Oliver: Money Smart Week provides financial education in bite-sized chunks

Knowledge is power, or so the saying goes. When we have more information about a topic, we’re more likely to make a better decision.

One place this is particularly key is when dealing with money. These days, how we handle the money we have can be the difference between feeling OK or being anxious all the time.

Sometimes, though, we might feel overwhelmed at too much information being thrown at us.

That’s why I’m such a fan of a yearly campaign of the Federal Reserve Bank of Chicago. It’s called Money Smart Week and it offers short, virtual sessions to help people better manage their personal finances. They’ve been doing this for more than 20 years, and this year’s observance runs from April 15 to 21.

The weeklong campaign aims to help people better manage their finances with a focus on tools for low- to moderate-income communities. Live events will include sessions on budgeting, debt relief, employer retirement plans and a Spanish language session on financial institutions.

Here’s a closer look at each session. Each begins at 1 p.m., and the programs usually run for 20 to 30 minutes.

April 17: “Family Budgeting.” Budgeting isn’t just a matter of making a spending plan and cutting expenses. It’s important to set goals for where you want your money to take you. During the session, participants will review recommended guidelines for an effective budget, learn how to assess the unique spending needs of their family, and see how to let their vision for the future guide their weekly budget. The session is presented by the University of Arkansas System, Division of Agriculture.

April 18: “Instituciones Financieras,” to be presented in Spanish. Banks, credit unions, money transmitters, check cashers, brokers and other providers of financial services and products can play an important role in establishing financial well-being if they are understood and used properly. Vanessa Arita Reyes of the Washington State Department of Financial Institutions will discuss how to navigate the financial system through the tools and resources available, how credit, credit reports and the credit system work, and how to protect personal information to avoid becoming a victim of scams.

April 19: “Debt Relief.” Financial products can be complex and confusing. Fear of sinking further into debt can leave consumers paralyzed. Worse still, hastily made decisions fueled by stress and urgency can lead to disaster. In this session presented by the National Foundation for Credit Counseling, the goal is to bring clarity to the complex landscape of debt-related financial products, outline popular options to affordably repay debt, and teach patience and informed decision-making when debt feels overwhelming. Participants should leave the session with an understanding of the steps involved for proper debt management and the pitfalls that could set them back.

April 20: “Employer Retirement Plans.” Whether self-employed, underemployed or working for an organization of any size, it’s important to know the paths available to secure your financial future. This session by the U.S. Department of Labor, Employee Benefits Security Administration will provide information on common retirement plans seen across employers, weigh the pros and cons of available retirement paths, and help define what a secure retirement looks like. Participants should leave this session with confidence in understanding the steps involved for securing their financial future and action items to take to their employer.

Events are free and open to the public, but registration is advised. Questions for the panelists can be submitted during the registration process.

Information can be found at moneysmartweek.org.

• Joan Oliver is the former Northwest Herald assistant news editor. She has been associated with the Northwest Herald since 1990. She can be reached at jolivercolumn@gmail.com.