Growing Our Future: Texas Agricultural Science Education Magazine

FINANCIAL LITERACY

TIPS FROM YOUR VATAT CREDIT UNION

BY: MEREDITH HARTMANN LOAN OFFICER, VATAT CREDIT UNION

What is financial literacy, and why is it important? According to Experian. com, financial literacy is the confident understanding of concepts including saving, investing, and debt, leading to an overall sense of financial well-being and self-trust. Many Americans are not familiar with financial literacy and why it matters to them. The basics are creating a budget, understanding basic concepts of credit cards, and having a plan for the future. It is the foundation of your relationship with money and will be something that you are constantly working on to improve.

Unfortunately, financial literacy and money matters are often not taught in a classroom or part of the lesson plans for students. This leads to many young people learning about money from their friends, family members, Google, and social me- dia. Which is not always a bad thing but does not provide a foundation for a long-term understanding of money and how much it can impact your future.

Here are a few ways to improve your financial literacy and well-being:

BUDGET

Make a list of all your expenses, so you have a visual of your monthly breakdown

SAVE

Set a goal of what you would like to save and then pay yourself – you are going to be a part of your monthly budget

CREDIT REPORT

Always review your credit reports to ensure they are accurate and promptly report any errors. Visit www.annualcreditreport.com for more information on pulling your credit from the three major bureaus: Experian, TransUnion, and Equifax. This is a free service and does not impact your credit. Be wary of sites that charge a fee.

PAY YOUR BILLS

Set your accounts to debit your minimum monthly payments automatically, so you are not late on your payments. Missing a $40 minimum payment on a credit card will impact your credit score and cause it to lower. I know how busy you are at show season and all year, so this is the best way to ensure you are not “losing credit” over an avoidable mistake.

MANAGE DEBT

Look at your budget and see the best way to combat high balances and interest rates. When members apply for a loan, we always look at the whole picture and try to see how we can be of benefit to the member and help them come out ahead.

INVEST

Opt in to any employer-provided investments and 401(k) plans, open individual IRAs & meet with a financial planner to maximize your investment in your future

Several resources are available to you within your local community, such as non- -profit organizations, chambers, and local churches that provide financial education. However, as a benefit of being a member of the Agriculture Teachers Association of Texas, you are eligible to join the VA- TAT Credit Union. I understand it is easy to walk into your local credit union and do business with them. However, when you choose to do business with our credit union, you choose to support the livelihood of this organization created for you by your fellow teachers. The VATAT Credit Union is moving in a progressive direction, and we are so excited to be able to offer our members better technology, debit cards, and other services soon. Until then, please take advantage of the membership with the credit union as we are a direct resource to you as a member of the Agricultural Teachers Association of Texas.

The ATAT conference is right around the corner, and we are ready to meet with each of you to see what we can offer you and show why you should be an active part of our membership. We can see how we can save you money, improve your financial well-being and get you moving toward financial freedom. We will have a financial workshop titled “Finance 101” followed by our annual meeting on Wednesday, July 27th. Be looking for more information on that as we will be going over financial literacy, money matters, and other benefits to you as a member. You can always reach out to us by email (info@vatatcu.org), visit our website (www.vatatcu.org), or call us 512- 472-3258 for more information or any other information questions that you might have. Griselda Spencer (CEO) and I look forward to meeting you soon!