You may have found yourself asking, “what exactly does financial literacy mean?” Understanding the topic of money sounds simple enough, but its complexity depends on our goals. For everyday life, we only need enough to pay our bills and not be overdrawn by payday, but we may be able to do better than that by paying more attention to the ongoing struggle between our wallets and our bank accounts.
The odds of hitting the jackpot are 1 in 302,575,350, according to Mega Millions. Upon discovering this, most of us must find a different path to financial independence. The saying “spend less, save more” is a good start, but there’s so much more that we can do. We’re not going to go into the stock market here, but we’ll cover some easy things you can start doing today, tomorrow or next week.
Why is Financial Literacy Important
A basic understanding of your finances can help you set financial goals, manage your credit and even determine which bank you should be using. Obviously, the sooner you figure out your finances, the better. We can ruin our credit in a matter of months, but it takes years to rebuild.
Credit Scores and Credit Utilization Ratios
You never know how important your credit score is until you’re making a major purchase. Your credit score determines whether or not you qualify for that loan or financing; it also determines the interest rate you’ll be paying.
It’s a good idea to keep your credit use below 30% of your total available credit. That is your credit utilization ratio, and it is calculated by dividing the total amount on all your credit cards by your total available credit. For instance, if you’ve got a $1000 credit card, you’d want to keep your balance below $300. If your credit utilization ratio is above 30%, this can hurt your credit score, as this is the second biggest factor affecting your score next to payment history.
Setting a Budget
It’s also important to keep an eye on your accounts and track your spending because it’s easy to find your account overdrawn if you’re not careful. The best thing to do is create a budget. It doesn’t have to be too complex, but some way for you to see how much money you’ve got coming in and how much money you’ve got going out, and when. With this information, you’ll be able to plan how to use your money more efficiently. Once you see where your money is going, it’ll be easier to fine-tune your spending and set financial goals.
There are a lot of resources online for information and tools you can use. With these financial management tools, you will easily be able to manage your money, manage your debt, and manage your credit.
A good method to follow is the 50/30/20 budget rule. That is 50% for essentials, 30% for personal spending, and 20% for savings and other financial goals.
Financial Literacy for Saving
Be sure to make savings a part of your monthly budget, no matter how small the amount. It’s important to keep your savings out of your checking account. Also, don’t confuse your wants with your needs.
An emergency fund is another good idea, but only dip into it in case of emergency, such as job-loss, medical emergencies, emergency home repairs, vehicle repairs and things of that nature.
It really is never too early to start saving for retirement, so try to get into a 401(k) program as soon as you can. Ask your employer or your bank about getting started, and they will walk you through your options. It’s also recommended that when you get a raise, increase your retirement savings, too.
Other Things to Know
Be aware of interest rates for credit cards, loans, and even savings accounts, as some are better than others.
A good method for tackling debt is to pay off smaller bills first and getting them out of the way. Follow that up by attacking your higher interest credit cards or loans.
It might also be a good idea to adopt a cash-only diet. This curbs spending and makes your money a lot easier to track.
On a final note, it can’t be stressed enough that the more you learn about financial literacy, the closer you will be to reaching your goals.
Centura College has been part of an organization dedicated to helping men and women develop careers since 1969. By training working adults in healthcare, technology, business, and trades, they connect communities with some of the fastest growing career fields in today’s marketplace. The school offers professional facilities, knowledgeable instructors, day or evening classes, job placement assistance and is accredited by the Accrediting Commission of Career Schools and Colleges (ACCSC). To learn more, visit www.CenturaCollege.edu or like them on Facebook at https://www.facebook.com/centura.edu.
In conjunction with Aviation Institute of Maintenance, Centura College, and Tidewater Tech, Calvary Revival Church announces a $1 million scholarship fund for students, to be awarded over the next ten years.
Earlier this year, Aviation Institute of Maintenance (AIM) purchased Calvary Revival Church’s former Calvary Christian School campus on East Little Creek Road, where AIM will relocate its Southeast Virginia campus in 2020. Calvary Christian School was an accredited K-12th grade, faith-based, private school founded by Bishop B. Courtney McBath, dedicated to inspiring future educators, doctors, lawyers, and politicians that would eventually leave their homes in Norfolk and surrounding communities to go out and change the world. The two entities have now teamed up to create a scholarship fund for students in the local community.
The $1 Million Overcomers Scholarship Fund will be administered by Calvary Revival Church (CRC) over ten years to help the Norfolk community and the Hampton Roads community at-large pursue career-focused college education and workforce development. Recipients of the scholarship will pursue training at the AIM, Centura College, and Tidewater Tech campuses and will be supported with job placement services after graduation.
“This scholarship is representative of our church’s heart for Norfolk and people throughout the 757 that are looking for opportunities to improve their quality of life,” said Courtney McBath, Senior Founding Pastor at Calvary Revival Church—an eclectic, family-oriented ministry dedicated to creating Overcomers out of the broken and empowering its community. In July 2020, CRC plans to celebrate 30 years of ministry and service. It offers services on Saturdays at 6:00 PM and Sundays at 8:30 and 11:00 AM at 5833 Poplar Hall Drive in Norfolk, where you can almost always count on being greeted with a “Hey Fam!” and hugs that feel like HOME. Calvary Revival Church, in conjunction with the Foodbank of Eastern Virginia, also serves thousands of Norfolk residents every Friday from their Healthy Foods Pantry located at the church’s 5833 Poplar Hall Drive campus. Our goal since our inception in 1990 has been to expose our community to opportunities for advancement and to remind them of their God-given value and purpose, says McBath, and alumnus of M.I.T.
Over the next decade, hundreds of Norfolk citizens will benefit from the Overcomers Scholarship Fund, and they will go to work at hospitals, airlines, shipyards, and businesses throughout the region. Dr. Joel English, Vice President of Operations for the colleges, stated that “this is the first time in our institutional history that we have donated to such a significant scholarship program.” “The Overcomer Scholarship will reduce or eliminate college debt for the recipients,” said English, “and it will supply skilled tradespeople for open positions throughout Hampton Roads.”
About Calvary Revival Church
For more information about Calvary Revival Church, please find them at @CRCNorfolk on all social media platforms or join us online at www.crcglobal.org to learn about ways that you can give back to Hampton Roads through service and scholarship!
About Aviation Institute of Maintenance
Aviation Institute of Maintenance (AIM) is a network of aviation maintenance schools with campuses coast-to-coast across the United States and headquarters located in Virginia Beach, Va. AIM students are trained to meet the increasing global demands of commercial, cargo, corporate and private aviation employers. AIM graduates are eligible to take the FAA exams necessary to obtain their mechanic’s certificate with ratings in both Airframe and Powerplant. AIM’s campuses are located in the following major metro areas: Atlanta, Philadelphia, Dallas, Houston, Indianapolis, Las Vegas, Washington, D.C., Kansas City, Mo., Fremont, Calif., Orlando, Fla., and Norfolk, Va. Learn more at: www.AviationMaintenance.edu.
About Centura College
Centura College has been part of an organization dedicated to helping men and women develop careers since 1969. By training working adults in healthcare, technology, business, and skilled trades, they connect communities with some of the fastest growing career fields in today’s marketplace. The school offers professional facilities, knowledgeable instructors, day or evening classes, job placement assistance and is accredited by the Accrediting Commission of Career Schools and Colleges (ACCSC). To learn more, visit www.CenturaCollege.edu or like them on Facebook at https://www.facebook.com/centura.edu.
About Tidewater Tech
Tidewater Tech is a career training school that specializes in trade vocations including Auto Technician, Heating, Ventilation and Air Conditioning (HVAC), Building Maintenance and Repair and Welding. The school offers professional facilities, knowledgeable instructors, day or evening classes, and job placement assistance. Learn more at www.tidewatertechtrades.edu.
The faculty that forms the Student Services Department plays a key role in helping you through your college journey. Student Services includes different branches of a campus to aid you in addressing specific needs. Below you can find information on the departments that help maintain order on campus:
Career Services – If you are a graduate, or you are about to graduate, Career Services can provide assistance when it comes to searching for jobs. They help with writing resumes and will coach you on proper interview attire and etiquette. They will even performing mock interviews in preparation for the real thing. Career Services arranges opportunities for employers to come to the campus to encourage you to meet with them face to face.
Bursar – The Bursar Department assists with billing, monitoring your account balances and collecting balances due.
Financial Aid – The Financial Aid Department breaks down the specifics on your financial aid options. They will also provide information on grant or scholarship opportunities.
Librarian/Learning Resource Center Assistant – A Librarian, or Learning Resource Center Assistant, provides tools, books and other reference materials that can help you with studying or assignments.
Registrar – The Registrar Department maintains order when it comes to things like: attendance and student records, grades, transfer/transcript information, and class enrollments.
Student Services – A Student Services Coordinator establishes relationships with the community as resources for you. Using their connections, they will help you in finding housing information, transportation and daycare options, as well as, part time jobs options to have while attending school.
Veteran Services– Veterans Services equip veteran students with information on what educational benefits are offered to them. They accommodate veterans to help create a smooth transition from military life to civilian life.
Equipped with the proper knowledge of what each Student Services Department does, you now know which department to turn to for the proper guidance.
Now that you’ve found the right school for your educational needs and you know what career you want to train for, now you have to find a way to fund your college education. The next step is to visit the Financial Aid Departmentand talk to them about applying for financial aid, if you qualify. Beyond financial aid, there are other options available to help you defray the costs of a college education and they can help you figure out the answer to the question; “How to Pay for My College Education?”
Some of the ways to help pay for a college education (if you qualify): …Read More Here
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