What is Financial Literacy and Why You Should Care
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.
Credit Building 101
Establishing a positive credit history by consistently using credit and paying debts on time can lead to better opportunities for obtaining loans, credit cards and mortgages to help achieve your financial goals. To build credit, you can start by applying for a credit card or a small loan and making regular payments. It’s important to keep credit utilization low, avoid missed payments and maintain a good score in order to qualify for quality lending opportunities.
Borrowing money can be a useful tool for achieving financial goals, but it's important to do so wisely. Before taking out a loan, it's important to assess your financial situation and determine how much you can afford to borrow and repay. Consider the interest rate and any additional fees associated with the loan, as well as the repayment terms. It's also important to have a plan for how you will use the borrowed funds, and ensure that they will contribute to your overall financial wellbeing. Borrowing money wisely means making informed decisions that align with your financial goals and overall financial health. St. Anne’s Credit Union offers a wide array of lending options and friendly service to help you affordably achieve your goals.
Financial literacy is a vital skill that can have a significant impact on your life. St. Anne’s Credit Union offers seminars covering a wide range of topics, including home buying, credit building, borrowing and more. These online or in-person seminars are designed to help individuals take control of their finances, build wealth and achieve financial independence. The best part? They are entirely free!
Register for the seminar or webinar that works best for you here and take the first step towards a secure financial future!
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