1. Elon Academy Mu Families
Financial Literacy By
Ifeoma Udeh
February 23, 2019

2. Objectives Explain what financial literacy is.
Discuss how to achieve financial stability.

3. What is Financial Literacy?
Ability to manage financial resources, primarily money, to attain financial stability, at the least.

4. My Money Five
Source: Department of Treasury

5. Earn = Money Making Know your “regular” money
Gross Pay – Taxes – Deductions = Net Pay
Can you grow your “regular” money?
Weekends
Evenings

6. 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)

7. 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).

8. 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

9. 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

10. Plan for Life New child Retirement Higher Education – College
Major health issue
Death of a family member
Unplanned events (natural disasters)

11. Budgeting Guidelines

12. Source
Department of Treasury. Credit Counselling Society.

13. Other Resources
U.S.News: The Ways to Wealth: