Financial Literacy

By: Sativa Leach-Bowen
Chief of Staff
Alliance for Greater Works 

Did you know… an average of 80% of Americans have some form of consumer debt, and the average American has $38,000 in debt excluding mortgage debt (American Debt Statistics, March 2021).This staggering statistic demonstrates that for the majority of us, the “American Dream” of having it all can slowly turn into our biggest nightmare, haunting us with worry, anxiety, fear, and depression when trying to find solutions to our financial burdens.April is Financial Literacy Month, which is dedicated to the awareness of establishing and maintaining healthy financial habits. Now is the perfect time to focus on improving our financial IQs. Even if you feel you have it all figured out, there is always room for growth and improvement.  Here are a few quick tips no matter what your financial situation is:

1. Create a Plan and Goals – establish a budget and at least two financial goals for the next 90 days
2. Pay with Cash – typically, using cash requires you to think about the purchase and physically forces you to watch your money decrease — which is harder to envision when you’re swiping a card
3. Reduce Unnecessary Expenses – cancel all automatic subscriptions or renewals, and decrease the number of online streaming entertainment apps you use
4. Save Something, Anything – put something aside for a rainy day is not just a cliché, 2020 proved the rainy day will come
5. Share with Others – paying it forward, literally, to those in need follows the biblical principle of sowing seeds on fertile ground, and paying tithes is a demonstration of living a life of gratitude for the blessings you have received

Alliance is doing our part to support financial literacy education aligned with our commitment to equity. On April 17, 10-11:30 a.m., we will host a webinar series focused on low- to moderate-income families. Join and Share with your networks the Making Money Moves during the Pandemic Webinar event, which will:

• Highlight the foundation of our basic needs, wants and desires
• Explore how budgeting makes your dollars make cents
• Offer tips on avoiding financial scams by finding reliable resources for assistance during a financial crisis

All attendees will receive a free financial e-learning tool. As a bonus, the first 50 participants who register and attend two of three sessions will receive an e-gift card. Register now!