What is Financial Literacy and Why You Should Care |
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It is essential to understand the power of money, how to manage it effectively and make informed decisions that can help secure your financial future. Unfortunately, many people lack this knowledge, leading to financial struggles, stress and uncertainty. That is why St. Anne's Credit Union is committed to helping people acquire a variety of financial literacy skills. Financial literacy is defined as the knowledge, skills, and understanding of financial concepts and practices that empower individuals to make informed and effective decisions about their personal finances. It encompasses various aspects such as budgeting, saving, investing, debt management, and comprehending financial terms and products. A financially literate individual possesses the ability to manage expenses, save for goals, make informed decisions about borrowing and investing, plan for retirement, and protect against financial risks. St. Anne’s Credit Union Financial Literacy Tool List
Mastering the Art of Home Buying
Prospective homeowners need a variety of skills in order to avoid costly mistakes. With options ranging from 30-year fixed rate jumbo mortgages to adjustable rate mortgages (ARMs) like a 5/1 ARM, buyers need guidance from experienced mortgage experts in choosing the best financing options for their needs. Additionally, budgeting skills are crucial for determining what type of property you can afford and for managing your mortgage payments once you’ve made your purchase. Knowledge of the real estate market and property values is also essential to ensure you’re getting a fair deal. In addition, negotiation skills can be beneficial when it comes to making an offer on a property and securing a favorable deal. With patience and due diligence, you can experience the pride and security of homeownership.
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