LA transplant Chrissy has what Coach Kevin likes to call "fickle finances." He steps in to help her wrangle her unpredictable income and teach her how to budget properly to help avoid overdraft fees.*
Running time: 5 minutes 15 seconds
*For Informational/Educational Purposes Only: Views and strategies described may not be appropriate for everyone, and are not intended as specific advice/recommendation for any individual. You should carefully consider your needs and objectives before making any decisions, and consult the appropriate professional(s). Outlooks and past performance are not guarantees of future results.
Video Transcript
On screen:
A photo montage shows comedian Kevin Hart wandering through Philadelphia with empty pockets and lots of maxed-out credit cards. The montage continues – showing Kevin Hart today – a successful actor, entrepreneur and comedian.
Kevin Hart (VO):
During my early years in Philly, I made a ton of bad financial decisions. I ran up credit cards, didn’t understand taxes, and blew right through my cash. After years of being frustrated about finances, I got serious about making money work for me, and now I want to do the same for you. I've partnered with Chase to help people from all walks of life get financially fit. And that’s the Hart Of It All.
Text on screen:
Hart Of It All.
Kevin Hart:
Well, it's one thing to talk about your dreams, it’s another to go after them. Chrissy is a struggling entertainer that moved from Chicago to LA to pursue those dreams.
On screen:
A montage of photos shows Chrissy, a woman with long brown hair, performing at a comedy club and acting in different plays.
Kevin Hart:
But she’s having problems because she’s got what I like to refer to as "fickle finances."
On screen:
Chrissy speaks to us from her small apartment.
Chrissy:
I do so many different kinds of odd jobs. I house sit, I dog walk, babysit, nanny. Kind of a little bit of everything. Even though my passion is comedy, it has not been paying the bills. So, it’s like, do I keep doing this because I’m not making any money from it? It’s a tough balance.
On screen:
A video clip shows Chrissy at her desk, reviewing a stack of bills.
Chrissy:
It’s stressful living paycheck to paycheck, so having someone help me look at things in the long run, I feel like is what I need.
On screen:
Palm trees tower over an LA neighborhood.
Kevin Hart (VO):
Chrissy thinks she’s on her way to meet a financial advisor, but she’s in for a big surprise when she gets to meet me instead. And I give her a challenge that remixes how she looks at money.
Kevin Hart:
[dramatically] Come in.
On screen:
Chrissy enters a large office with a wood desk and a swivel chair. The back of the chair faces Chrissy.
Kevin Hart:
[dramatically] Please sit.
On screen:
As Chrissy sits down, Kevin swivels around in his chair to reveal his identity. Chrissy bursts out laughing.
Kevin Hart:
[dramatically] How are you doing, Chrissy?
Chrissy:
That's so good, Kevin Hart. This is so cool.
Kevin Hart:
I need to tell you that you’re not here for a financial, like, advisory meeting. I just had to get you here. So talk to me about some of your banking problems.
Chrissy:
I have been really living paycheck to paycheck and, you know, it’s like I have these overdraft fees and then the credit card debt and I feel like I can’t pursue my creative passions just because I can’t get a handle on my finances.
Text on screen:
Unpredictable income can be hard to manage.
Kevin Hart (VO):
Chrissy’s got a lot to deal with here. She works odd jobs and gets payed a bunch of different ways. She’s got credit card debt and gets hit with overdraft fees while trying to make ends meet. First, she’s got to figure out her income and expenses each month. And hey, pro tip: her online banking history has all that information. Once she knows that, she can create a budget and stick to it. Especially if she uses the mobile banking app to track her money in and money out all month long. But in the meantime, we’ve got to fix those overdraft charges.
Text on screen:
Look for a low-cost checking account to help manage monthly charges.
Kevin Hart (VO):
And I’ve got just the game to help.
On screen:
Sitting in the office with Chrissy, Kevin holds up a large index card.
Kevin Hart:
So, what I’m going to do here: I’m going to give you a line to read and I want you to put something on it, right? Put a little umph on it, a little ahh. [Chrissy chuckles] Now, however you want, your goal is to have me entertained at the end of it. Alright? Use your talents, Chrissy.
Chrissy:
Okay.
On screen:
Kevin hands the card to Chrissy, who looks it over.
Kevin Hart:
Use your talents.
Chrissy:
It’s like, it's about banking, it’s not like a comedic...
Kevin Hart:
Yeah, I know that.
Chrissy:
Okay.
Kevin Hart:
Remember I gave it to you, so I want you to make it comedic.
Chrissy:
Okay.
Kevin Hart:
That’s the challenge here, Chrissy, that’s the game.
Chrissy:
Yes, Kevin Hart.
Kevin Hart:
Alright, that’s the game.
Chrissy:
Overdraft frees!
Kevin Hart:
Okay, alright.
Chrissy:
"Overdraft fees are old news with Chase Secure Banking. A bank account that offers a low fee and allows you to stay in control of your money and out of the red."
Side note:
Small print legal disclosures appear.
Text on screen:
We will decline or return transactions when you do not have enough money in your account to cover the charge. However, you could still end up with a negative balance if, for example, a transaction is approved for one amount, but then the actual charge is more than what you have in your account (like when you add a tip at a restaurant after the transaction for the meal was already approved). Even if you have a negative balance, we will not charge you an overdraft fee. See chase.com/securebanking for more information.
Important Information - Service Fee: There is a $4.95 Monthly Service Fee. Other miscellaneous fees apply. See chase dot com slash disclosures for more information.
Kevin Hart:
What?
Chrissy:
"Make your money work for you!"
Kevin Hart:
Okay.
Chrissy:
Or coach Kevin will come knocking on your door.
Side note:
Chrissy makes a “door knocking” gesture.
Kevin Hart:
What, me? Yeah, at my door?
Chrissy:
Your door! He’s knocking he’s going to get you.
Kevin Hart:
Yeah, well I don’t want Kevin to get me. Kevin?
Side note:
Chrissy laughs.
Kevin Hart (VO):
Just like performing, managing your money takes practice and education. Hard work pays off people. No time for slacking.
On screen:
Holding a guitar, Kevin speaks to Chrissy.
Kevin Hart:
It's to my understanding that you play the guitar. Is that true?
Chrissy:
It’s true, yes.
Kevin Hart:
I just so happen to have a guitar.
On screen:
Chrissy takes the guitar.
Kevin Hart:
This is all a part of your audition. Make it your own. We are hammering this line home.
Chrissy:
Okay.
Kevin Hart:
Woo! Go Chrissy!
Chrissy (singing):
Where is, where’s my money?
It’s not under the mattress, honey
Where did it go? Where did it go?
Looked inside my drawers
it’s not there anymore!
What are you gonna do when you don’t have, you don’t have,
you don’t have lots of money?
Kevin Hart:
Woooo! Wow! Amazing performance. I loved it.
Chrissy:
Thank you.
Kevin Hart:
You know I think the biggest and best thing is just seeing how talented you are. And within your talent you got to understand that there is going to be money attached to it. And when that does, you got to be prepared for it. The days of overdraft fees and lateness and negatives are over for you. With Secure Banking, it’s the best thing in the world because everything is in front of you.
Chrissy:
Yeah, alright. That makes sense.
Kevin Hart:
So, that is my information to you, and you know what, Chrissy? I can’t wait to see you perform on a bigger stage. Because I know that’s going to happen after seeing you kick that song’s ass the way you did.
On screen:
Chrissy smiles warmly.
Text on screen:
Hart Of It All.
Logo:
The Chase octagon symbol.
Side note:
Legal disclosures appear.
Text on screen:
Deposit products provided by JPMorgan Chase Bank N.A. Member FDIC. Copyright 2021 JPMorgan Chase & Co.
END
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Let's face it: Talking about money can be difficult, and a lot of us didn't have anyone showing us the ropes when we started out. When you're trying to take charge of your money, you need to establish who's the boss, so you can own your outcomes and feel great about your successes, too.
Think about your goals (saving for something big, stopping the paycheck-to-paycheck cycle, whatever they might be) and create a plan to reach them. The first step is to make a budget. Think of it as a to-do list for your …
Let's face it: Talking about money can be difficult, and a lot of us didn't have anyone showing us the ropes when we started out. When you're trying to take charge of your money, you need to establish who's the boss, so you can own your outcomes and feel great about your successes, too.
Think about your goals (saving for something big, stopping the paycheck-to-paycheck cycle, whatever they might be) and create a plan to reach them.
The first step is to make a budget. Think of it as a to-do list for your paycheck—without that list, you might not accomplish everything you want to accomplish. Here's how to make the budget magic happen and get your money to work for you as you pursue your goals.
Assess your situation
You can't plan where you're going unless you know where you've been. To do this, start tracking your money. Each month, make a list of money coming in and going out, and what you’re setting aside. Use your bank and credit card statements to help create your list.
Put your spending into broad categories—housing, food, transportation, clothing, entertainment, memberships—so you can get a sense of where your dollars are going. Financial tools like budgeting apps can also help you categorize your spending.
When you see everything in one place, you might be surprised to find that you're paying for subscriptions or services you don't use or need. Canceling them can free up cash for other purposes.
Save first
You might have multiple savings targets, including a rainy-day fund, your kids' education or a dream trip.
To meet your goals, consider setting up an automatic transfer from your checking account to a savings account (or several savings accounts) on paydays. That way, you can pay yourself first and then budget for your expenses with the money that's left. When the cash for saving comes out as soon as you're paid, you're less likely to miss it.
Prioritize your spending
Some spending is essential—housing, insurance, debt payments, utilities, etc.—but other costs are more flexible.
Split your post-savings costs into two piles: needs and wants. After you cover your basic expenses, how much do you have left? Think about your wants and decide how to allocate your remaining cash. You might shift your priorities by cutting back in some areas, like getting takeout once a week instead of three times.
Make that budget
Make your math official (and help hold yourself accountable) with a budget worksheet that can help you visualize everything. Putting it all together can help you spot holes in your plan. And if you see you'll have extra money at the end of the month, you can put it toward other goals, like paying down debt faster.
Stay on track
Tracking your spending will help you keep the big picture in mind—you'll become more aware of the money choices you're making, and you'll be spending more purposefully.
But it's OK to tweak your budget: If you find that you're regularly maxing out your budget in one category, see if you can pull back on something else. And understand that your budget may vary from month to month. Around the holidays, for instance, you might cut back on saving so you can pay for holiday gifts and expenses—but then aim to keep your saving in line for the rest of the year.
Respect the process
Budgeting is a process, and it doesn't have to be about depriving yourself. It's about making a plan for your money that will help you achieve your dreams. Taking control of your spending and setting good financial habits can help you get where you're trying to go—and feel great about the progress you're making along the way.
Coach Kevin’s insights for Chrissy
Unpredictable income? Go through your online bank account history to get an average month’s income and expenses
Then, use that info to build a budget you can stick to
Find a low-cost checking account to help manage your monthly charges and help avoid overdraft fees
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