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Visit us at the Financial Empowerment Center and use our free services to gain more control and knowledge over your finances in a welcoming and private environment.

MANAGING DEBT
by Alan Tom

It’s essential to manage your debt level, from credit card debt to car loans to home loans and everything in between. Why do you ask? Because managing your debts properly gives new and existing lenders the best idea of your creditworthiness. Why is this important? Because if you are creditworthy, lenders will be more willing to provide you with credit at rates and terms that are manageable for you and your financial situation.

Here are some tips for improving your debt level. Create a spreadsheet outlining the income (net of taxes and other deductions) you bring in every month. Think of this as a bucket. You have a starting point when you fill the bucket with water (your income). That starting point will allow you to water your plants monthly (pay your bills). Debt is a big part of your ongoing monthly bills.

Now that you understand what income you are generating each month add to this spreadsheet. This spreadsheet should outline each piece of debt, the credit limit (or the maximum amount you can borrow), the current balance (update this monthly), and the required payments. The goal is to have a full schedule of your debts so you understand the monthly amount you need to pay. Deduct these monthly debt payments from the monthly income you are generating.

Every month, you should set aside the amount required to pay down your debts as a first order of business. You can do this yourself or ask your bank or financial institution to schedule these monthly debt payments, so they are paid automatically. Lenders appreciate this, and over time it will help improve your Credit Report and Credit Score. Taking an organized approach to fixed debt payments is one of the first steps toward financial stability.

Visit our booking page to schedule a one-on-one financial coaching appointment or register for a class if you have questions, email info@fecsoco.org.

NEWCOMERS LUNCH & LEARNS

The FEC at South County launched its Newcomers Lunch and Learn series that covers personal finance and workforce development topics. These short lunchtime sessions are for individuals new to the country who need help navigating the financial system or how to be gainfully employed. See the flyer below for the date and topic. Click here https://fecsoco.setmore.com to register or email info@fecsoco.org for more information.

BILL CALENDAR

Where does my money go each month? The first step is to know how much money you have coming in and how much you owe. You can take control of your money by using a bill calendar. A bill calendar helps you budget for an entire month; it just takes planning.
Here's how

Gather all of your monthly bills (with amounts and due dates)
Review your pay cycle and your net income (weekly, bi-weekly, etc.)
Add all of the information to your calendar.

Having a visual picture of when your bills are due and when you get paid will help you know when you should pay specific bills. The bill calendar will help you budget your money for the month.

For more information on using a bill calendar to manage your debt and help with budgeting, visit the Consumer Financial Protection Bureau.

Contact the FEC to attend one of our budgeting classes or have confidential financial coaching sessions to discuss your personal finances. Visit our Booking Page or email info@fecsoco.org for more information.

FEC UPCOMING CLASSES Click Images Below to Register

Workforce Development Training Programs

Click here to complete the IT Program Learner Interest Form. Complete by July 31, 2022.

Click here to complete the Interest Survey.

COMMUNITY NEWS, EVENTS & RESOURCES

FCPS Summer Meal Service
Summer meal kits will be offered on Tuesdays at several locations through August 9. Meal kits contain seven days of breakfast and lunch items packed in bulk. All meals are available at no cost to FCPS students and children 18 years of age and under. Pick-up locations and times have recently been updated. Visit our Meals for Students website for more details.

Join our LinkedIn Group to receive updates on offerings and services

LET'S STAY IN TOUCH

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8350 Richmond Highway, Suite 125
Alexandria, VA 22309

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Financial Empowerment Center · 8350 Richmond Hwy Ste 125 · Alexandria, VA 22309-2344 · USA