Personal Finance Training

Educating People In Money Management

Personal finance training consists of education aimed at teaching people how to manage personal finance. For a select few, understanding the interplay between income, spending, credit and interest rates is natural, but for the majority of people it is necessarily a learned life skill that makes a big difference in how they cope with being able to satisfy their needs without digging themselves into financial black holes.

A Gap In Financial Education

The root of the problem is that most parents are either ill-equipped or do not understand how to teach their children financial training. Compounding that problem is that the majority of public school systems do not fill the gap by offering courses in personal finance training. This is changing, albeit slowly. The state of Ohio recently mandated in 2010 that all its high school students learn the finer points of personal finance, and has instituted a training program for the teachers. It is likely that both students and teachers will benefit greatly from the roll-out of this program.

Signs Of Change

For Ohio, the lessons in personal finance training are fairly basic but comprehensive, covering topics such as budgeting, savings, investments, and credit. In addition, students are taught some aspects of how to recognize and avoid consumer scams or financial crimes. Such lessons seem apt for both students and adults.

Personal Finance Education In The Early Years

A great effort is underway to teach teenagers the finer points of financial training because it is a good age to begin good financial habits that will carry over into their college years and working life. The effects of poor financial habits, namely debt, if initiated in high school will carry over to much later years. In fact, these reasons mean that the prime years for learning about money management is the youth demographic of 18-35, not only the teenage years.

Options For Adults

For adults who do not have much time to take lessons, it is worthwhile to hire a personal finance planner. Types include fee only financial planner, and the chartered financial planner.

Training For Adults

Adults interested in personal finance training have a few options. One option is to scour the local adult learning center which often offers an array of classes delving into the art of finance. Sample lessons from an adult learning center in a college town in Massachusetts reveals the following types of lessons: living on a budget, managing college debt, types of credit, credit reports and credit scores, preparing to buy a home, saving vs. investing, investing to meet your future goals.

Online Courses

The other option is to look into an online course on personal finance websites that teaches personal finance training to young adults. One example is MoneySKILL that was developed by the American Financial Services Association (AFSA) Education Foundation. Look into publications like Kiplingers personal finance to learn more.

Checkbook register is an accounting device that keeps track of incoming and outgoing funds for a personal account.
Checkbook calculator tracks common checking account transactions such as ATM withdrawals, checks and credit card entries.
Personal Finance Software is more general software that gives an individual many ways to track the flow of personal income and expenses.

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