Dear reader, if you want transparency, here it is. As a first-generation American, the idea of building wealth was bewildering to me. I did not know what a credit card, a savings account, let alone a checking account, were. I felt completely overwhelmed and unaware of how to save money, budget, and have my own bank accounts. Today, that has completely changed. In honor of National Financial Literacy Month, whether you’re just getting started or in the middle of your financial journey, we at Workforce Solutions want to share amazing tips and resources to make this process easier for you.
Everyone’s personal finances differ, but you may be wondering, “Where do I start?” or “Who do I talk to?” How about a bank? Banks do a lot more than help you open a savings account. They have advisors with whom you can consult to reach any goal or create a certain plan. Whether it’s buying a house, taking out a loan, or even helping you in your credit journey, banks provide many programs catered to what you’re looking for. All it takes is finding one that suits your needs. You can always go to your local bank or a well-known one and get started there. If you’d rather do it from the comfort of your own home, most banks have user-friendly websites and can have someone chat with you online if you have additional questions.
Especially when you start a new job or get a promotion, you’re going to have to budget your spending and save for emergency funds. What we really need to know is how to manage our personal finances. Clicking here will take you to “Make a Budget” worksheet. You may visualize it in your mind, but seeing it on paper can give you a sense of direction on what needs to be prioritized each month. How much money do you have to put away for rent, food, transportation? Even for personal entertainment, how much do you want to save for that? Budgeting will tell you how much you have left over after saving for certain expenses. Depending on how much you have left, even saving a bit of it for an emergency fund can go a long way.
Feeling overwhelmed? Or even intimidated? No worries. There is a beginner’s guide for building wealth. This link has an exceptional workbook that is thorough in providing you information for securing your financial future. It even defines words that may seem new to us, like Roth IRA. What does “interest” mean? What are 401(k) plans? Look at it and share it with friends and family, but keep it in your back pocket if you ever get stuck and need to brainstorm to keep you on track to reaching your goals.
A well-kept secret at Workforce Solutions is our financial aid program! If you need assistance with continuing your education or getting a new job, we assist any individual. That may look like childcare assistance, tools or clothing for an interview, classes, etc. Going to your nearest Workforce Solutions office and speaking with a career advisor is a great start, in addition to going to a bank. The Regional Team has created a YouTube video about our financial aid program, which you can check out here.
Overall, there are numerous ways to begin or continue your financial journey; the first one was reading this article. Below are additional video links and websites. And, dear reader, may you be able to plan out and reach your desired financial goals, not only for this year but for many years to come. We wish you well and good luck!
Workforce Solutions | Houston-Galveston Area – Workforce Solutions (wrksolutions.com)
Free Money Tutorials at GCFGlobal
Credit cards | Consumer Financial Protection Bureau (consumerfinance.gov)
Consumer Resources | Consumer Financial Protection Bureau (consumerfinance.gov)
Anastacia Tristan is a College Navigator for the Workforce Solutions Regional Team. She is community-oriented and has a passion for bridging the gap between resources and individuals experiencing adversities. Anastacia is fluent in English and Spanish, and is a native Houstonian. She graduated with a degree in Political Science from Sweet Briar College.
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