Our goal as a consumer credit company is to help people have a better understanding of money in order for them to make sound and productive decisions where it concerns their finances. In doing so, people will be able to make significant improvements in the manner by which they manage their money enough to improve their credit record.
We want to start with the very basic concept of what is financial literacy. Financial literacy by definition is simply a person’s ability to understand how money works, specifically, how to budget money, how to invest, how to grow money, how to get out of debt, how to manage money and how to save for the future.
Financial literacy is also your ability to understand different concepts related to money such as credit, assets, liabilities, and financial obligations.
A lot of the problems that people encounter nowadays can basically be summed up by a lack of financial education, not only in Newark but, in Delaware and throughout the United States. You may even sometimes find yourself asking why you never seem to have enough money, no matter how hard you work. At the end of the day, the proper financial education can go a long way for you, especially when you start out young.
Through our financial literacy programs, you can learn how to better manage your finances and improve your credit score on your own. Financial literacy can help consumers become financially stable by learning budgeting and proper credit building strategies. It is essential for any individuals living on their own, as it can help them to better stay afloat in an increasingly expensive world.
If you are starting to see that you need budget help, it is not too late to start learning how you can become a better manager where it concerns your finances. Budgeting is so crucial that in the absence of it you will most likely end up reliving financial nightmares over and over again until you grow old. Put a stop to that vicious cycle by making deliberate efforts to learn how to budget your money.
Here is how you can benefit from a financial literacy education:
You learn how to budget your money - Mastering how to budget your income will teach you the discipline of living within your means and avoid overspending or unplanned purchases. Having a budget serves as a helpful guide as to where your money will go and how you intend to spend it. In budgeting, you have pre-identified areas where you need to set aside money, such as monthly utilities, mortgages, groceries, education of your children if applicable, health insurance, and savings for retirement.
You learn how to manage your money - You need to be able to ask yourself, “What do I do with my salary the minute I receive it?” Do you splurge on personal things that are not really a necessity? Do you wind down to treat yourself for working hard? Or do you first look at where your money needs to go in order to pay bills and maintain a living. By learning how to manage your money you will gain knowledge that will help you avoid getting in debt and also teach you to prioritize savings over spending.
You learn how to invest your money - If you want to grow your money in order to establish a financially stable future, then you need to know which investments can generate good returns for you. When it comes to investments, you need to be able to study your options carefully and this is where we can come in to help you effectively.
You learn how to prepare for retirement - It is best to be prepared when the time comes for you to finally give up your employment or business in order to enjoy more of what life has to offer at your age. A lot of people fear retirement simply because they are not prepared for it. The right kind of preparation can excite you to look forward to retirement someday knowing that you have set aside more than enough in order to survive and live comfortably.
One of the our council members can help you greatly when it comes to your financial difficulties and plans. We do credit counseling, credit repair, teach clients how to build credit, advise on how to avail of student loan forgiveness, debt consolidation, financial literacy, and identity theft.
To better help people become equipped to handle their money wisely, there are personal financial literacy classes for adults available. Through this program, we get to teach personal finance literacy so that people learn more about money that they didn’t learn in high school and college.
Financial literacy programs, such as the one we offer, are designed to benefit no one else but you. We simplify concepts and procedures for you so that you can make better decisions as to how you wish to proceed with your investment or financial habits. By teaching you the necessary tools, it is highly likely that you will make lesser mistakes in the long run.
It does not mean that all your decisions thereafter will be storm-free. It simply means that even if difficulties come along the way, you have the presence of mind and know how to get out of a financial rut. It is our hope that through this helpful curriculum, we impart to people the importance of personal finance education.
If you are buying a house, you need to be educated when it comes to how you can make it happen without compromising your other financial obligations to your spouse, children and their education, health, and other important expenses. A personal finance course is your answer.
Since buying a house is such a big leap, you need to be able to determine whether you have the capacity to pay. If not, then you need to learn what it would take in order for you to be able to purchase your own home someday. It may take some time, but with the proper planning, you can make it happen. We’ll teach you how to pay off past debts, monitor and grow your credit score, and apply for mortgages and other home loans that can help you to pay for your new home.
Basic financial literacy is the key to equipping yourself and prevent taking uncalculated risks that can lead to worse problems in the future. Learn from the best and see how it applies to your current financial situation. All it takes is your commitment and willingness to make time to learn. Achieving better financial understanding will in turn lead you to a more healthy financial standing. This can help to alleviate a lot of stress in your life and give you the financial freedom to do the things you love, and even to just relax when it comes to paying your monthly bills. Check out our financial literacy courses for adults in Newark and start managing your own finances and improving your financial health today.
These are some common terms concerning financial literacy that will provide you with a better idea of the basic concepts and help you understand your finances better:
|Assets||are thing of economic value that you posses|
|Budget||is plan for a certain time period that keeps track of money that can be attributed to either income or expenses.|
|Checking Account||is a type of account at a bank, credit union or financial institution that allows deposits, withdrawals and you can write checks against.|
|Credit Card||are cards that allow individuals to make purchases are credit by using money from credit institutions up to the set credit limit and are billed monthly with interest.|
|Credit Score||is a number that represents the credit worthiness of a person that is used by creditors to assess the likelihood that the person receiving credit will pay back the borrowed amount.|
|Financial Management||refers to organized and responsible management and handling finances to accomplish a financial goal.|
|Fixed Expenses||expenses that do not change from month to month.|
|Fixed Interest Rate||the unchanging rate of interest charged for entire length of the loan.|
|Interest||can either be paid to a financial institution on borrowed money or paid by a financial institution for money deposited.|
|Liabilities||are debts and financial obligations that are owed and are required to be repaid.|
|Liquidity||the relative ease of changing an asset into cash.|
|Mutual Fund||funds that are group to by a financial institution for the purpose of buying and selling stocks, bonds or other tradable assets as provided for in the prospectus.|
|Opportunity Cost||the cost associated with making one choice over another as it relates to missed opportunities.|
|Return||is profits made on an investment that is relative to the time period and the amount invested. Can be on a daily, weekly, monthly or an annualized basis.|
|Risk||is the expression of the likelihood that a financial loss may be incurred.|
|Saving||money that is preserved from income or as a result of reduction of expenses.|
|Savings Account||a kind of deposit account that can be opened at a bank, credit union or financial institution that usually provides a rate of return on the deposited amount.|
|Spending||monies spent on expenses; usually from income or savings.|
|Variable Expenses||expenses that are not fixed and can fluctuate on a weekly or monthly basis.|
|Wealth||the total amount of assets and investments that is possessed.|