Families who experience financial problems, i.e. not being able to pay bills on time, not being able to buy what they need they need it, etc. tend to be more stressed.
Important components of financial well-being include:
- Having a consistent and sufficient income source (i.e. employment, partner’s help, etc.)
- Developing and maintaining a budget, i.e. you do not spend more that you earn
- Paying bills on time
- Establishing a relationship with a bank (i.e. checking/savings account)
- Knowing about available resources and how to access then when needed
The following are tips to financial well-being:
- Review your present income source and consider: Is it enough? Who are you able to seek assistance from? Is there a way for you to increase your income?
- Do you have a budget, if so, do you know how much your weekly/monthly bill are? ( I.e. gas money, food, utilities, clothing, rent, etc.) Are you able to pay these bills on time?
- Do you have a bank account? If not, do you know where banks and credit unions are in your community? If you use a check cashing business you are most likely “paying” to cash your check. If you have an account with a bank you will pay nothing or pay less to cash your check.
- So you know about SNAP (food stamps), FI (Family Independence), ABC Voucher (Advocates for Better Care for Child Care), WIC (Women, Infant, Child), Medicaid and local agencies who assist with basic needs?
- Credit Reports: Everyone is entitled to a free copy of their credit report once every 12 months. You can fet your annual report by calling 1-877-322-8228 and/or visit annualcreditreport.com. This site is the only free credit report service available.