Michigan Money Matters
MI Money Matters is a personal finance education program provided by Enrich and designed for Michigan residents. The program is offered at no-cost by Michigan Department of Treasury and Michigan Financial Empowerment Workgroup. The program’s interactive content will give each user an individualized ‘action plan’ and access to educational tools on saving, smart borrowing, and loan repayment.
When disaster strikes, will you have the funds necessary to cover those emergency expenses? Seasoned savers and those new to the saving game can both benefit from an understanding of why it's important to have money set aside to cover life's surprises. This course will dive into emergency fund basics, including what an emergency fund is, how much experts recommend saving, and methods one can use to contribute. Sprinkled throughout the course are tips and tricks to start and propel your savings. Users will graduate from the course with an understanding that building this habit of saving can add financial stability to one's life.
In this course, you will learn why retirement readiness is a crucial step in financial wellness and how to best craft a plan for your unique situation. Regardless of your current age or income level, retiring is a major lifestyle shift; during retirement, your income will likely drop, but if you plan appropriately, your standard of living doesn't have to decline at all—in fact, it may even improve! Setting realistic retirement goals and learning how to manage your finances to meet those goals are the prerequisite steps to actually saving for retirement. This course offers guidance on long-term financial management, as well as an overview of the many retirement account options available from different sources. Finally, it gets personal with a detailed financial assessment to help you evaluate the actions you'll need to take to meet specific figures and ensure a comfortable retirement.
Having debt is normal and sometimes even necessary for life's big moments, such as purchasing a home or pursuing an education. But what happens if you take on more than you can handle? This course begins with an exploration of why debt overload happens in the first place, including the many types of debt and how to recognize your personal relationship with debt. After diving into the various strategies and resources available to help you tackle your debt, the course invites you to evaluate your financial situation and how various paydown methods could work for you. Finally, the course wraps up with the notion that prevention is the best medicine. By recognizing various situations where you could be prone to incurring debt, you'll be more of an informed consumer.
This course is designed for a student new to the federal loan process or a seasoned borrower who wants to brush up on the details. Starting with the basics, this course covers distinct types of federal loans and the many tools available to you as a student loan borrower. You will also learn strategies and methods for borrowing wisely, including how to borrow less and the ongoing benefits of proper money management. Finally, the course gives a brief overview of repayment options and tackles the common fear of what might happen if you are unable to repay your loans.
The course begins with the basics: you will first learn why budgeting is a crucial component of any financial wellness effort and what should be included when building a budget. Next, you will be guided through exercises to help you assess your financial situation and create a customized budget based on your unique goals. Lastly, the course looks ahead for opportunities to utilize your budget in everyday finance, build solid spending and saving habits, and make positive changes that will continually improve your financial health.
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