
It seems there are always shifts and changes in the world of finance. No matter how much things shift and change around us there are still basic principles or building blocks to guide you in managing and growing your money. The federal government developed a free resource called MyMoney.gov which provides financial information for people of all ages. It even has teaching resources!
There are 5 Basic Building Blocks shared on MyMoney.gov:
EARN. Making the most of your earnings starts with understanding your pay and benefits. This website features actions you can take, helpful hints and tips, and links to other resources such as a tax withholding calculator, ways to make your health benefits work for you, and getting help to pay for college.
SAVE and INVEST. The sooner you develop the savings habit, the better. The more time you have to reach your goal, the greater the impact your savings will have on your success. The website features information for beginners as well as experienced investors.
PROTECT. Keeping your earnings and assets safe from harm is critical to financial success. Avoiding frauds and scams, guarding against identity theft, saving for emergencies, and purchasing insurance help you to hold onto your money and your property. The website features links to fact sheets about various forms of insurance and keeping household records.
SPEND. Wise spending decisions are the key to long-term financial success. Comparison shopping, couponing, and shopping with a list help you to get more for your money. The website features tips for household budgeting, banking, and smart money choices.
BORROW. Credit is an important but easily abused financial tool for reaching important goals. Tips for the wise use of credit and links to fact sheets about credit and loans, credit reports, and credit cards are available from the site.