Hello from The Arc NW,
The launch of our first series of financial literacy workshops was held on Tuesday, March 23, 2021. The workshop facilitator, Toccia Hill, (Financial Center Manager, at Bank of America) presented information on Spending and Saving. We’d like to say “thank you” to those who attended, and we appreciate your participation and feedback.
In this workshop, emphasis was placed of the importance of creating and using a Spending Plan(formerly known as a budget), tracking spendingand Saving.Your Spending Plan will list how much income you have each month as well as all expenses/bills that you are responsible for paying each month. When you subtract all expenses from your income, you will know whether you should have money left over after paying expenses. The Spending Plan will also show you where you may be able to cut back on your spending by determining whether expenses are needs or wants.
Needs are things essential for you to live but can vary based on individual circumstances. Wants are things we want but don’t necessarily need to survive. Food is a need! Fast food is a want. Clothing is a need! A $200 pair of sneakers is a want! Shelter is a need! A $1000 a month condo is a want! We should focus on things we need first, set aside money in savings ( for an emergency fund, an ABLE account, a vacation , new laptop or whatever the savings goal may be) and then perhaps spend money on wants, if the Spending Plan allows.
If you track your spendingfor about a month and find that you are spending more money on things you want but don’t need, adjust your spending so that you have money to save and to pay for needs. In tracking your spending, list everything and dollar amounts that you spend: from snacks to personal items to fast food to online purchases and monthly bills. At the end of each week or the end of the month, review what you have recorded to see how you spent your money. If you want to manage your money better, curb your spending on wants so that you have money to save and pay your bills on time. You can create your own Spending Plan and Spending Trackers or use ones provided online. Better Money Habits Bank of America onlinehas easy to use tools and resources. There are also apps that you can use as well.
A brief overview of Spending and Saving will occur at the next workshop Money and Banking Basics scheduled for Tuesday, April 27, 2021 at 6:00 pm. Please feel free to contact me to register for the next workshop.We would enjoy having you join us!
Please share this good news with others as well.
Stay tuned…. Be safe…. and…Be empowered.
Bettie Cunningham, LBSW
Disabilities Advocate
Certified Financial Coach/Counselor
Office: (313) 532-7915, ext. 204 Email: bcunningham@thearcnw.org
