A Step-By-Step Guide to Financial Independence With Payactiv

• Payactiv’s Earned Wage Access¹ can help you get your earned wages when you need them while avoiding late fees or overdraft charges, helping you achieve financial independence.
• To build an emergency fund, consider having your direct deposit from work go to your Payactiv Visa^® Card*.
• Don’t forget to take advantage of Payactiv’s free access to a financial advisor through KOFE.

With summer holidays like Independence Day top of mind, now is a great time to discuss financial independence. If you’re not familiar with financial independence, it means having enough assets to cover your expenses for the rest of your life without any additional income.

That’s a long way off for most of us, but it shouldn’t feel impossible. By minimizing expenses and maximizing savings, you can put yourself on track for financial freedom in the future. Here’s a look at how Payactiv can help you make that happen.

Avoid Late Fees and Overdraft Charges

Late fees and overdrafts can cost $10 to $50 per occurrence. Whether it’s your rent, utilities, or other bills, paying past the due date can lead to steep fees. Plus, if you risk overdrafting your checking account, you could spend an average of $35 per overdraft.

Staying one step ahead of your bills is a good financial habit, but it can be challenging. If you need more cash and it’s not payday, you can access your earned wages at a low-cost (or free, depending on where you work) with a Payactiv account.

How Payactiv Can Help

Earned Wage Access, or EWA, is a tool Payactiv offers to help you get quick cash without the predatory experience payday lenders provide. With EWA, you can access a portion of your paycheck early.

Payactiv members can access wages they’ve already earned before payday. There’s no interest you have to pay back later. 

EWA from Payactiv is like getting payday early. If the bills are due today but your paycheck won’t come until Friday, you can get part of the money you’ve already earned with a few taps in the Payactiv mobile app².

Build an Emergency Fund Automatically

While we all hope financial emergencies won’t happen, they seem to pop up at the worst times. Surprise medical bills, car repairs, or reduced work hours can drain your bank account. Fortunately, with sufficient savings, you can navigate financial emergencies with ease.

It’s wise to create a fund for unexpected financial emergencies. While this can feel intimidating, taking small steps to build emergency savings is critical when breaking the paycheck-to-paycheck cycle and working toward financial independence.

How Payactiv Can Help

When you have your direct deposit from work set up to a Payactiv Visa Card, you can automatically put part of your paycheck into a dedicated saving goal. If you ever need the cash, a few taps in the Payactiv app allow you to move it to your card account.

Starting with just $5 per paycheck can put you on track to build your emergency fund. If you can afford more, even better. Nevertheless, it’s better to start somewhere, even if it’s just a few dollars here and there. 

By automating your savings, you’ll get into the habit of saving without thinking about it.

Make Sure You’re on Track

Unless your parents taught you how to manage your money, you likely didn’t get much of a financial education. Even if your parents did teach you about money, there’s a good chance you didn’t get a complete picture of how to put your money to work to reach your financial goals.

Financial advising and planning can be helpful for many people. While financial advisors can be expensive, they don’t have to be. If you’re interested in a one-time session with a financial advisor or would like to check in for help periodically, you might be able to do so for free.

How Payactiv Can Help

Payactiv members have access to a financial wellness platform with a suite of features. One of our favorites is free access to a financial advisor through our partner KOFE. You can schedule an appointment through Payactiv for a no-cost session with an advisor to discuss goal setting, budgeting, savings advice, credit improvement, and financial action plans.

Whether you are trying to get out of debt or want to start building your savings and investments for the first time, a free financial planning session is a perfect way to start moving forward confidently.

Get Started on the Path to Financial Independence

Financial independence doesn’t have to be a dream you never reach. Starting with small steps, you can take control of your money and leave financial stress behind. With Payactiv, you can move into the future and live the life you’ve earned.

¹Goal-based saving is a set-aside account, and you will not receive interest or other earnings on the funds within the goal-based account.

²Standard data rates may apply from your wireless service provider.

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