Master Your Money: Key Resources for Financial Well-Being

Hello! Welcome to our new collection of resources designed to help YOU achieve your financial goals and improve your financial well-being.

A cartoonish toolbox character smiling while holding stacks of money in each hand, symbolizing financial tools and resources.

Every month, at our financial literacy workshops, we share information, best practices, and resources to help you increase your financial knowledge and confidence. Regardless of whether you can attend these workshops, we want to make sure that you have access to these helpful resources!

This page will be updated regularly with information shared at our recent workshops. For example, this summer we are talking about credit.

Take a moment to bookmark this page now so that you can easily find it again! Wherever you are in your financial journey, this is the page for you. If you have suggestions for topics you would like to learn more about, fill out this survey so that we can hear from you.

Credit

Credit Basics (click to expand or collapse topic)

Checking your credit report is an essential part of having a healthy credit score. Think of it like going to the doctor for a yearly check up! Tip: If you are scared, grab a close family member or friend and check your credit report together!

How to check your credit report: https://www.annualcreditreport.com/index.action

Graphic illustrating tips to protect your credit: 'Freeze it', 'Monitor it', and 'Fix mistakes' accompanied by corresponding icons.

What is your credit score composed of?

Pie chart illustrating the factors that determine credit scores, divided into percentage segments for each category: New Credit, Types of Credit Used, Length of Credit History, Payment History, and Amounts Owed.

Important to note: Checking your credit report does not influence your credit score, but checking your credit score does. Your credit report can be comprehended as an “outline” as to what your score is based on.

“Clarity only comes with action”

– Austin, Board Member of AAB

We get it! Credit is important but HOW do we go about establishing it?

Establishing Credit

Infographic illustrating types of credit examples: Revolving credit, Installment credit, and Open credit, with corresponding items listed under each category.

Best ways to approach credit card shopping can be through comparison websites such as the one listed here: https://www.nerdwallet.com/m/credit-cards/excellent-credit-cards?

When credit card shopping, it is important to consider factors that are important to you. Some of those factors can be: Annual Fees?, Balance Transfer Fees?, APR, or perks like cash back or mileage rewards. This takes some serious thinking. And remember, always read the fine print.

For Example:

Chase Freedom Unlimited credit card details including 5-star rating, $0 annual fee, cashback rewards, and a $200 bonus offer.

At first look, this seems like a great deal! 5-star rating, $0 Annual Fee, Cashback, and a $200 bonus (Earn a $200 Bonus after you spend $500 on purchases in your first 3 months from account opening). Sounds great, right?.. Wrong. When you go to click on the very small “Rates & Fees” button, you will find this:

Pricing information table showing interest rates and charges for a credit card, including a 0% intro APR for the first 15 months and a variable APR of 18.99% to 28.49% thereafter.

There is a lot to look at on this page, but we will focus on the APR rating as the example. This 0% APR is what stumps a lot of users. What they don’t know is that after 15 months, they will get this wonderful 18.99% – 28.49% APR slapped on to their remaining balance as well as any accrued interest from the first 15 months. Be cautious of this. Always read the fine print!