Check in on Money Matters During National Financial Awareness Day

Aug. 14 is National Financial Awareness Day when people are encouraged to review their finances to make sure they’re on their way to achieving their short- and long-term goals.

Developing a spending plan and budgeting to the plan is perhaps the best way to begin setting financial goals to help achieve financial wellbeing.

“Budgeting and creating spending plans allow you to set aside money for some of the things you want such as savings, vacation, car or home. For everyday spending, many people use their debit cards to make purchases. It’s very easy to overspend this way. Carry cash and once it’s gone, you’re done spending for the allotted time,” said Virginia Cooperative Extension – Prince William Unit, or VCE, Financial Education and Housing Counseling Program Assistant Gwen Lane.

Further understanding about loans and lending, credit reports, rental success, mortgages, home equity and foreclosure along with avoiding fraud, identity theft and scams are other ways to keep track of money, stick to the budget and stay on track.

“Understanding credit is one of the most important parts of financial wellbeing. Everyone needs to have credit in order to buy a home or car, but it’s important to know how it works both for and against you. Maybe you won’t swipe your credit card so often or maybe you’ll pay the credit card bill off before it’s due. Both of these can save money,” Lane said.

VCE offers a wide range of free classes, with instructors certified by the U.S. Department of Housing and Urban Development, to offer strategies to help people avoid pitfalls and build wealth.

To learn more, visit Financial Education (pwcva.gov) or email [email protected] for a virtual appointment. Call 703-792-6287 for more information or 703-792-4713 for information in Spanish. Visit VCE’s calendar to see the class schedule.