Updated: Feb 2
There are plenty of resources regarding financial education. In this article we've compiled the best online and locally available resources. We cover debt payoff, saving, and investing right here for you.
Your Local County Financial Empowerment Center where Financial Empowerment Counselors will help you with the following if you need 1:1 help:
FEC Counselor Benefits
Take control of your debt
Deal with debt collectors
Improve your credit
Build your savings
Create a budget and create a plan to stick to it
Find safe and affordable financial products
Other services based on your needs
Local Banks & Credit Union Classes
Ask your local bank or credit union if they offer any financial education courses. Odds are that they do. Once they add you to their distribution list you'll be emailed on classes with subjects ranging from Budgeting, Debt Payoff, Saving, and Investing.
Michigan First Credit Union offers individual courses and community classes with 10 or more participants targeting high school and college students. Contact us if you have a group of 10 or more and we'll arrange the session for you.
If you want ideas on how to manage your finances better this helpful article offers 60 Simple Rules of Personal Finance. I often refer to this article when I need additional ideas on saving and managing my finances.
Paying Down Debt
If you need 1:1 assistance reach out to your local financial empowerment center, local bank, or credit card sites to see if they have information and programs that will help you adjust your debt payments if you cannot afford them. We also offer a free 30 minute session to create a plan and get you on the right track creating a road-map for you.
A quick summary of the articles we've included below are to:
Commit to paying off your debt to achieve your financial goals
Use the snowball debt payoff method
Pay more than the minimum payment, if possible try to double your payments
Call your creditors and ask if they can lower your interest rates
Earn more money through your passion or a side hustle
Try to spend less money, and payoff debt with those savings
"Focusing on paying down the account with the smallest balance tends to have the most powerful effect on people’s sense of progress." Remi Trudel HBR RESEARCHER
Here we have compiled some helpful articles and real testimonies on how individuals were able to cut back, save money, and begin to realize their financial goals.
The best tips if you don't want to scour the articles below are to:
Stay away from emotional purchases and give it a week to see if you feel the same way
Don't chase brands, you can find the same or better quality for cheaper and it still looks good on you
Budget to spend on experiences instead of material items. Experiences have more of an impact on our health and are memorable. Think about how fulfilled you were a month after you bought those expensive shoes, or purses. Now compare that to the last vacation you took, hopefully you had a blast.
Carefully plan for your future
Make saving and investing a part of your everyday life
Invest your time in getting financial help - We have a Free 30 Minute Session to create you a financial road map because we want you to be successful and make financially sound decisions.
If you have conflict and don't know if you should pay down debt or save check out these tips. If you want an easy way to figure it out determine if you are earning more interest on the savings than you are paying in debt. For example if I"m earning 2% in my savings account, but paying 6% on a debt, it's better for me to payoff the debt first. In the reverse, I can use my savings to help pay off my debt faster.
Online Investing Resources
From paid to free courses check out these online resources:
Udemy is a popular education platform they have courses ranging from project management, to coding, to investing. Start with a $11 course if you get the special.
TD offers a range of investment courses that cover financial education and investing.
One specific video we like is Investing Basics.
Morningstar has a free program and there is no need to have any money invested with them to gain access to a comprehensive 170 course catalog. You'll have to sign up for a free account but it is definitely worth it. They also ensure you retain your learning through quizzes. Sign Up Free Here
University of Central Florida
If you need a great class in the basics of stocks, bonds, finance, and investing? Or have questions about how to prepare for retirement, pay for college, or even manage your personal finances? And all without having to pay a broker or a financial adviser, the class you need is right here. Sign Up Here
Wherever you are on your financial journey we aim to assist. Feel free to message us, call, email or use the contact us form at www.teambiddles.com. We love to help!
Let Us Help
Phone: (248) 579-5069