Believe it or not, football can teach us a lot about financial wellness. It looks like you’ve been hired as the head coach and we’ve developed a guide to help you draft the perfect team.
To help you on your coaching journey you’re going to need top notch assistant coaches and trainers. When it comes to your finances, your top pick for support is working on your financial literacy to discover your strengths and weaknesses.
Now that you’re on your way to building your financial playbook, let’s take a look at filling your most important positions.
Your quarterback helps decide and implement your financial strategy during the team huddle. After receiving the budgeting ball, your QB can pass or run depending on your financial strategy. If your quarterback isn’t cutting it, it might be time to start scouting other budgeting strategies.
Our pick for 2022: 50/30/20 Rule
Your savings running back is responsible for their portion of the budgeting ball and using that to help build an emergency fund, save for a big purchase, or get your money together to invest. Saving with a purpose is the secret to making your goals a reality, so it’s not wonder your running back is one of the most widely recognized members of your financial team.
Our Pick for 2022: Money Market Account
With a solid plan from your quarterback, your receivers will be ready to quickly get down field to catch a portion of the budget ball and make it to the money end zone to invest. For example, investing in stocks can be one of the best ways to grow the value of your holdings.
Our Pick for 2022: Speak with Azura Wealth Management to come up with a plan!
Guards and Tackles: Online Banking
How do you ensure that your offensive line stays in line? With online banking and Money Management access you’ll be able to easily view and manage ALL your accounts and finances, creating an impenetrable line to prevent unexpected expenses from reaching your quarterback. With Money Management, you’ll work to open up the opposition’s defense and get your running back down field for a touchdown.
Our Pick for 2022: Download the Azura Mobile Banking App
You've built your offense, but what happens when you can't get a 1st down and you have to bring out your defense? Simply put - your money is the end zone and their primary job is to protect your finances.
Don’t be discouraged by what you owe! Your nose tackle and ends will penetrate the line formed by debt and help you work towards financial wellness.
You can keep debt from reaching your money end zone through debt strategies like the Snowball Method, Avalanche Method, or though debt consolidation. You can also work to get out of debt by making smaller adjustments like paying more than your minimum balance or negotiating with your creditors. With a plan in place you’ll stop runs in no time allowing you to come out on top.
Our Pick for 2022: Work with a certified Azura Credit Union Financial Advisor to regain control of your finances and get out of debt. They’re available by appointment and their services are free of charge to members.
Linebackers: Crisis Management
When running backs come in the form of a financial crisis, you’ll want linebackers to help you manage the situation. Seeing that linebackers are some of the strongest players on your team, they’ll make sure a crisis doesn’t travel further down the field towards the end zone by helping you build an emergency fund. They’ll also work to disrupt any offensive passes in their territory.
Our Pick for 2022: Banzai Coach Session: Build Your Emergency Fund
From scams and identity theft, to cybersecurity and beyond, the last thing you need is for a financial crisis to blow past your linebackers and have fraud score your hard earned cash. Your safeties are always roaming the backfield of your financial wellness plan to protect your end zone. Keep yourself informed, aware, and on top of your finances to negate the impacts of fraud during a financial crisis.
Our Pick for 2022: Start your safety journey with this Banzai Cybersecurity article and courses.
Defensive Ends: Credit Score Management
You want to tackle debt before it gets through the line of scrimmage, and your defensive ends help you do this through credit score management.
Your credit score is what potential creditors, landlords, employers, and insurers use to determine your creditworthiness. Avoiding a bad score or working towards repairing your credit needs to be a part of your financial wellness plan.
Our Pick for 2022: Banzai Coach Session: How Do I Build Credit?
Cornerback: Refinancing Solutions
Even the strongest defense can fail when high interest rates make their way to the end zone. Your cornerback can offer refinancing solutions that will create interest rate turnovers and intercept money that that can be better used elsewhere in your financial plan.
While mortgage loans come to mind when thinking of a refinance, you can actually refinance auto, personal, and student loans. Depending on your situation, refinancing can be one of the most powerful moves you can make to overcome debt.
Our Pick for 2022: Home Equity Loan for debt consolidation
Kicking Unit: Rewards Credit Card
When used responsibly, your rewards card kicking unit can earn you extra points on money you’re already spending for things like gas and groceries.
If your long snapper and holder are financially stable, your kicker should have no problems if your budget is working and other components of your wellness plan are in place. If not, it may be too risky to call your kicking team out to the field and may want to run the budget ball instead.
Our Pick for 2022: Azura Visa Rewards Credit Card
Last, but not least, are your fans! Helping kids master strategies in investing, saving and even credit will help give them the head start they need to eventually draft their own financial football team. Whether you’re teaching to your kids, your grandkids, or those of a loved one, it’s essential to teach children how to manage the money they have and invest for the future.
Our pick for 2022: 3 Jar Allowance for Kids
Now that you have a blueprint for creating clear goals and expectations for your financial football team, you’ll be ready to reap the rewards of your coaching success come game day. Congratulations on building a Super Bowl worthy team!