Taking the first step to improve your financial wellness is often the most difficult part, but once you get started, you will find that reaching your financial goals is possible. Start with small goals, and then build upon them. Be sure to ask for help – there are many wonderful resources out there!

Steps to focus on:

• Track your spending and create a spending plan.
• Reduce your expenses.
• Establish emergency savings.

Tip: The first step in improving your financial skills is understanding where your money is going. Start by tracking your spending for a month. This includes gas, daily coffee, groceries – all of your spending, even things that are only a few dollars or cents. Once you have tracked your spending, take some time to categorize your expenses and create a list of “wants” versus “needs” and consider whether daily spending could be put toward saving.

Resources for Adults:

• NEW: Learn about everyday financial topics with these resources and games from the FDIC’s Money Smart program.
• Learn how to fund an education for your child by exploring the Saving for a Child’s Education course, powered by Enrich®, a free online financial wellness tool for adults that offers a series of money management courses, a money personality tool, and more!
• Visit the CA$H Maine website for resources to help you manage your money, including workshops and free tax prep.
• Request a free copy or download of FAME’s MANAGE: Making Your Money Work publication.
• The Consumer Financial Protection Bureau offers a variety of resources to support consumers.

Establishing a savings goal is an important step toward building a strong financial future. Pay yourself first! Every family can save, even if it’s only a small amount, and saving for future education is possible. Take some time to learn about some of the tools that are available to help you get started, and to make your money grow.

Steps to focus on:

• Create a budget that includes a specific pledge to future education.
• Explore education savings tools.
• Start today – open an account and make a contribution.

Tip: When it comes to savings, don’t forget that time is on your side. Starting early will provide you with compound growth – the ability to earn interest on both the money you’ve saved and the interest you earn. This helps increase the value of your family’s investment toward future education.

Resources for Adults:

• NEW: Learn about Saving for Higher Education through this informative webinar from FAME. Or, check out our webinar on Raising Financially Savvy Kids, which is part of FAME’s Financial Check In Series.
• Visit your bank or credit union to learn about savings programs that are available to you and your family.
• Learn more about NextGen 529, Maine’s Section 529 plan that many families use to save for higher education.
• Visit FAMEmaine.com to learn more about other saving options.

Families play a key role in encouraging and shaping their child’s future. It helps to start early by talking to your child about which activities or school subjects they enjoy most, who their heroes are, and what they want to be when they grow up. Showing them several career and education options will help them set their own goals and plan for the future.

Steps to focus on:

• Connect the activities that your child likes to a future career—it may be writing, it may be video games. Ask your child to share ideas about possible careers that interest them.
• Talk to your child about the different jobs that people do within your community, school, and family.
• Help them to understand the benefits of education and lifelong learning.

Tip: Take some time each day to read to your child. Think about ways to create a habit for learning, such as creating a quiet place to read and to do homework. Students who read well often develop a love for learning and are more likely to be successful in the classroom.

Resources for Adults:

• NEW: FAME has created a College Savings Guide which includes a series of articles to help you and your family plan and pay for higher education.
• Visit FAMEmaine.com for tips and resources to help you plan and prepare for higher education.
• Visit the My Alfond Grant website for college planning information and activities.
• The U.S. Department of Education has a variety of resources to help your child succeed in school.
• Check out Scholastic’s School Success Guide for parents.
• Visit the Student Resources at the U.S. Bureau of Labor Statistics.