April 12, 2024 | by Anna Orendain
Categories: Financial Education
Last week we recognized April as Fair Housing Month, and April also happens to be National Financial Literacy Month so we're taking a moment to spotlight resources that can help families and individuals monitor and improve their financial health.
Simply put, financial literacy is "understanding the topic of money." While financial literacy isn't the only factor in determining your financial health, being savvy in a variety of money-related topics (such as saving, investing, credit, and debt) often helps consumers better navigate their finances. If you'd like to check your financial literacy, the National Financial Educators Council (NFEC) has put together this free tool to help test your knowledge.
However, the NFEC stresses that, although it is important, financial literacy alone does not guarantee financial health. There are other factors that influence someone's overall financial position, such as their sentiment (or attitude) about money and their financial behavior. But ultimately, financial health starts with one step: creating a budget.
Without a budget, it's nearly impossible to determine how much you are spending in relation to how much money you are bringing in. Knowing where your money goes will also help you plan and save for long-term goals and expenses, such as purchasing a home.
If you're looking for tips on creating a budget, we'd recommend educating yourself with resources like Consumer.gov's Making a Budget site and NerdWallet's "Budgeting 101: How to Budget Money" article. Some may also find it helpful to use phone applications to help them create and maintain a budget, such as the ones mentioned in this NerdWallet article.
If you're looking for unbiased and personalized advice on how to get your finances and credit in order, try meeting with a non-profit housing or financial counselor.
A report from National Foundation for Credit Counseling highlights research from The Ohio State University that revealed consumers who went through financial counseling displayed "improvement in levels of revolving debt and total debt, better money management and improved financial confidence" when compared to consumers who did not receive counseling.
At TSAHC, we know how important it is to have access to affordable, nonprofit housing and financial resources. That's why we operate Texas Financial Toolbox, an online resource that connects consumers with local nonprofit organizations that provide home buyer education, financial and credit counseling, and foreclosure prevention counseling. We also directly support nonprofits that provide housing and financial counseling services with grants through our Texas Foundations Fund program.
In addition to providing tools for consumers to connect with nonprofit counselors, we also offer Housing Connection, TSAHC's training program for housing and financial counselors to help them provide the best possible guidance to Texas consumers at little or no cost.
If you're a lender or REALTOR® who's interested in promoting financial literacy and home buyer education across the state of Texas, TSAHC is seeking sponsorships to support Housing Connection.
Donations of any size would be greatly appreciated! However, with a donation of $200 or more you'll be listed as a 2024 Housing Connection sponsor, raising your visibility among Texas housing counselors and the home buyers they serve. For more details about the benefits of sponsoring Housing Connection, view this flyer. If you have any questions, please contact Laura Ross at [email protected].
On the House blog posts are meant to provide general information on various housing-related issues, research and programs. We are not liable for any errors or inaccuracies in the information provided by blog sources. Furthermore, this blog is not legal advice and should not be used as a substitute for legal advice from a licensed professional attorney.
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