Are YOU Financially Literate? : ​Give Yourself a Financial Check-up

Financial Literacy
In today’s post, The Museum of Teaching and Learning will explore aspects of personal financial literacy in a world where many, many U.S. citizens are beset with money problems. Although the impact of the pandemic has been harsh for millions of individuals, there were prior problems brewing in many homes. A factor to be considered is that financial literacy instruction was not required in 80% of the states until 2020 when more states joined in to actually require K-12 curriculum standards that had been suggested in prior years. (See link below). Requirements still affect less than half of the states, so we have a long way to go.
MOTAL is pleased to share insights from key people at our financial institution. Yes, where we do our banking. It is a nonprofit credit union, not a for-profit bank. We will share a few words from our branch manager, Noel Burch, and then provide a taste of the organization’s large collection of financial literacy blogposts written by Matthew Tully of CUSoCal. Perhaps YOUR bank or credit union has a division in charge of educating their clients/members as well. It would be worth your while to brush up on your own understandings, starting here.
Why is financial literacy important?
Each of us need to know how to manage our money. It doesn’t matter if we have a lot of money or a little bit. Financial literacy will teach us how to keep track of what we have and hopefully teach us how to accumulate a little more. In today’s competitive market, we have so many choices for financial services. It is important to understand the differences between financial institutions and the products/services they offer. Thorough research before starting a relationship with an institution will greatly benefit the consumer. Noel Burch, Branch Manager of CU of Southern California, Fullerton

To continue reading each article below simply click on the link
at the end of each preview, or on the photo, or title of each article.
Each link takes you to a trusted MOTAL website page.
You will also be able to download it to your computer, and/or print it out.

8 Tips for Building Credit
Credit is an invaluable tool for making purchases, applying for loans, buying a home or car, and more. Establishing credit starts with applying for and using credit, and of course, responsible spending.

Paying bills on-time and establishing a clean credit history demonstrate to lenders that you are a good loan candidate which will open the door to lower interest rates on loans and increase your buying power.

In this article, we’ll discuss tips to build credit, how to start building credit, how to build your credit score, and the easiest ways to build credit. CLICK HERE TO READ MORE

Saving Money for a House
Buying a home is one of the biggest and most ambitious financial goals for most Americans. It takes a lot of planning and due diligence to do it right, from researching home prices to saving for a down payment.

The first question new buyers often ask is "How to start saving for a house?" 

The best way to save money for a house is to create an effective plan for saving money while still meeting your financial obligations. Developing an understanding of your cash flow will also help you maximize your savings and reach your homeownership goals sooner.

In this article, we will provide you with some of the best tips for saving for a house.
CLICK HERE TO READ MORE

Credit Unions vs. Banks: Are Credit Unions Better Than Banks?Although credit unions and traditional banks are financial institutions that offer similar products and services (e.g., loans, checking accounts, etc.), there are still plenty of differences between credit unions and banks. For starters, it is crucial to understand that banks operate for profit, and anyone can conduct business with them. Credit unions, on the other hand, are nonprofit and offer their services only to their member-owners, so their operational model is totally different.


This article will explain the differences and similarities. CLICK HERE TO READ MORE
Resources:
Teaching financial education in schools finally catches on https://www.cnbc.com/2020/02/04/teaching-financial-education-in-schools-finally-catches-on.html

This is a link to a MOTAL page that have all three articles mentioned in this email, where you can download to read, copy to your computer, or print out:  https://www.motal.org/financial-literacy-documents.html

The Credit Union of Southern California has a collection of over 50 more articles on their Financial Education Blog. Click the link below, scroll down on the site then click on the titles you are interested in reading.
https://www.cusocal.org/Learn/Financial-Guidance/Blog. ​