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Financial Fitness Grant

Pioneer Library System will provide “Financial Fitness” through support from FINRA Foundation grant

Financial Fitness displayThe Pioneer Library System is among the public libraries and systems nationwide that have been selected for a Smart investing@your library® grant from the American Library Association and the Financial Industry Regulatory Authority (FINRA) Investor Education Foundation.

Beginning in September inside its libraries, PLS will offer free informational brochures and guides on such topics as saving money for college, building a credit report, keeping a budget, and fighting investor fraud.

Read more: Financial Fitness Grant

Inside the numbers: Why is financial fitness so important?

A 2009 study by the Financial Industry Regulatory Authority (FINRA) Investor Education Foundation looked at the financial capabilities of American adults in a state-by-state comparison of five categories.

The results demonstrate the vital need for financial education, especially when Oklahoma is put under the microscope.

Here are the five categories and results from the survey, which included more than 28,000 respondents throughout the country:

Spending vs. Saving – In Oklahoma, 21 percent of those surveyed reported their household spent more money than their income. The national average was similar at 20 percent.

Read more: Inside the numbers: Why is financial fitness so important?

Your Financial Strength

Financial Fitness logoYour Financial Strength:

  • Being aware of the money messages you received growing up can impact how you feel about money today.
  • Be honest with yourself about how you view money. Only then can you begin to work on improving your relationship with it.
  • What are your money tendencies? Are you a spender or a saver?
  • Learn how your partner views money and identify the money strengths you both bring to the relationship.
  • Find ways to change your own thinking and behavior to align with your financial goals.

Financial Suggestions Provided By:

Consumer Credit Counseling Service of Central Oklahoma – CCCS is a non-profit agency committed to helping people help themselves become financially strong individuals and families through counseling, debt management and education. www.cccsok.org or 405-789-2227 or 800-364-2227

Read more: Your Financial Strength

Budget Basics

Financial Fitness logo Budget Basics:

  • Identify all areas of income coming into the household
  • Track your spending to understand what your spending behaviors actually are
  • Build a detailed monthly budget capturing expenses that take place all year round
  • Find creative solutions to balance your budget
  • Treat savings for goals and emergencies just like a bill – pay it on the day you get paid

Financial Suggestions Provided By:

Consumer Credit Counseling Service of Central Oklahoma – CCCS is a non-profit agency committed to helping people help themselves become financially strong individuals and families through counseling, debt management and education. www.cccsok.org or 405-789-2227 or 800-364-2227

Read more: Budget Basics

Credit Crunches

Financial Fitness logo Credit Crunches:

  • Your credit score is based on the 3 “Cs” of credit: Collateral, Capacity and Character
  • Credit scores were developed to combat discrimination in lending
  • Pull your credit report at least once a year through annualcreditreport.com to find and correct errors and check your credit accounts
  • Someone with “bad” credit could pay more than $250,000 more over a lifetime in interest and fees than someone with “good” credit
  • Protect your information from identity theft online, in stores and when paying in stores or restaurants and among family members – where most identity theft occurs

Financial Suggestions Provided By:

Consumer Credit Counseling Service of Central Oklahoma – CCCS is a non-profit agency committed to helping people help themselves become financially strong individuals and families through counseling, debt management and education. www.cccsok.org or 405-789-2227 or 800-364-2227

Read more: Credit Crunches

Borrowing

Financial Fitness logo Borrowing:

  • When shopping for an item like a house or car that you plan to finance, get pre-approval before you make an agreement and shop for competing interest rates.
  • Negotiate on total purchase price, not monthly payments.
  • Always review the paperwork including the total purchase price of the item you are buying. Don’t sign anything you don’t totally agree with and walk away if you are uncomfortable.
  • Borrow based on what your income can afford now, not on income increases you hope for in the future.
  • After you have borrowed money, make payments as agreed in order to build and maintain positive credit history.

Financial Suggestions Provided By:

Consumer Credit Counseling Service of Central Oklahoma – CCCS is a non-profit agency committed to helping people help themselves become financially strong individuals and families through counseling, debt management and education. www.cccsok.org or 405-789-2227 or 800-364-2227

Read more: Borrowing

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