financial literacy Archives - ACT 1st Federal Credit Union

Archive for financial literacy

August 1st: National Financial Awareness Day

Posted by Peyton Wolfe

· Thursday, August 1st, 2024

Are you ready to take control of your financial future? Well, we have some exciting tips for you on how to improve your financial literacy and awareness.

Understanding the ins and outs of personal finance is crucial in today’s world, and it can truly empower you to make informed decisions about your money.

One of the first steps to improving your financial literacy is to educate yourself. Take advantage of the plethora of resources available, such as books, online courses, and workshops, that cover topics like budgeting, investing, and managing debt. By investing time in learning about these subjects, you’ll gain the knowledge and skills necessary to make sound financial decisions.

Another tip to enhance your financial literacy is to seek advice from professionals. As a valued member of ACT 1st FCU your financial health is our priority, so we’ve partnered with the trusted national nonprofit GreenPath Financial Wellness to offer you free financial counseling, guidance, and educational resources. GreenPath is here to support you in making decisions that make your life better, happier, and more satisfying.

Furthermore, staying up-to-date with current financial news and trends is essential for improving your financial literacy and awareness. Look for new blog posts on our website to receive regular updates. This will allow you to make informed decisions based on the latest information.

Lastly, don’t forget the power of practice. Apply the knowledge you’ve acquired by implementing good financial habits in your daily life. Set a budget, track your expenses, save regularly, and review your financial goals periodically. By putting what you’ve learned into action, you’ll gain hands-on experience that will reinforce your understanding of personal finance concepts.

In conclusion, improving your financial literacy and awareness is an exciting journey that can lead to a brighter financial future. Educating yourself, seeking professional advice, staying informed, and practicing good financial habits are all key steps towards achieving financial success. So why wait? Start today and take control of your finances!

Categories : Blog

Tags : financial literacy

Micro Money Lessons Teens Should Know

Posted by Peyton Wolfe

· Thursday, April 11th, 2024

As teens become more independent and take on more responsibilities, they must learn about money management. Understanding the basics of personal finance can set them up for a more secure financial future. From budgeting to saving to investing, teens can learn money lessons now that will serve them well in the coming years – while with the safety net of home. This blog post shares vital money lessons you can help your teenager know.

Money Lessons for Teens:

1.Create a budget: Track your income and expenses to understand where your money is going.
2. Save early and often: Make it a habit. Even small amounts can add up over time.
3. Understand credit: Know the difference between good and bad debt, and the importance of building good credit.
4. Avoid overspending: Learn the difference between needs and wants.
5. Understand investing: Learn how investing can help you grow your money over time.
6. Understand taxes: Understand how much you are paying in taxes and how to file your taxes correctly.
7. Earn and manage money responsibly: Save a portion of your earnings, and spend the rest wisely.
8. Be prepared for emergencies: Start building an emergency fund to cover unexpected expenses.
9. Shop around: Avoid making impulse purchases. Compare prices and look for discounts and promo codes.
10. Give back: You can make a difference, even on a tight budget.

These are just a few examples of financial goals that may be appropriate for teenagers. It’s important to set goals that are realistic and achievable based on individual circumstances. Help your teen start on the right financial track with ACT 1st Federal Credit Union.

Categories : Blog

Tags : financial literacy

Supercharge Your Kid’s Financial Future: 7 Ways to Teach Financial Literacy from an Early Age

Posted by Peyton Wolfe

· Monday, April 1st, 2024

Help young ones learn about financial literacy by exposing them early to the idea of sound money habits. Wondering where to start? Here are a few ideas to help get you started:

Earning Money: This fundamental concept helps them understand the value of money and the effort needed to earn it. Encourage them to earn money by doing house chores or other jobs around the house.
Setting Savings Goals: Help them plan for things they want to buy, like a new toy or game. A simple piggy bank and writing down how much they have saved versus how much they need will help! They can also open a savings account at the credit union and learn to start banking. When you open your brand new youth savings account, make sure to request your complimentary piggy bank! It’s a little present from us to you – our new member!
Counting Money: Instill money-counting skills using different coins and notes. Depending on their age, introduce them to various payment methods, including cash and mobile payments, explaining how each transaction is completed.
Charity and Gifts: Encourage them to spend part of their money on charity or buying presents for friends, fostering a sense of generosity and community belonging.
Delayed Gratification: Teach them the value of hard work and the benefits of saving for something they want rather than making impulse purchases. By incorporating these money lessons into your child’s routine, you can pave the way toward their financial success. Better yet, get them started with a kids savings account at the credit union!

Categories : Blog

Tags : financial literacy, financial wellness, youth account

April: Financial Capability Month

Posted by Peyton Wolfe

· Saturday, March 30th, 2024

What is National Financial Capability Month?

April is National Financial Capability Month. Originally designated as National Financial Literacy Month in 2004, this observance has evolved to focus on financial literacy and ensure that Americans have access to unbiased and trustworthy financial education and understanding of financial services and products. This observance also includes raising awareness of consumer protection laws as well as consumer education, helping Americans recognize, avoid, and report frauds and scams.

What is Financial Capability?

The U.S. Treasury defines financial capability as “the capacity, based on knowledge, skills, and access, to manage financial resources effectively.” In other words, it’s your ability to put your financial knowledge and skills to work. This translation of knowledge to action (behaviors) helps you manage and protect your money, build productive financial habits, and move closer to your present and future financial goals.

Building and maintaining financial capability is a lifelong journey. It’s a cycle of learning and leveraging what you know. It’s about understanding and assessing your situation, including your beliefs and feelings about money. It’s also about processing knowledge and information, evaluating options, making informed decisions, and taking action. The more informed you are about your financial choices, the better your financial outcomes are likely to be.

No matter where you are on your financial journey, increasing your financial capability can be as simple as:

Ask for help. If you’re struggling financially, immediately contact your credit union or bank, credit card company, utility provider, mortgage company, or landlord. Although it’s never easy to ask for help, it’s better to work out a payment arrangement than to let the account fall behind.

Check your credit. Pulling your credit report once a year to make sure the information is accurate, complete and up-to-date. Reviewing your credit report will also help to guard against identity theft.

Beware of frauds and scams. Each year scam artists and identity thieves steal billions of dollars from unsuspecting consumers. Learn how to recognize common scams, protect yourself and your money, and take action if you think you are a victim of fraud.

Build or refine your budget. The NCUA encourages you to use our Money Basics Guide to Budgeting and Saving. Having a budget allows you to have a clear view of your income and expenses all in one place. It will help you live within your income, prioritize saving, and meet financial goals, today and in the future.

Learn something new. What financial decision have you avoided because you don’t know what to do? Research that topic on MyCreditUnion.gov so you can make an informed decision.

How are the NCUA and Credit Unions Involved?

Under the Federal Credit Union Act, promoting financial literacy is a core credit union mission. While credit unions serve the needs of their members and promote financial literacy within their communities, the NCUA works to reinforce credit union efforts, raise consumer awareness and increase access to credit union services. The NCUA also participates in national financial literacy initiatives, including the Financial Literacy and Education Commission(Opens new window), an interagency group created by Congress to improve the nation’s financial literacy and education.

In addition, the NCUA partners with the Federal Deposit Insurance Corporation and the U.S. Department of Education in a Youth Financial Education Collaboration Agreement aimed at helping students and families save for college and encouraging the development of smart money habits. The NCUA is also a national partner of the Jump$tart Coalition(Opens new window) for Personal Financial Literacy.

Related Resources:

Financial Literacy Tools and Resources

Categories : Blog

Tags : financial capability month, financial literacy, financial wellness