Financial Literacy Workshop Feb06

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Financial Literacy Workshop

These notes are from this weeks Financial Literacy class lead by Kidiam Rodriguez from Guadalupe Credit Union. Visit us the first Monday of every month at Westminster Presbyterian Church through August to get in depth, non-judgmental understanding on how to handle your money.  All financial situations are welcome.

Budgeting

  • When you start working or receiving money it’s a good idea to think about how to use the money you earn. Where do you start?
  • Begin by opening an account where you can house your money. At GCU, you need 1-2 forms of ID, Proof of address, Minimum Opening deposit of $7.
  • Keep track of your money. How much comes in to your account, and how much is going out? The key to getting rich is that you don’t spend more than what you make.
  • ALWAYS pay yourself first. Adena recommends taking 10% of your check and putting it into savings.
  • Separate your spending money into needs and wants. Learn to hold off on things you want so that you have money for the things that you need.
  • To begin building a budget, write down everything you spend for 1 month. Find cheaper ways to be able to buy the things you want, for example, instead of buying coffee at a cafe every day, invest in a coffee pot at home. If you like snacks, buy them in bulk at the grocery store instead of at the gas station. You can then take any left over change that you would have spent and put it in a savings account or invest it.