NACOGDOCHES, TX (KTRE) - Economists say the first step to financial literacy is taking a financial inventory. Ask these questions. "What is the level of your assets right now?," said Nancy Granovski, family economics specialist and Texas A&M professor. "Where are your assets? How much are they worth and then on the flip side, take a look at what money do we owe right now." And if you have anything left over Granovski offers, "Here's a good term. Emergency savings."
Francis Spruiell, Austin Bank president, reviews her customers' financial snapshots most every day. She notices borrowing money is often left to one person in the household. She says sharing those duties can help you prepare for the unexpected. "If they don't get the credit that maybe their spouse does, whether their spouse takes care of those expenses or not, if down the road their left without a spouse that took care of that business, they're also going to be left without the credit ability of that spouse," said Sprueill. "So it's important."
In some generations, financial responsibilities are left to the man of the house. However, a Department of Labor survey discovered that women are craving information on how to manage and improve their finances. Texas AgriLife responded by offering a Wiseup curriculum. www.wiseupwomen.tamu.edu/ " In Smith County take the Wiseup for Women class or you can go online and take the 8 lessons online at your leisure for free," suggested Patrice Dunagin, Texas AgriLife extension agent.
Financial literacy is kind of like Monopoly. The only difference is your money is nothing to play around with.
The financial advice was offered at a Texas AgriLife Family Issues Summit. It is expected to become an annual event. Other topics addressed were families in transition, blended families and nutrition issues. The event was held at Stephen F. Austin State University.