel overwhelmed by financial information, that’s why we have developed a wealth of tools to make you comfortable with financial literacy. Being financially literate does not translate to knowing everything about banking, it means taking the time to build foundational skills over time.
The First Reliance team is always here to assist you and keep your best interest in mind when guiding you through financial decisions. If you feel unsure about any banking topics or decisions, contact us at (888) 543-5510, use our digital communication tools, or visit one of our locations.
First Reliance Bank tools designed to improve your financial literacy
We offer many different tools to bring you security in your banking knowledge and decision making. Below are some of the tools we offer and how they can uniquely aid your banking:
My Credit Score Tool: Log in to your First Reliance Bank account and check your current credit score here, and understand how your credit score is impacted by your payment history, credit utilization, account age, mix of credit, and recent activity. Understanding your credit score is a good measure of financial responsibility, makes you more likely to get approved for a loan, and saves you interest over time.
Credit Goals and Action Plan
Set achievable goals and create an action plan to improve your credit health using the financial Checking, Budgeting, and Savings Tool in the My Credit Score tool.
Debt-to-income Module: One of our newest tools, built into The My Credit Score Tool is the debt-to-income module. This tool consolidates your income and monthly debt payments into a single, easy-to-understand view, helping you clearly see where you stand, track your progress, and make informed decisions about your financial future. Log into your First Reliance Bank account and navigate to the My Credit Score tool to learn more.
We offer a variety of additional tools and built-in modules across our services to help you become more financially literate. Explore our website’s education drop-down to solidify your understanding.
Learn more about First Reliance Bank and more ways to become more financially literate
At First Reliance Bank, we believe There’s More to Banking Than Money. Our teams live in the communities we serve and have a vested interest in the financial success of our neighbors. Learn more about our customer-driven story and how we work to serve you, here.
