Designed to meet you where you are, our experience
divides the journey into manageable, actionable steps.
When it comes to financial wellness, it’s about the journey.
And that journey is consistently evolving as we make our way through life. At PNC, we are committed to helping you get clear and feel in control about your finances today, so that you can confidently grow, plan, protect, and create a vision for your finances tomorrow.
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Get Clear
Understand how much money you have coming in, when and where it is coming from, and how you spend it.
When it comes to getting clear, consider the following guiding principles:
- Keep track of your money to understand where your money is going.
- Identify your committed monthly expenses versus your flexible monthly expenses.
- Review recurring monthly expenses, such as subscription services. Cancel any services you no longer need or use.
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Take Control
Establish a plan for how to spend, save, and use your money each month and feel confident in that plan.
- Manage overspending; spend less than you make.
- Maximize credit card rewards by making payments on credit cards and then pay off your balance each month.
- Pay your bills on time.
- Pay yourself first.
- Have a safety net with at least 3-6 months of your essential living expenses to cover unexpected expenses, or loss or reduction of income.
- Your debt-to-income ratio should not be greater than 40-43%
- Pay down (and then off) high-interest debt first.
- Consolidate high-interest rates for both new and existing loans.
- Protect your credit score and check your credit report annually.
- Establish overdraft protection.
- Create and maintain a budget.
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Grow
It’s not just about your needs but also about what you want, love and enjoy and creating a financial balance that allows you to have both.
When it comes to growing your finances, consider the following guiding principles:
- Borrow with a purpose. Ask yourself: Why am I borrowing this money? Will this debt improve my overall financial situation? What is my plan to make this debt work in my favor? What is my plan to pay this debt back?
- Define your short-term savings goals and actively save to achieve them.
- If you are able, leverage a Health Savings Account to help cover medical expenses.
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Plan & Protect
Develop a strategic financial plan to help you achieve your financial goals and to protect your progress as you work to reach them.
- Save for Retirement. PNC encourages you to first take advantage of any plans available to you through your employer (contributing at least enough to receive the company’s maximum match). In addition to contributing to a 401K or other employer-sponsored retirement plan, you may benefit from saving money in a Roth or Traditional IRA, based on your specific situation (if eligible).
- Have a long-term investment strategy and stay the course. Don’t panic during market downturns.
- For your longer-term investing goals, choose investments that match your timeline and risk tolerance and rebalance them as needed.
- Combine a mix of investment types that allow you to aim for a range of return while managing the amount of risk you take.
- Leverage insurance appropriately to protect your assets, your family, and your legacy.
- Review any existing protection plans annually to ensure they are still adequate, appropriate, and cost-effective.
- Avoid the “what ifs” and create an estate plan. Consider including the following in your plan:
- A Will
- Financial Power of Attorney
- Living Will
- HIPAA Waiver
- Review beneficiaries for all your financial accounts, including your insurance policies, annually.
- Have a financial plan that includes both short and long term goals. Revisit this plan annually or when a life event occurs.
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Create a Legacy
Create measures to help you rest easy knowing the vision that you turned into reality will be sustained and protected.
- Determine your vision for what you are trying to create.
- Develop a strategy to safeguard that vision. Your strategy should include plans to protect and prolong your family’s assets or those of your business, help you minimize unnecessary taxes, meet any charitable goals you may have, and help to ensure that your legacy will continue.
- Consult with your legal and tax attorneys.
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We can help you get a clear picture of where you are today and help you plan for the future you want.
Important Legal Disclosures & Information
The information on this page was prepared for general information purposes only. Any reliance upon any such information is solely and exclusively at your own risk. Please consult your own counsel, accountant or other advisor regarding your specific situation.
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