Money skills can be learned at any age

Children have big dreams about what they want to do in the future. Teaching them how to manage money at an early age can help them accomplish their dreams.

No teenager wants to be saddled with huge college loans after graduating. Understanding basic finances can guide them when making decisions about furthering their education.

Even if someone made poor money choices during their younger years, it is not too late to improve financial skills later in life.

Financial literacy is the ability to effectively use financial skills for personal management of money for investing and budgeting. When considering finances, there are six components to financial literacy: earning, spending, saving, investing, borrowing and protecting. Each of these components is interdependent and requires some basic knowledge and planning to gain the best results.

According to the National Financial Educators Council, there are regular monthly tasks that need to be done to best manage your finances. Doing these tasks ensures you are working toward your financial goals and protecting your finances. Developing good financial habits can start at any age.

Take time each month for these tasks:

• Review all account statements and then securely file or dispose of them.

• Assess whether you are on track toward your financial goals and are following your plan.

• Evaluate ways to increase income and savings and decrease debt.

• Address any new challenges or opportunities.

• Take time to improve your financial knowledge.

Mental well-being and even physical health can be directly affected by financial stress, but everyone can take steps to improve their money management skills. Studies have shown that financial literacy is proportionately connected to financial well-being. The Cooperative Extension Service provides classes and educational materials to help Arkansans improve their financial literacy. One way to do that is to take small steps toward health and wealth.

April is Financial Literacy Month, and the Garland County Cooperative Extension Service is offering for the final session of Thriving Thursdays — Basic Medicare Education. Whether you are already on Medicare and want to gain a better understanding of your benefits or are trying to plan for your financial and health needs in the future, taking time to learn tips for managing your plans and the important dates for enrollment will be beneficial. Join us at the Garland County Library on Thursday, April 20, from 11 a.m. to noon.

For more information about resources and programs on financial management available in Garland County, contact the Extension office at 501-623-6841 or email acrane@uada.edu. The University of Arkansas System Division of Agriculture is an equal opportunity/equal access/ affirmative action institution. If you require reasonable accommodation to participate or need materials in another format, please contact the Garland County Extension office as soon as possible. Dial 711 for Arkansas Relay.

4-H information

There are several 4-H clubs for Garland County young people who are 5 to 19 years old. For more information on all the fun 4-H activities that are available, call Carol Ann McAfee at the Extension Office at 501-623-6841 or email her at cmcafee@uada.edu.

Master Gardener information

Master Gardener meetings are held on the third Thursday of each month at the Elks Lodge. They’re open to the public and guests are welcome. For more information call Luke Duffle at 623-6841 or email him at lduffle@uada.edu.

EHC information

Are you interested in joining an existing Extension Homemakers Club? EHC is the largest volunteer organization in the state. For information about EHC, call Alison Crane at 501-623-6841 or email acrane@uada.edu.