Financial Literacy

The counselors here at Living in Balance Recovery Services LLC, financial literacy program has the ability to understand and effectively use various financial skills, including personal financial management, budgeting, and investing. It involves knowledge about key areas such as saving, borrowing, and planning for retirement, as well as understanding the impact of interest rates, inflation, and credit scores on financial health.

Having strong financial literacy helps individuals make informed decisions regarding money, avoid debt, and build wealth. It empowers people to navigate day-to-day financial decisions with confidence, enabling them to handle emergencies, invest wisely, and secure a financially stable future.

Key components of financial literacy include:

1. Budgeting: The practice of tracking income and expenses to ensure that spending aligns with financial goals and available resources.

2. Saving and Investing: Understanding the importance of setting aside money for future needs, whether in a savings account, retirement fund, or investment portfolio.

3. Debt Management: Knowing how to manage and pay off debt effectively, including understanding interest rates and avoiding high-interest loans.

4. Credit Understanding: Awareness of how credit works, including maintaining a good credit score and using credit cards responsibly.

5. Retirement Planning: Learning how to plan for retirement through employer-sponsored plans, personal investments, and government programs like Social Security.