Do you struggle when it comes to spending money you don’t necessarily have?
Are you looking to buy a house or a car, and don’t really know where to begin?
Is your credit score not quite where you want it to be?
Well, N.H. Federal Credit Union wants to help. It’s been almost two years since they turned their 47 N. Main St. branch into the Center for Finance & Education. That’s where they hold free classes on the topics we just mentioned – and many more.
There’s no sales pitch or hidden agenda. The goal is to help their members – and anyone else in the Concord area – understand their money.
“We’re just trying to help get people prepared,” said Polly Saltmarsh, vice president of financial education and business development.
It can be easy to spend more than you have, especially since Saltmarsh made it known that 76 percent of Americans live paycheck to paycheck. So last week, Saltmarsh led a class about building your savings and creating a spending plan.
It’s better to refer to it as a spending plan and not a budget because that makes it feel restrictive. Having a spending plan allows you to get what you want out of your life and your hard-earned money.
“Everybody knows they could get a better handle on their spending,” Saltmarsh said.
Over the course of the two-hour class, Saltmarsh helps you understand how to make a spending plan you can work with. Then, as you get your spending under control, it allows you to add more to your savings.
“It’s not about cutting expenses; it’s more about ‘do you make enough money to support the lifestyle you want to lead?’ ” Saltmarsh said. “You need to decide what’s important to you and where your money is going to go.”
Because you never know when an unexpected bill is going to come, and the last thing anyone wants is to go into debt.
“We live in a world today that if you want to borrow money, you can,” Saltmarsh said. “Thirty or 40 years ago, you had to have the money.”
And to be clear, it’s not financial advising, just tips.
“Finances can come across as a big mystery to some people,” Saltmarsh said. “It’s about setting goals.”
If your new year’s resolution is centered around money, consider going to Saturday’s Resolution Road class. The holidays are over and it probably took a toll on the ol’ bank account. This will help you get the finances in order for 2018.
In January, there are three-part classes beginning focused on investing and retirement. There’s another spending plan class, as well as one to help you understand credit. You can even take a three-hour Saturday class about buying a car.
“The classes are really meant to be a shot in the arm,” Saltmarsh said. “Then it’s about understanding and staying on track. We want to get people in a good position.”
The classes are free, but there is a deposit required, which will be refunded when you attend the class. They also provide food.
For a complete class schedule, visit nhfcu.org and click on the Center for Finance & Education tab.
