How are your money management skills? April is National Financial Education Month, a time to recognize the value of financial education and identify ways to improve our money management.
At BCEFCU, we support all ages in their efforts to practice smart money management habits and develop a deeper understanding of personal finance. Having strong financial capabilities allows you to handle your finances effectively and set achievable goals.
Why is Financial Education Important?
- Managing money during the highest rate of inflation in the past 40 years has made it harder than ever to make ends meet.
- Fluctuations in the global economy impact the cost of fuel, energy, and goods which can burden household spending if you don’t know how to compensate for it.
- Personal finance remains the number one topic of arguments within relationships.
- Only a handful of states still require high school students to take a personal finance course before graduation, so most young people are not exposed to information that can help them make good decisions.
- Poor financial education leads to poor decision-making, limiting a person’s ability to reach their financial goals.
Benefits of Strong Financial Education
- Sound financial decision-making.
- Effective debt and money management.
- Knowledge and awareness needed to set and achieve financial goals.
- Cost savings.
- Reduced stress.
- Understanding of responsible borrowing to minimize debt.
Getting Started (it’s easy!)
- Check out and read a personal finance book from the library.
- View a webinar and share what you learned on social media.
- Open a teen savings or teen checking account at Baltimore County Employees Federal Credit Union for your young adult (ages 13-17) to help them learn to manage their own money.
- Visit our Financial Education page to watch videos on money, banking, identity theft, fraud prevention and more!
- Read a children’s personal finance book to your kids or grandkids.
- Subscribe to a blog or podcast about a personal finance topic you either love or could use help with.
Baltimore County Employees Federal Credit Union has been helping its members improve their financial wellness for over 60 years! Not a member yet? You don’t have to be a Baltimore County employee to join. Visit us at BCEFCU.com to learn more about eligibility and join today.
