Financial literacy is fundamental to the wellbeing of our community members
April is National Financial Literacy Month - an ideal time to talk about the importance of managing money and secure a financial future.
With April being Financial Literacy Month, Bonnie Spain of Consumer Credit Counseling of the Black Hills says people can take free classes at their facility on how to make informed and wise decision with their financial resources.
She advises to make savings automatic and put part of your paycheck into a saving account and to protect what you have with insurance.
And when it comes to stimulus checks Spain says to make a budget for them and try to spend some, save some and enjoy some.
She adds, if the pandemic taught us anything, it’s the importance of an emergency savings account.
Bonnie Spain, CEO Consumer Credit Counseling Service of the Black Hills, says, “There are certain things that we need to know, just how to live, we need to know how to budget, how to send, how to save, how to insure ourselves, how to protect everything and how to weather an emergency because you know, what has the pandemic taught us, we have to know how to weather an emergency.”
Requests for help at CCCS with budgeting increased significantly in 2020, than in any other year.
Spain notes that that an emergency savings account is important to have as well as paying off debt and then you are freed up to save for your ‘goal’ purchases, saying, “You know if you want a house someday, you want the down payment, and then you do also at the same time save for retirement and so the 401K is the fastest way and slow and over time is exactly what the investment advisor is gonna tell you but it actually does work.”
Spain also point out that children as young as 5 can learn money management concepts. Discuss value and cost with children and take the opportunity to explain comparison shopping.
“Start children, even small children with an allowance but not tied to chores. Children need to learn chores is the responsibility of being a family member so give them a small amount and let them learn to manage it, you know to save some to give some and to spend some and let them make their own mistakes when choosing items they are spending their money on because it’s a lot safer to learn those lessons at home,” Spain says.
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