Interfaith will begin offering FREE Money Management Courses every Thursday starting May 8th. The courses will be from 5:30 p.m. to 7 p.m. at the Interfaith office (1109 N. Elm St. Denton, TX 76201), and will cover topics, including Making Spending Choices, Envelope Budgeting, Planning Your Spending and Understanding Credit.
These courses are especially important at this time. According to CNN Money, fewer than one in four Americans have enough money in their savings account to cover at least six months of expenses, or enough to help cushion the blow of a job loss, medical emergency or some other unexpected event. Individuals facing these types of situations are the very same ones Interfaith assists on a daily basis with our various emergency assistance programs.
It is our hope that these courses will help increase financial stability among individuals and families. Learning how to save and spend your money in a responsible and informative manner is the first step in building a stable foundation for the future, and hopefully rendering future visits to Interfaith unnecessary.
We hope that you will take advantage of these courses and inform others of them as well.
Other Financial Facts to Consider
- American citizens in all age groups report the lowest level of savings during any period since 1970, according to Fidelity Bank.
- 50% of individuals have less than a three-month cushion of savings, and 27% have no savings at all, according to CNN Money.
- The average American household with at least one credit card has about $15,950 in credit card debt (in 2012), according to CreditCards.com, and the average interest rate runs in the mid-to high teens at any given time.
- The average American will now pay more than $600,000 in interest over the course of a lifetime, according to CreditLoan.com.
- In parts of Denton County, as many as 25% of individuals do not use a checking or savings account for their day-to-day finances. A further 10% do not have a checking or savings account at all, according to the United Way of Denton County.
- 56% of workers have never attempted to calculate how much they will need to save for a comfortable retirement, and only 14 percent of American workers say they are “very confident” that they will have enough money to live comfortably in retirement, according to a 2012 survey by Employee Benefit Research Institute.