PART 2: MYMONEY.GOV
As we learned in Part 1, The US Government’s Financial Literacy and Education Commission (FLEC) is a 23-member body of federal agencies, chaired by the Secretary of the Treasury. Its mission is to coordinate and improve financial education for all Americans.
As part of this mission, FLEC runs the mymoney.gov website intended to provide information and tools about financial capability to the public including specific resources for groups such as researchers, teachers and youths.
The site features news on its homepage and recently added a section on the federal government’s transition away from paper checks.
Its main content is arranged in three areas: MyMoney 5, Life Events, and Tools.
MYMONEY 5
The MyMoney 5 are five building blocks for managing and growing your money:
EARN – Make the most of what you earn by understanding your pay and benefits.
SAVE & INVEST – It’s never too early to start saving for future goals such as a house or retirement, even by saving small amounts.
PROTECT – Taking precautions about your financial situation, accumulate emergency savings and have the right insurance.
SPEND – Be sure you are getting a good value, especially with big purchases by shopping around and comparing prices and products.
BORROW – Borrowing money can enable some essential purchases and builds credit, but interest costs can be expensive. Caution, if you borrow too much you will have a large debt to repay.
Life Events
This section takes a modular approach to finances, providing resources and advice in areas such as: Employment, Home Ownership, a New Child, Retirement and Owning a Business.
Tools
Here we find helpful tools for money management:
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Calculators (for example, Tax Withholding, Debt Payoff, Retirement Estimator, and the like.)
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Budgeting Worksheets (e for example, . Auto-loans, Savings, Credit, Disaster Preparedness, and the like.)
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Checklists ( for example. Safeguarding Valuables, Financial Privacy, Student Aid, College Preparation, and the like.)
Direct Express® cardholders can use these resources to complement the financial capability they access through the DX℠ Mobile App, and the Direct Express® Financial Education Center (DEFEC).
SOURCE: mymoney.gov
