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Elon Academy Mu Families
Financial Literacy By Ifeoma Udeh February 24, 2018
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What is Financial Literacy?
Ability to manage financial resources, primarily money, to attain financial stability, at the least.
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My Money Five Source: Department of Treasury
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Earn = Money Making Know your “regular” money
Gross Pay – Taxes – Deductions = Net Pay Can you grow your “regular” money? Weekends Evenings
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Save Start saving, and form a savings habit. Pay yourself!
Consider using a bank or credit union account Track your savings Plan for short-term goals (emergencies, vacation, major purchases) Plan for medium-term goals (e.g. children’s education) Plan for long-term goals (e.g. retirement)
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Protect Keep important financial records in order.
Beware of fraud and scams, and protect your identity. Be familiar with your bills. Consider insurance to meet your needs (e.g. health insurance).
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Spending Think about your spending and develop a budget
Live within your budget/means Think before you buy (why, what etc.) For big purchases (e.g. furniture) comparison shopping is recommended. Consider long-term and short-term goals
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Borrowing Know your borrowing habits and what drives it.
If you MUST borrow, have a plan. Pay ALL bills on time (helps build a good credit history). Consider microfinance
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Plan for Life New child Retirement Higher Education - College
Death of a family member Unplanned events (natural disasters)
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Source Department of Treasury.
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