Overwhelmed About Money? You're 5 Steps Away From More Financial Confidence

We all have a different relationship with money, which likely started in childhood. Growing up, we took on certain beliefs about money, influenced by environmental factors like what our parents said about money and/or what our financial circumstances could or could not afford. These are often referred to as "money scripts." Whether we have a subconscious belief that money is destined to be stressful or that money grows on trees, financial wellness starts by recognizing the strengths and obstacles derived from our money mindset.

When we're overwhelmed by money, sometimes the last thing we want to do is plot out financial goals. But the clearer you can get about your financial future, the more you can take ownership of your finances—after all, you can't hit a target you can't see. Setting goals gives our money a sense of purpose—and knowing exactly where we want to go is fuel for confidence.

Feeling confident about money means getting organized about money. It's hard to feel like you have your finances dialed in if you're banking with one company, repaying a loan with another, and sifting through financial decisions all on your own! Simplify your finances by conducting all of your banking activity with one financial institution. Whether it's day-to-day money management, credit cards, or loans, Bank of America is the perfect ally for getting confident about money and turning goals into achievements. Plus, the more you do with Bank of America, the more you get rewarded. The bank's award-winning, no-fee Preferred Rewards loyalty program provides members with exclusive benefits and rewards tailored to the way you bank and borrow with Bank of America and invest with Merrill. 

When it comes to money boundaries, there are two types. First are the boundaries you set for yourself; think sticking to a budget, avoiding new debt, or forgoing the afternoon matcha obsession. Then there are boundaries you set with others, like knowing what to say when you're invited to infeasible plans or when a loved one asks for money. Boundaries can be vulnerable, but they're a necessary bumper that will help you hit your goals with confidence.

"Setting boundaries doesn't need to be difficult. If you're aiming to reach a certain financial goal, one important step to ensure you stick to your boundaries is treating your savings like monthly expenses. Store away a certain amount at the top of every month as if you're paying a bill. That way, it won't feel like an impossible task at the end of the month when you're itching for your next paycheck," said Matt Gellene, Consumer Banking & Investments, head of consumer client management at Bank of America.

Thankfully, financial confidence doesn't require you to know everything about money. At some point, we can turn to the experts in money management to navigate more complex financial decisions, like investing. Merrill Edge offers self-directed investing, but you can also choose a guided investing program or work with an adviser for one-on-one, expert guidance.

"Whether you prefer to take a self-directed approach to your investments, want professional guidance, or a combination of both, make sure to explore the platforms and tools that will work best for you," said Gellene. "Taking control of your finances and creating an actionable plan can boost your financial confidence."

Try this: We know investing can feel intimidating, but we've provided a lay of the land with our simple guide to investing. And if you're looking for a way to give back to your community and beyond, then learning more about sustainable and impact investing may be your next best step!

Learn more and see important disclosures about Preferred Rewards, banking with Bank of America and investing with Merrill.