The national reports have been chaotic at best. Stocks are up, then they're down, then up again. The nation's biggest financial groups are all being bailed out, bought out or bankrupt. Credit, which until recently was showered on anyone with a pulse, has frozen up - or could it be thawing already?
What does it all mean? And what does it mean for us in Montana?
The nonprofit homeWORD, for instance, offers courses in financial education for $10 a class, and scholarships are available for those who need them. The Missoula-based organization has been seeing more interest in its financial fitness and homeowner classes in Missoula lately, especially in its foreclosure prevention counseling. HomeWORD recently concluded its first set of financial fitness classes for the fall, and already attendance for the second set has doubled.
Financial planning can be particularly challenging in Montana, where per capita personal income consistently ranks among the nation's bottom 10. The folks at homeWORD believe financial education is a huge part of helping more people achieve personal financial stability, which ultimately benefits the larger local economy. They also cite experts who say the more money-savvy an individual is, the less likely it is she will fall victim to a scam - or accrue crushing loads of debt.
To that end, homeWORD organizes classes that teach basic financial skills such as creating a budget, managing savings and credit, investing, steering clear of common mistakes and understanding taxes. In addition to its classes, homeWORD offers one-on-one counseling to roughly 30 to 50 families a year. Both the classes and the counseling are available to the public - there are no income requirements to attend either.
Indeed, it estimates that, over the past 10 years, it has helped more than 175 families escape foreclosure by helping them increase their financial literacy, and through other forms of assistance, including linking them to other resources.
In fact, as a reward of sorts for attending all five of one of homeWORD's courses, participants are given a free credit report consultation with the Consumer Credit Counseling Service.
The Consumer Credit Counseling Service of Montana has locations in Billings, Bozeman, Butte, Great Falls, Havre, Helena, Kalispell and Missoula, and offers many different kinds of financial counseling, including bankruptcy, debt management, tax preparation, credit and reverse mortgage counseling.
HomeWORD and CCCS are two of a very few Missoula nonprofits that provide general financial education, but some other local institutions, such as banks and credit unions, periodically offer an assortment of low-cost classes. And, of course, there is also a wealth of good information available for free online, if you feel confident enough to pick through the tangle of misinformation to find it.
The important thing is to remember that, if you're worried about the economy, or maybe just confused, this is as good a time as any to get a good strong grip on your personal finances.
Courses available
To sign up for one of homeWORD's financial education classes in Missoula, call 523-HOME or visit www.homeword.org. To contact the Consumer Credit Counseling Service of Montana's office in Missoula, call 543-1188 or visit www.cccsmt.org.
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nobrainer wrote on Nov 28, 2008 1:11 PM:
" managing your money is simple common sense, not much harder than 2 + 2 is 4, If you need to take a class, you have more serious problems...
Here I'll tell you all you need to know right here...
1. Other than an FDIC, never trust anyone else with your money.
2. Never borrow a penny, likewise never lend any.
3. "live within in your means", I know it's an ancient saying, ask you grandpa what it means.
Follow those two simple rules and you'll never lose a penny. If you can't figure that out all the classes in the world won't help you. "
Here I'll tell you all you need to know right here...
1. Other than an FDIC, never trust anyone else with your money.
2. Never borrow a penny, likewise never lend any.
3. "live within in your means", I know it's an ancient saying, ask you grandpa what it means.
Follow those two simple rules and you'll never lose a penny. If you can't figure that out all the classes in the world won't help you. "
Andrea Davis wrote on Nov 20, 2008 2:22 PM:
Thank you for your write up about the services homeWORD provides in the Financial Fitness class. We appreciate the ability to reach your readers and open up the class to everyone. We also teach Home Buyer Education and we provide Foreclosure Prevention Counseling. These classes are more important than ever during this economic downturn. Low and moderate income households are affected significantly by the slowing economy as retail jobs dwindle, seasonal work slows (many depend on this time of year) and costs of living continue to rise with inflation. The only part of the story that needs correcting is our phone number. homeWORD can be reached at 532-4663 (rather than 523-4663). Thank you again! Andrea Davis, Executive Director "