Family financial education 

Thanks to the United Way of Saline County for their financial support of the Financial Education Programs offered to Saline County residents.

Make Your Money Count by Taking Control of Your Finances

Most individuals and families experience financial challenges from time to time. Some experience them month after month, especially when family dynamics change, an unexpected change in circumstances or the current family income just isn’t enough to cover expenses. 

Financial struggles can cause stress and worry, which may actually make a situation feel worse than it is. There are steps to take that can help. But, it does require time, commitment, careful planning and making strategic spending decisions.

  1. Recognize and accept the issue and related feelings you are having
  2. Identify your habits and attitudes related to money and spending personality
  3. Decide to take positive steps toward financial wellness
  4. Discuss with family or significant others – including children when appropriate.

       Developing a plan

   5. Create a summary of your current financial situation

  • Discuss and write down identified personal values
  • Create financial goals based on prioritized values (distinguish between needs vs. wants).
  • Make a list of your assets and liabilities (create Net Worth Statement).
  • Make a list of all sources of income and expenses (create a Cash Flow statement).

  6. Review non-income resources and strengths

  • Skills, talents, attitude, aptitude, support from family, friends, church, community and public agencies, possible opportunities.

  7. Create a spending and saving plan (budget moving forward)

  • Balance Income with Spending; reduce where you can. E.g. cut out some or all “wants” as needed, review insurance deductibles to reduce cost of premiums and still manage risk of a large financial loss.
  • Make sure basic necessities are covered (food, housing, health and transportation).
  • Include saving for building an Emergency Fund – for unexpected events with financial impact such as unemployment, major illness, car or major appliance repairs. Recommended target is three to six months of basic living costs.
  • If all debt payments cannot be paid, negotiate with creditors for reduced or suspended payments.

 8.  Choose a method to monitor spending; adjust plan as needed

  • Track the amounts you spend and compare it to your spending plan. Make adjustments as needed.