On Friday April 10th, the Yonkers Crestwood Library hosted its Financial Literacy Festival in celebration of April being Financial Literacy Month. Children, teens, and adults were invited to join us for light refreshments, games, and tips on making, spending, and saving money!
Why does this month exist? The OCC (Office of the Comptroller of the Currency) states that “National Financial Literacy Month emphasizes the importance of helping consumers increase their knowledge and skills to make sound financial choices, enabling them to build wealth now and into the future. During National Financial Literacy Month, we encourage banks to consider innovative strategies to educate and empower consumers to use capital wisely, build financial assets, and understand and avoid increasingly sophisticated financial frauds and scams.”
Our stations at the festival included: “Smart Spending Starts Here”- Work on your budget using real-world scenarios. “Building Your Financial House”- build your financial house from the foundation up with life insurance, savings (emergency and retirement), and managing debt. “Needs and Wants”- ask yourself ‘do I need it or do I want it’. “Savings Cup”- decorate a cup with a savings goal (such as a toy, car, etc.) and start saving. “Financial Literacy Bingo”- bingo fun while learning financial concepts. There is also a scavenger hunt available all month long for patrons to participate in, so make plans to drop in and see if you can find all the money!
Crestwood staff member Hanora Woodruff interviewed Sally Pinto, whose husband, Aureo of Vask Financial Awareness Group, has been partnering with the library for several years to help our local community get a handle on their finances. The correspondence went as follows:
Hanora: How did you come to partner with the Crestwood Library to offer financial literacy advice?
Sally: Aureo has been offering financial workshops for years with the Yonkers Public Library - Crestwood Branch. These workshops have been helpful to the community.
H: What are the most common questions you encounter when giving presentations or offering one-on-one consultations? What does the average person tend to need more help with?
S: Debt, retirement, budgeting, and saving are really the crux of it. Debt seems to be even worse now, with interest rates on [credit] cards being as high as 30% or higher, so how to get out of that and manage it seems to be a top concern. People are not managing. It’s very hard when prices keep going up but incomes don’t.
H: I imagine the advice you give and the questions you answer vary a lot between age demographics. What is the most valuable advice you could give younger patrons to prepare them for any financial challenges they may face later in life, such as first jobs post-grad and student loan questions?
S: When you’re looking at colleges, make sure you like the options you’re applying to, but realize this is also a financially-driven decision. You don’t want a mortgage when you’re graduating!
Consider not only what you want to major in, but also keep your options open to different types of colleges. You should compare top financial aid packages and share them with the other schools to emphasize what you can work with and what you’ve been offered. If you really want to go to a certain school and they didn’t give you enough, share those packages with that school to try and negotiate. If they’re not able to give you more money, you should really consider if going to this school is worth the debt.
While you’re in high school, make sure you know what your salary will be so that you know how much you will be able to start saving. And most of all, be very very very careful about credit card debt!
H: Are there any books you would recommend our patrons read to become more financially literate?
S: There are a few options that Z has shared with me! There’s one for adults and teens by Robert Kiyosaki called “Rich Dad Poor Dad”. There are also works by Dave Ramsey and so many more books that Z has shared, but it’s also the mindset you have when making financial decisions that’s pivotal to your success. Being positive, especially because it will help you make the right decisions in the financial world as well as the real world.
H: What is the most valuable piece of financial advice you’ve come across or come up with in your career?
S: Keep a handle on your budget. There are certain areas that come up in a lot of people’s financial issues: food delivery, cell phone bill, streaming and cable bills. So many expenses are out of their control, like gas and rent, but these are factors they can control.
Show your kids early how to manage money. Make sure they know the value of a dollar, because if they know what to do with $1, they’ll know what to do with $100, $1000, and $1,000,000.
Also instill in them that retirement may seem far off, but they should start saving for retirement as soon as they get their first job.
Finally, prioritize getting out of debt as fast as possible and put your credit cards away as soon as you pay them off!
Sally was also kind enough to share a list of top financial concerns she and her husband see in their day-to-day work. Feel free to look over this list to prepare for their upcoming events with us, as in May they’ll be giving advice on how to save, invest and spend wisely during periods of inflation on May 30th at 1pm via ZOOM!
5 Common Financial Concerns — Do Any Sound Familiar?
- Budgeting: How can I better manage my day-to-day expenses?
- Retirement Planning: Am I saving enough, and where should I be saving?
- Debt Management: How do I reduce debt and avoid falling back into it?
- Saving Strategies: Where should I save—and what should I prioritize (emergencies, retirement, short-term goals)?
- Financial Direction: Am I on the right track to reach my financial goals?
More resources are available on the Vask Financial Awareness Group website in the Helpful Links section located at the bottom of the page.
Hanora Woodruff is a Part-Time Clerk and patron of Yonkers Crestwood Library since childhood. She graduated from Stony Brook University with a degree in Biology and Creative Writing. She’s been on a music bio kick recently, with her favorite being "Where Are Your Boys Tonight" by Chris Martin.