Anyone can find themselves just one paycheck away from experiencing homelessness. Working families who have played by the rules are currently facing the prospect of falling into homelessness due to COVID-19; especially if they are lacking the financial cushion to sustain themselves in the event of a job loss or unexpected medical bill. Homelessness can happen to any of us. During this unprecedented time, families facing financial instability are at risk now more than ever. Here at UMOM New Day Centers, our focus is on providing help and hope through supportive services, emergency shelter, rapid re-housing, permanent supportive housing, and the overall continuum of care for our community members.
What is Financial Literacy?
Financial literacy is the ability to understand and effectively apply various financial skills, including personal financial management, budgeting, and investing. Financial literacy helps individuals become self-sufficient so that they can achieve financial stability.
Why is Financial Literacy important?
Financial Literacy is important because it allows people to make educated decisions about handling their money in the present and the future. The main goal is to increase self-sufficiency, prepare individuals to manage their household income and expenses, and to empower them to make financially smart choices in their future. Financial literacy courses introduce the basics of budgeting, prioritizing saving, understanding the difference between debit and credit spending, establishing and building credit, identity theft and more.
Learning about Financial Literacy at UMOM New Day Centers
Community partners like JP Morgan Chase, Take Charge America, Mutual of Omaha, Washington Federal Bank, and American Express volunteer and provide financial literacy workshops at UMOM. At our New Day Employment Center, Take Charge America teaches clients are budgeting and how to establish good credit history. Youth and young adults may have questions regarding college; how to fill out the FAFSA and how to apply for a student loans. These workshops also teach about the importance of saving one’s income for housing stability and budgeting for basic needs. These companies provide practical and applicable guidance for people to use in their day-to-day life to simplify and manage their relationship with money.
How do you utilize financial literacy in your life? Share in the comments below!