Money Management 101

Developing strong money management skills is essential to maximizing your income and savings; controlling expenses, and minimizing debt. Unfortunately, most Americans don't know how to manage their personal finances, and as a result, find themselves in a compromising position – financially speaking that is. According to the 2009 Consumer Financial Literacy Survey, 41 percent of U.S. adults gave themselves a grade C or below for their own knowledge of personal finance. This same survey found that 32 percent of respondents had no savings, excluding retirement savings. A Jump$tart Coalition Survey finds that minorities particularly suffer from financial literacy. African-American students, the coalition reports, are only about 80 percent as financially literate as white students. And an earlier survey from the Networks Financial Institute reveals that only 28 percent of Americans view their financial knowledge as “good” or “excellent.” The reality is far too many American households struggle to make ends meet, and lack the “know how” to improve their financial circumstances. Having a plan for your money is critical for meeting your monthly financial obligations, as well short and long-term financial goals. In these difficult economic times, consumers now more than ever need to increase their financial literacy. They need to understand the importance of saving, budgeting, tracking their spending, setting goals, and borrowing wisely. Join Courtney Nickles, interim executive director with the Texas Credit Union Foundation and host Dick Ensweiler in this thought-provoking discussion of what Nickles’ calls a financial illiteracy epidemic. Tune into this 30-minute program and learn how changing the way you look at money can set you on a course for financial independence!