FYI

A Diff erent Kind of Literate

Becoming money savvy can help set you up for success now and years down the road.

Most of us like to think we are nancially literate, but there’s always room to learn. If you think setting up a budget should be your initial course of action, you could already be a step behind. Instead, the rst questions to ask yourself are: why do I want a budget, and what do I want it to accomplish for me?

Many online tools are available to get your nances in order. e Motley Fool – a private nancial and investing advice company – has a step-by-step process for setting up a budget, with an abbreviated version below: • Ask yourself why you need a budget • Assess your current spending habits • Denote on a calendar all one-time and periodic expenses • Total up all your income • Set nancial goals • Make plans on how to stick to your budget

Blake Parks, a business development specialist for Oklahoma’s Credit Union (OKCU), says there is always something to learn about personal nance.

“I believe nancial literacy can be achieved when a person understands how to budget and manage their money e ectively,” he says. “It takes consistent commitment to using the resources available in order to achieve your nancial goals.”

Parks says that nancial planning across di erent age groups has some markers in common.

“ ere are similarities across all ages, but I see younger adults tend to focus on establishing and improving their credit score while also learning the importance of saving for an emergency fund, so they have stability when unexpected life events happen,” he says. “For someone later in their career, they tend to focus on paying o debts like their mortgage, and investing in their retirement plan so they retire comfortably.”

He adds: “One way that members establish or repair their credit is with a secured credit card, where the card is backed by a cash deposit upfront. It’s also important to know that 35% of a credit score is based on payment history.”

OKCU periodically o ers free classes to the public, including one titled ‘Your Money Personality.’ DEBI TURLEY

Arm Yourself with Knowledge

There are many sources in Oklahoma to go to for a financial refresher course, or just to get back on track after a major change such as a graduation, marriage, divorce, retirement, new job or the start of a business.

A Personal Financial Literacy Page is available at sde.ok.gov/personalfinancial-literacy. Some of the topics there include: • Earning an income • Understanding state and federal taxes • Managing a bank account • Understanding insurance • Charitable giving • Identity fraud and theft

OSU in OKC off ers a personal finance class that can be taken as an instructor-led class for six weeks or self-paced over three months. Some of their helpful topics include: • Knowing how to change your credit report • How to keep good financial records • Making the right investments

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