Financial Literacy

Jullieth Cragwell, outreach coordinator for Annuity.org, requested that we discuss Financial Literacy, Financial Abuse and Financial Infidelity 

Financial Literacy begins with completing a Financial Needs Analysis. This is where you list all your monthly bills, seasonal and annual bills. Add in the average budget for menu planning. Add in the vehicle or transportation costs. This tells you what it takes to pay for: food, transport and housing. Nothing extra here - no hair styling, no nail visits, no massage or workout fees. Just your basic financial needs. The bare minimum that you need to survive. 

Knowing this can really help you make better decisions when it comes to spending and investing. By investing - I mean:

- Buying something according to its durability, quality and the company's impact on the world. 

- Invest in quality: you will have to purchase less often and do less maintenance too. 

- You might invest in paying off your debt which climbed to an uncomfortable level due to the affects of COVID, injury or layoffs. 

- You might invest in education, or advertising and equipment for the business.

- Perhaps you are investing in a better vehicle. 

What you choose to invest in will depend 

entirely on your current situation. 

Financial Infidelity is when one spouse (or child) overspends knowing it harms the family but does it anyway. These expenses are often hidden from the family members, done on the sly. Marriages have disintegrated on this one issue alone. Money and budgeting, spending... these are all very delicate issues to discuss or even think about - but having a basic plan is really important. Extras, little things to spoil ourselves is fine, but plan for them and don't overdo it. 

"Financial Abuse occurs in up to 98% of abusive relationships 

and is one of the top reasons that it is difficult for people to leave. 

Unfortunately, many people do not even 

recognize financial abuse as abuse."  

~ Jullieth Cragwell

* Of course poverty and living-on-the-edge financial woes do not qualify as Financial Abuse or Financial Infidelity, necessarily - it is simply a really awful situation that you have to work through with an action plan that will take you to a better place.

Today we are sharing 2 links that Jullieth has provided for this post. These pages are filled with links to even more information where you can learn so much more. 

- What financial abuse is

- The warning signs

- Ways to tell if someone is being financially abused

- Helpful resources and more

https://www.annuity.org/financial-literacy/financial-abuse/

https://www.annuity.org/financial-literacy/women/

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