External Site

You are leaving Member One's website. The credit union is not responsible for the content of any other website. The privacy and security standards of other sites may differ from those practiced by the credit union. You should review the privacy and security policy of any site before providing any information.

Proceed Cancel
Attention Members: Be aware scammers may contact you by text, phone call, or email pretending to be Member One. They may use phone numbers or addresses that look like ours. They might ask for account details, passwords, codes, or request you click suspicious links. NEVER share this personal information when contacted unexpectedly or feel pressured to click a suspicious link.
Finances April 10, 2023

Five Key Components of Financial Literacy

Share

According to the Financial Literacy and Education Commission, if you have these concepts down, you’re on your way to good financial health.

1. Earning – In order to be financially stable, you’ll need a source of income.

2. Spending – You should actively spend so you’re meeting all your needs, allowing for wants, and setting some aside for savings.

3. Saving - Speaking of savings, it’s important to build up some financial reserves for the future.

4. Borrowing - You should fully understand all the ins and outs of any loans you need.

5. Protecting - Those who do well with money, know how to safeguard their money.

The more you master these five key concepts, the healthier your financial life will be!

For more information about the basics of managing money, take a look at our FREE online courses about building financial capability in our online Financial Education Center.

You May Also Like

Money Management Blog
Finances
Money Management During Uncertain Times: Strategies for Financial Stability

Create a solid financial plan with budgeting, emergency funds, and savings tips. Explore Member One's tools to stay secure during uncertain times.
Pexels pixabay 259165
Finances
Share Certificate vs. Savings Accounts: Which is Right for You?

Whether you're seeking higher returns or greater flexibility, this guide will assist you in choosing the right savings option for your needs.
Financial Emergency 978b8d064138018a1dfad71b9882dd21
Finances
Four Options for Coping with a Financial Emergency

From paying for flood remediation to an unexpected car repair, a surprise bill is never a welcome sight. But there are ways you can prepare that may help lessen the impact of a costly emergency.
View More