by Alyssa
Money makes our world go round. It’s what makes things happen. And it’s essential for living a comfortable life. Surprisingly, a lot of people are lacking the financial literacy skills to effectively manage their money.
Experts agree that having strong financial literacy skills allows an individual to be better prepared to make important financial decisions and support life goals such as education and retirement. Finance guru Dave Ramsey says, “You must gain control over your money, or the lack of it will forever control you.”
Financial literacy includes knowing how to create a budget and track spending, develop a savings plan and invest in one’s future, as well as manage debt and avoid identity theft.
How to Create a Budget and Track Spending
Identifying where your money goes will help you plan for how to spend your money and save for your goals and emergencies. There are certain expenses that are fixed or recurring, such as rent or mortgage and utilities. Then, there are variable or miscellaneous expenses, such as entertainment, personal care, or car repairs that change regularly. Learning where to modify your budget can help you accommodate your needs as well as some of your wants.
How to Develop a Savings Plan and Invest in the Future
Once you figure out how to cut expenses and manage your budget, you can begin to focus on building your wealth. There are a variety of ways that people can grow their money, including real estate and market investments. It is important to make regular deposits to investments such as IRAs and TDAs to grow your retirement nest egg, understanding the long-term strategy involved. Having a solid investment plan can help you achieve financial goals, such as homeownership, college funding, vacations, retirement, and overall financial stability.
How to Manage Debt and Avoid Identity Theft
Your financial well-being depends on how well you manage your debt, and an important first step is establishing and maintaining good credit. Your credit history is important because it tells businesses how you pay your bills. A good credit score will often translate to lower interest rates on loans, credit cards, and rental agreements. Checking your credit report annually can also indicate instances of identity theft, which could be very damaging to your credit score.
This month, the library is offering a number of programs and resources to provide you with the knowledge you need to manage your money with greater confidence. Look for Smart Money Management tip videos which will be shared every week in April on Facebook and Instagram to learn how you can save money and build good credit, or join us from April 17-20th to celebrate Money Smart Week in the library.
Money Smart Week at the library
Monday, April 17th at 5:30 PM, find out how you can protect yourself and your assets from the legal experts at Florida Rural Legal Services, who will discuss issues of bankruptcy, including wage garnishment, collection agencies, and eviction notices.
Tuesday, April 18th at 2:00 PM, I’ll be providing hands-on debt management tools from the Consumer Financial Protection Bureau, discussing ways to modify your budget and cut expenses, and showing you how to properly track your spending.
Wednesday morning, April 19th, join us at 11:00 AM as we welcome the Area Agency on Aging for an important presentation on Identity Theft, Fraud & Scams, now the fastest rising crimes in America.
Wednesday evening, join us in-person or on Zoom at 6:30 PM as we feature finance director Jessica Oprea for April’s Women in the Workforce program on “Smart Money Management: How to Make Your Money Work for You.” Enjoy light refreshments and free materials as Jessica shares her personal journey of hardship as a young, single mom to achieving financial stability and success. Find out her number one money-saving tip.
Financial Literacy Mini Toolkits featuring resources from the Consumer Financial Protection Bureau will be available Saturday, April 15th, through Friday, April 21st, at the 2nd-floor help desk. Mini toolkits are varied and may feature helpful materials on eliminating debt, building credit, managing your finances, and more! Some resources are available in Spanish. Quantities are limited, and toolkits are available on a first-come, first-served basis.
Can't make the programs in-person or just want to learn more on your own time? Check out the recommended resources below, all available from the library.
Books
1001 Ways to Pay for College by Gen and Kelly Tanabe
Budgeting 101 by Michele Cagan, CPA
Credit repair [2022] by Amy Loftsgordon & Cara O'Neill
The Financial Aid Handbook by Carol Stack
Peterson’s Scholarships, Grants & Prizes [2021]
This is the year I put my financial life in order by John Schwartz
Ebook
Financial first aid by Alyssa Davie.
How to boost your credit score by Jordan Riches
Money management & financial budgeting by Robert Anderson
Audiobooks
Baby steps millionaires by Dave Ramsey
Credit repair by Armani Murphy
Overcoming debt, achieving financial freedom by Cindy Zuniga-Sanchez
