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Corporate Social Responsibility
News
4.01.2008 - 09:52am ET
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CSR News from:
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Capital One Financial Corporation
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News Category:
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Capital One's Top 10 Money Management Tips
Supporting national Financial Literacy Month and a focus on financial education in April
(CSRwire) MCLEAN, VA. - April 1, 2008 – In recognition of Financial Literacy Month
in April, Capital One Financial Corporation (NYSE: COF) is pleased to
provide consumers with 10 helpful tips on managing their money.
"Whether you are buying a home, saving for retirement or for your
children's education, or even to effectively manage the family budget,
understanding the basics of personal finance is a critical skill," said
Diana Don, Director of Financial Education at Capital One. "Taking the
time to master the basics of money management, consumers can help ensure
better economic success for themselves and for their families in the
future."
In partnership with national consumer advocacy organization, Consumer
Action, Capital One has developed the MoneyWi$e program (www.money-wise.org) to provide
consumers with helpful financial tools and information. Consumers
visiting the site can access a variety of free, multilingual financial
education materials to guide them in making smart financial choices.
Ten tips for a better financial future:
Establish financial goals– before creating a budget, you
must first consider and establish your own financial goals. Short-term
goals could include setting aside money to cover regular household
expenses or saving toward an annual family vacation. Long-term financial
goals might include planning for retirement or saving for a second
home.
Develop a realistic budget that you can stick to – create a
budget that captures all of your household expenditures, including setting
aside money for saving. This ensures you are in control of your financial
situation and on track to meet your financial goals.
Make frequent and regular deposits into a high interest savings
account or money market account – your financial success begins with
your willingness to save. Using an account that bears a higher interest
will help you save more quickly.
Contribute to company sponsored 401(k) plans or IRA fund –
Retirement is expensive. Many experts estimate that you will need about
70 percent of your pre-retirement income to maintain your standard of
living when you stop working. Depositing money on a regular basis to a
tax-sheltered retirement savings plan makes it easier to save money over
time, with compound interest and tax deferrals making a big difference in
the amount you accumulate.
Pay bills on time to avoid paying late fees- it is important
for you to pay your bills on time to avoid extra charges and to protect
your credit rating. If you do not pay your bills on time, you will end up
paying more than you owe because of the late fees and finance charges.
Consider comparison shopping for must have items –
comparison shopping can have a big payoff for just a small amount of work,
especially if you use the Internet. Oftentimes, you can compare the
product features and process on specific goods. Having information can
help you make informed purchasing decisions.
Be proactive in managing debt – pay your bills on time, or
contact your lender if you are having difficulty making your payments to
discuss options.
Always be sure to read the fine print on any loan agreement or
credit card information – the all important details about interest
rates, late fees and how much cash advances cost are all found there.
Correct any mistakes on your credit report – credit reports
can contain mistakes, and it's your responsibility to correct them by
contacting each of the three major credit reporting bureaus – Equifax,
TransUnion and Experian. Consumers are eligible for one free credit report
every year from each of the three major credit reporting agencies. Copies
can be requested online at www.annualcreditreport.com or
by calling 877-322-8228.
Talk to your kids money – It's important for parents to
actively engage and talk to their children about money. Unfortunately,
many kids are not getting the information at schools so it’s dependent
upon parents to teach these lessons at home.
About Capital One
Capital One Financial Corporation (www.capitalone.com) is a financial
holding company whose subsidiaries collectively had $83.0 billion in
deposits and $151.4 billion in managed loans outstanding as of December
31, 2007. Headquartered in McLean, VA, Capital One has 742 locations in
New York, New Jersey, Connecticut, Texas and Louisiana. It is a
diversified financial services company whose principal subsidiaries,
Capital One, N.A., Capital One Bank (USA), N. A., and Capital One Auto
Finance, Inc., offer a broad spectrum of financial products and services
to consumers, small businesses and commercial clients. A Fortune 500
company, Capital One trades on the New York Stock Exchange under the
symbol "COF" and is included in the S&P 100 index.
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