Getting Financial Education through MoneyEdu
Tuesday, Dec 7 2021
Household debt hit a record $15.24 trillion this year. Nearly a quarter of adults have some form of debt. The big culprits are mortgages, student loans, and personal loans. With increasing debt, it’s easy to understand why financial education is vital.
Why Financial Education is Important
Financial literacy is understanding concepts including expenses, savings, debt repayment, and the importance of establishing an emergency fund. It equips you with a sense of financial well-being and helps you make informed financial decisions.
Financial education helps you learn how to manage your money, properly use credit, and maintain healthy spending habits.
Financial education also can assist you with:
- Establishing a Budget. You need to understand how much you earn and spend. Creating and maintaining a budget is one of the most effective ways to control spending, saving, and investing. Without one, it’s challenging to hold yourself accountable.
- Understanding Interest Rates. Understanding interest can impact your finances more than you realize. If you have student loans, mortgages, or credit cards, you’re already dealing with interest rates. You need to understand what your interest rates cost you long term.
- Prioritizing Saving. Most people don’t prioritize savings. Set a small savings goal to start. Whether you’re saving for a car, vacation, or retirement, saving money requires diligence and patience.
- Avoiding Debt Cycles. Credit can be useful if managed correctly. But making rash decisions can end up costing you. Financial education can help you avoid debt. And if you already have debt, it can help you choose the best methods to get rid of it.
- Identifying Data Breaches. You’ve likely heard stories of data breaches or identity theft. You may even have experienced it yourself. It is more prevalent than ever. Understanding preventative measures like password protection and limited information sharing can help keep accounts safe.
- Preparing for Emergencies. An unexpected car repair, roof leak, medical bills, job loss, or other emergency can put you at financial risk. These unpredictable events can blindside you. Learning the ins and outs of finances is a great way to safeguard against unforeseen circumstances.
Financial Education through MoneyEdu
Now you know why you need education about your finances, but where do you start? Focus Federal Credit Union offers MoneyEdu, a personalized financial education tool you can use from your computer, smartphone, or social media app.
It provides hundreds of money management topics, videos, and interactive tools.
Every week there is a new financial topic. You can customize your homepage to ensure the most relevant information is accessible when you log in.
Materials are also available in Spanish.
MoneyEdu allows you to take notes in the system, complete checklists, access a library of courses, and track accomplishments.
Financial Coaching and Counseling with MoneyEdu
MoneyEdu offers live, phone-based, professional financial counseling. The goal is to empower you to make smart financial decisions. It educates you on the basics of personal finance and helps you create a financial plan reflecting your goals.
You also have access to confidential conversations where you can discuss the basics of personal finances, building your financial literacy, developing a budget, and paying down debt.
Benefits of Focus Federal Credit Union
When you have financial education, you make informed decisions. Focus Federal Credit Union MoneyEdu is a great resource and is here to help.
Focus Federal members also have access to programs to help build your credit history and manage your money.
Focus Federal financial services include:
- Checking. Fresh Start Checking helps get your checking account in order. The affordable option provides you with the tools to manage your account.
- Auto Loans. Fresh Start Auto Loans help you purchase or refinance your vehicle while you rebuild your credit.
- Personal Loans. Fresh Start Personal Loans build your credit while focusing on your savings. When approved, you get the option of a $500 or $1,000 loan.
Contact us today to learn more about the tools and resources we have available.