By Trish Svoboda/Image courtesy Canva

Many Americans are feeling the effects of financial strain in today’s economy. As people continue to navigate economic challenges, Darlene Goins, head of philanthropy and community impact at Wells Fargo, said times are tough for a lot of people.

“People are trying to figure out how to stretch their pay checks. Some may be looking for work. Recent studies found that about a third of Americans feel like they’re just getting by. But the great thing is you don’t have to figure out how to manage your finances on your own. There are a lot of great resources out there that can help.”

In light of National Financial Planning Month, Goins offered four key tips to help people boost their financial future. The first is trying to turn what you love into a business. “If you enjoy baking or making jewelry or dog walking, try to turn that into a business. Connect with a community development financial institution and they can help you put together a business plan and figure out how to access startup capital,” she said.

Second, for those who rent their homes, she suggested negotiating with your landlord, especially if your lease is up for renewal. She said renters don’t have to accept an increase in their rent without having a conversation with their landlords first.

Third, for caregivers and those with disabilities in their family, Goins said there are ABLE (Achieving a Better Life Experience) accounts that are offered by states that help save on things like health, care, education, transportation.

And finally, she suggested as the year wraps up, and we head into tax season to tap into free tax preparation services. “VITA centers or voluntary income tax assistance centers can help you maximize your refund and see if you’re eligible for things like the child tax credit,” she said. 

Goins also said many nonprofits have free resources available to communities that can be found at stories.wf.com/financialfuture/