[Financial education]… can help to inculcate individuals with the financial knowledge necessary to create household budgets, initiate savings plans, and make strategic investment decisions. Such financial planning can help families meet near term obligations and maximize their longer term well being and is especially valuable for populations that have traditionally been underserved by our financial system. (Alan Greenspan, 2002)
We all share a common goal; to provide economic security for ourselves and our families, and good money management is crucial when you’re working on a tight budget. For many of the families in Golden Gate, on top of working with very limited resources, navigating the U.S. banking system can be confusing and at times overwhelming. This week at Grace Place, our community partners at IBERIABANK visited to offer the first in a series of financial literacy classes to our Bright Beginnings parents. Sessions cover the basics, from setting up a checking and saving account and balancing a checkbook, to more difficult subjects like budgeting day-to-day needs, dealing with life cycle events and unexpected emergencies, taking advantage of financial opportunities and planning for the future.