Financial Literacy

Financial literacy is someone's ability to understand financial skills.

People who are financially literate are less likely to experience problems like financial fraud. As well as this, financially literate people can generally support themselves and their life goals as well as manage debt better than someone who is not financially literate.

Top Tips

  • Be organized.

  • Keep your identity safe and secure.

  • Have emergency funds.

  • Make a financial plan and stick with it!

Becoming a financially literate individual takes hard work, discipline, and motivation to make smart, informed decisions about finances. Financially literate individuals are organized and plan for the future.

How to tell if you are in financial trouble

  1. Your expenses are more than your income.

  2. You are more and more in debt every month.

  3. You can only afford to pay the minumum payments on your bills, or you have to skip paying them altogether.

  4. The interest rate on your credit card has increased because you have missed payments.

  5. You are getting calls from collection agencies.

  6. You are forced to open lines of credit to make ends meet.

Debt

Unfortunately, high levels of debt are more and more common these days. For many people, debt is inevitable, but with financial skills training, you can learn how to eliminate unnecessary debt.

Debt Resources:

Getting Out of Debt - a guide on debt management

Financial Counseling Association of America - free counseling, education, and programs to help members handle debt

Negotiating with Creditors - video on how to repay debt, adjust payment plans, and negotiate with creditors

Resource: Check and card cashing at Walmart

Walmart offers a service where you can cash checks immediately in-store, all you have to do is bring your check and a valid ID. Find out more here.