Financial Empowerment
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Overview
A financially empowered person is both informed and skilled. They understand how they spend their money, make wise financial decisions, and have access to resources to help them reach their goals.
Here are a few tips to help you get started. Due to the COVID-19 we want to focus on short term relief goals.
Ready to get started?
Program Components
PAY OFF DEBT
MAKE A BUDGET
Make a budget and stick to it. Making a budget helps you achieve your financial goals and prioritizes how you spend your money. There are budgeting apps that can help you better manage your money. Some apps track your spending in real-time and send you alerts when you are close to going over budget.
PAY YOUR BILLS ON TIME
BUILD AN EMERGENCY FUND
Build an emergency fund by putting money away each month into a savings account. You should have at least 3 to 6 months of living expenses saved in the event of a job loss or other emergency. Having money automatically deposited into a savings account each time you are paid is a great way to build your savings.
SET FINANCIAL GOALS
Set financial goals for your short term and long term future. Creating goals can help you turn your vision into reality. Goals should be SMART to increase the likelihood that you will achieve them: Specific, Measurable, Achievable, Relevant, Time-bound
SAVE FOR RETIREMENT
For more information please contact:
The Social Mobility Services office is located inside
The Matrix Center
13560 E. McNichols, Detroit, MI 48205