Let’s see a show of hands — how many readers know that April is designated as Financial Literacy Month? Hmmm…looks like we could use some more awareness. At Transformance, these are our high holy days, as we strive to use this month-long initiative to drive home our core message of financial coaching.
For the remainder of April, the focus of Financial Literacy Month centers on a simple five-step plan to put consumers on a path to financial wellness. These steps include commitment, assessment, organization, prioritization and living on a budget.
The use of a dedicated month committing people to financial wellness is badly needed in the U.S. According to sobering statistics compiled in a recent personal finance study, 77 percent of us are living paycheck to paycheck. Two-thirds of us couldn’t afford a $500 emergency and Americans are carrying over two trillion in consumer debt. Additionally, 30 percent of consumers report having no extra cash on hand to begin a savings program.
For those of us residing in Texas, the statistics are even worse, with almost half of residents living in liquid asset poverty: 63 percent have sub-prime credit scores and almost 40 percent are underbanked.
Financial Literacy Month Events
To combat these sobering statistics, Transformance is in the midst of several initiatives in the month of April. We’re partnering with a number of local and national organizations to spread the word and sending our certified coaches out into our communities. These coordinated efforts are all designed to heighten awareness of financial literacy while empowering positive change at the community level. Some of our highlighted events this month include:
On Demand Online Workshop Videos: As a learning and development agency, Transformance utilizes a variety of tools to advance the financial education of our clients and our community. The on-demand videos are recorded lessons<http://www.transformanceusa.org/online-workshop-videos> you and your family can use to learn more about credit, budgeting, and making improvements to your financial future. There are 26 different subjects including topics ranging from getting out of debt and interest rates to money basics and budgeting. The videos are packaged in short, easily watchable formats, so get started today.
Southern Oklahoma Services Day: On Thursday, April 20, Transformance’s office in Ardmore, Oklahoma will be part of a “Services Day” from 1-7 p.m. It’s a chance for you to drop by The Shops at Ardmore, located at 1211 N. Commerce, and find out about all the services we provide for our clients. The services day is being put on by the Southern Oklahoma Area Partners.
“Building Your Dream” Luncheon – On Saturday, April 22, Transformance will be hosting a special Lunch & Learn session to prepare you for homeownership. It will be conducted in our brand new lower-level Economic Empowerment Center at our headquarters, located at 8737 King George Drive, Dallas, TX 75235. Come on out and join us from 11 a.m. to 1 p.m. as we discuss credit terms and a matched savings program with Transformance, financial planning and investing with AXA Advisors, the pre-qualification and mortgage process with Cendera Funding, and the home-buying process with local DFW-based realtors. This is your one-stop shop for making your home ownership dreams come true. If you’re interested in attending this helpful lunch and learn session, please RSVP on the Transformance website.
Transforming Life Christian (TLC) Fellowship Church – TLC Fellowship Church has established their worship and ministry center in our very own Economic Empowerment Center space, located at 8737 King George Drive, Dallas, TX 75235. Come out and join us on Sunday, April 16, for Easter Services, beginning at 9:00 a.m.
Transformance has also begun a program aimed at businesses, both large and small. Your organization can now book a special Financial Education Class, hosted by one of our certified budget counselors. If your employees need a crash-course on financial wellness, we’ve got the tools and resources necessary to help each of them create a financially stable future.
Celebrating April’s Financial Literacy Month is all about invoking change, and the first step begins with a simple pledge. It’s a pledge to yourself that you don’t have to live paycheck to paycheck. It’s a pledge that putting effort into saving a little money each month no matter how small the amount will eventually pay off. It’s a pledge that eliminating wasteful spending is good for your overall financial health. It’s a pledge that living on a budget is the simplest way to get started.
We all have to begin somewhere and you’ve always heard that there’s no time like the present. April’s Financial Literacy Month is a chance for you to say that change begins now. Not next month, but now. Because that’s what April’s Financial Literacy Month is all about.
Transformance is always available to answer your questions and assist you, either through our website or by calling 1-800-249-2227.
Dr. Daniel B. Prescott, Jr. is the interim CEO of Dallas-based Transformance Inc., a fully integrated financial services capability nonprofit. He can be reached at firstname.lastname@example.org.