How to gain financial literacy smarts

If you can figure out where your money is going vs. where it needs to go, you have taken the first big step toward living on a budget, and making it work.

“People who can manage their finances are much more able to keep their homes, educate their children and increase their personal wealth. The results are far-reaching and do more than just enhance a person’s quality of life,” Monroe Bank & Trust says in its handouts about its financial literacy classes.

Beyond the business and consumer science courses that are available to many students at the junior high and high school level, there are a variety of low-cost financial literacy education options for all ages in southeast Michigan.:

• There are lots of books and other media about financial topics that you can check out for free at your public library. The librarians tell me they are getting a lot of request for such material and they’ll be able to point you to some of their popular resources on request. Monroe County Library System also hosts financial presentations from time to time, particularly during tax season.
• Monroe Bank & Trust has the MBTeach financial literacy program that includes checking account procedures, household budgeting and credit reports and scores. MBTeach programs are open to anyone 12 and older, although youths age 12-17 may be asked to bring an adult with them. Classes can be scheduled on request at the bank branches or at local churches, schools and organization sites. For information, call (734) 384-8269.
• Monroe County Opportunity Program hosts Homebuyer Education Classes and Financial Links classes throughout the year. For information or to register, call (734) 241-2775, ext. 225.
• Michigan Works! Monroe Service Center includes a Financial and Consumer Awareness presentation among its weekly workshop topics. For information, call (734) 240-7950.
• The Credit Union National Association has a variety of handouts on financial topics including a “Budget Blueprint” worksheet and a “Facts About Credit Scores” brochure. If you are a credit union member, stop by your local branch and ask for the handouts.
• Monroe County Community Credit Union also has a Score Booster booklet that is available free to members. The booklet explains how credit scores are compiled and what you can do to help maintain a solid credit history.
• Do you live in or near Monroe, Bedford Township or Ann Arbor? The community education courses in those cities include financial topics. Community ed classes are inexpensive, not-for-credit, short-term sessions open to the public. For the most recent listings, go to Monroe Public Schools Community Education, Bedford Public Schools Community Education, Monroe County Community College Office of Lifelong Learning and Ann Arbor Public Schools.
• Is your daughter in Girl Scouts? There are financial literacy badges, patches and pins offered at all grade levels. The badge lists and requirements have been changing during the past couple of years, but this post was good as of spring 2008. Check with your troop leader for current details.
• Are you, or your parents, a member of one of the area senior citizen centers? The senior centers frequently have educational programs, particularly on health issues, but they also bring in financial speakers from time to time.
• Do you read The Monroe Evening News? The Sunday edition in particular has several financial features including the Money Smart and Frugal Village syndicated columns, and a local business and money column hosted by my co-worker and fellow blogger Charles Slat.
• Michigan State University has a Financial Literacy Program.
• Several credit card companies also are sponsoring the Help With My Credit campaign.
• Wayne State University in Detroit has a CashCourse financial literacy program for its students.
• I’ve linked on more than one occasion to pages and resources on the Dave Ramsey Financial Peace University and Crown Financial Ministries sites. Dave Ramsey and CFM classes are available in the Monroe area and elsewhere in southeast Michigan.
• Veritas Financial Ministries is a personal financial program with a Catholic perspective. There are small group sessions available in Temperance, Southgate, Belleville and Detroit.
• Church of Jesus Christ of Latter-day Saints has a Provident Living site.

Updated Oct. 29, 2009.