Are you balancing a budget for the first time, or is this the first time you’ve ever had to think about where your money is going? The Patchogue-Medford Library, in partnership with FINRA, is working together to bring you Financial Literacy Resources and materials to help you better understand your money.

It All Starts with Saving (But you can’t save if you don’t know what you’re spending)

Most people can look at their checking or saving accounts and see the difference between the amount they have now and the amount they had a month ago. It can feel impossible to save enough money when your living paycheck to paycheck or are on a fixed income. If you’re a student, it may seem like you are financially set if you get student loans that cover expenses other than education. It may seem that you are O.K. because you don’t have to worry about paying those loans back until later. But if you start saving now, you will not only build on a great habit…that extra money saved will work for you to build your wealth.

Want to know the Six Strategies for Financial Fitness?

Your path to financial fitness all begins by creating a budget. This worksheet from the Federal Trade Commission can help you get started. Don’t worry about how much you save now: even if it’s a few cents, thinking about saving will put you in a position to really think about what you buy. Over time, those few cents may turn into a few dollars, which then turns into 20 dollars, which could then become a secure financial future.

The Public Library is your Financial Resource Powerhouse

The Patchogue-Medford Library has put together a Financial Literacy Topic Guide that is not only loaded with helpful resources, but has calculators and answers to questions you didn’t know. While it’s still under construction, it’s a repository of resources that will be there at each stage of your life. Major purchases like buying a house are also covered, as well as the basics of investing. Many materials are also available in Spanish, and an entire section is devoted to Financial Literacy resources in Spanish. See for yourself what we’ve been putting together!

Public Librarians can answer your Financial Literacy Questions

• How much do I need to save to buy a house?
• I want to encourage my children to save: should I give them an allowance?
• Where can I turn if I’m having credit problems?
• What are the costs of going to College, and is it worth it if I study…?
• My parents are moving in with me, how do I manage their finances?
• What tax benefits are available to me as a…?
• Is making beer cheaper than buying it at the store?
• What are the costs to starting my own business?

These are all questions that we have received at the reference desk. We can provide you with a broad overview of information to help you make informed decisions. While we may not be able to answer your specific situations, we maintain a exhaustive directory of not-for-profit and governmental agencies that can better work with you personally to help you with your situation.

As always, we welcome your feedback! Thank you!