Parachute Services Archives

Women and Money

Women may face unique challenges with money due to a number of factors. Such factors can make it more difficult for women to achieve their financial goals and obtain financial security. These factors include:

Pay gap: Women still earn less than men for doing the same work. According to the U.S. Census Bureau, currently women earn 82 cents for every dollar that men earn.
Lack of retirement savings: Women are more likely than men to be single and not have a partner’s income to help them save for retirement. They are also more likely to take extended time away from work to care for children or ill or older family members. This can impact their overall savings rate, their retirement savings rate and Social Security contributions.
Debt: Women are more likely than men to carry debt, particularly student loan debt. Consider this also in light of the pay gap (see above). This can make it difficult for them to save for other financial goals, such as retirement or a home.
Lack of financial literacy: Women may be less encouraged to gain a basic understanding of financial concepts, such as investing or budgeting. This can make it difficult for them to make sound financial decisions.
Societal pressures: Women may feel pressure to confirm to societal expectations and may use larger portions of their income on clothing, accessories, dry cleaning, shoes, beauty routines (e.g., hair and nails) and more.
Women live longer: According to the World Health Organization (WHO), the life expectancy for women in 2023 is 80.2 years, while the life expectancy for men is 73.3 years. This means that women can expect to live 6.9 years longer than men. This means they need their savings to be larger or last longer.
Living single, longer: More women are living single longer than men. In 2019, 34% of women ages 18 and older were living without a spouse, up from 28% in 1990. Meanwhile, 29% of men ages 18 and older were living without a spouse, up from 24% in 1990.
Under-presentation of women in finance professions: According to a 2022 report by the Financial Industry Regulatory Authority (FINRA), women make up 26.8% of the workforce in the U.S. investment industry. This is still significantly lower than the 49.7% of women in the overall workforce. One factor is the lack of female role models in the industry.

These challenges can make it difficult for women to achieve financial security. However, there are a number of things that women can do to overcome these challenges, such as:

Negotiate their salaries: Women can and should negotiate their salaries and seek out career coaching and/or mentoring to help with such processes. They should also be aware of the pay gap and consider this as they make job and career decisions.
Start saving early: Women should start saving for retirement as early as possible, even small amounts are helpful. They should also take advantage of tax-advantaged retirement savings plans, such as 401(k)s and IRAs.
Pay down debt: Women should focus on paying down debt, especially high-interest debt, such as credit card debt. This will free up more money to set aside funds to save and even invest.
Automate savings: Make savings as consistent and easy as possible by having a set amount taken out of each paycheck for emergency funds and future financial goals, such as buying a home.
Encourage finance careers: More girls and young women can be encouraged to study finance. More female-friendly workplaces can be created in the industry.
Get educated: Women should educate themselves about financial concepts, such as budgeting and investing. There are *many* resources available to help women learn about money, such as books, magazines, podcasts, websites, and financial counseling services such as Parachute! Spending at least 1 hour a week learning basic money matters is really helpful!

If you’re dealing with high interest debt payments as well, see what you can save with Parachute’s Debt Management Plan https://parachutecreditcounseling.org/dmp-calculator/

Would you like to meet one-on-one with one of our Financial Counselors to talk specifically about your budget? Check out our Financial Coaching Session https://parachutecreditcounseling.org/services/credit-budget-counseling/#financial-coaching or call 716-712-2060.

Budget, Parachute Services

“Stretching Your Budget When Money is Tight” – Part 2: Tips for automobile, transportation, and other general expenses

The majority of households will all likely go through periods where money is tight due to unexpected expenses, a significant life or job change, a medical hardship, inflation/increased prices, and much more! Here are some simple, but not insignificant ways, of stretching your dollars further. Small amounts of savings do add up!

Automobile/Transportation

Organize errands/trips so that you are not backtracking and using more fuel.
Be sure you have a competitive rate for your auto insurance. Bundle renters or home owner’s insurance with your auto.
Get regular oil changes and use regular unleaded gas, unless not recommended for your automobile.
Keep your tires properly inflated.
If you are having trouble making car payments, consider downsizing your car or talk to dealer about refinancing for lower monthly payment. This will extend loan and result in more interest being paid but will help out in the short term.
Take turns driving with your children’s friends’ parents.
Independent mechanics often charge less than dealers for auto repairs and maintenance. Ask friends and family members for recommendations.
Ask mechanic about using re-constituted parts.
Consider buying a pre-owned, certified car.
Set a weekly fuel budget and stick to it by limiting unnecessary trips.
If tires need replacing, check out pre-owned, quality tires.
Vacuum and wash/wax your own car.
In nice weather, walk shorter distances or ride a bike.

General Tips/Other

Put off wants (versus needs) for a few paychecks.
Use your public library.
Consider skipping having your nails done for a few weeks or months.
Wait for tax returns for needs that can wait or for future wants.
Plan vacations at least a year in advance to save for them gradually. Travel off season.
Look for free and low-cost entertainment events such as outdoor festivals and concerts, parks, hikes.
Check out local high school and college performances and events.
Attend movies in the afternoon at matinee prices.
Temporarily pause cable and other streaming services.
Buy clothes off season.
Go to consignment shops to either get cash for clothes you already have or to buy new items.
Borrow or trade tools and equipment with neighbors, family members and friends.
Check out estate sales, garage sales and flea markets.
Go to local Goodwill, Salvation Army and Savers stores.
Know what you have at home before you buy more clothes. Many people buy items they forget they have.
Look on Facebook Marketplace or Nextdoor for discounted or free items.
Look at “scratch and dent” rooms at furniture stores.
Consider painting or staining furniture instead of buying new.
Consider pre-paid cell phone plans as they often cost less.

If you’re dealing with high interest debt payments as well, see what you can save with Parachute’s Debt Management Plan https://parachutecreditcounseling.org/dmp-calculator/

Budget, Parachute Services

“Stretching Your Budget When Money is Tight” – Part 1: Tips for food, groceries and dining out expenses

The majority of individuals will likely go through periods where money is tight due to unexpected expenses, a significant life or job changes, medical hardships, inflation/increased prices, and much more! Here are some simple, but not insignificant ways, of stretching your dollars further. Small amounts of savings do add up! Part 1 will focus on food, groceries and dining out.

Groceries

Plan your meals for one week ahead, if possible. Be sure to inventory what you already have at home to avoid buying items that you do not need.
Make a grocery list to cover meals and stick to it! Plan the aisles you will go down when shopping, and try and avoid the others. You can get a store directory ahead of time to plan your route.
Avoid multiple trips to the grocery store. This counts down on gas and the temptation to buy more than you can afford.
Comparison shop by cost per ounce/pound, etc.
Avoid shopping when you are hungry, tired, or in a hurry. Also, try to avoid bringing a number of other people with you.
Calculate your costs with your phone, or using an app while shopping so there are no surprises at the register.
Consider ordering groceries online and utilizing curbside pick up to avoid going into the store to prevent buying items you don’t need.
Buy in bulk the items that you are sure you will use; such as paper products, hygiene products, etc.
Buy store or generic brands.
Only use coupons for those items you are sure you will use. Many times, food and groceries are purchased because we have a coupon, but then they are thrown out.
Plan some meatless meals that are still high in protein (e.g., cheese, peanut butter, legumes).
Meals do not have to be “standardized”. Kids may love pancakes for dinner!
Involve the family! Making dishes such as a casserole, lasagna, enchiladas, etc. together on a weekend can produce leftovers for part of the next week.
Consider growing a family garden of fruits and vegetables. If neighbors grow fruits and vegetables, trade or exchange with them.
Go to a farmers’ markets.
Consider discount grocery stores.
Check out your local dollar stores for items like toothpaste, shampoo, etc.
Ask for grocery store gift cards for holidays gifts and birthdays.

Dining Out

Make dining out a treat, and limit to special days.
Look for establishments that offer specific days when kids can eat free.
Share meals
Ask if you can order from the kid’s menu.
Ask for senior citizen or retiree discounts, if applicable.
Cut in ½ (or less) the number of times you go out to eat per week (e.g., grabbing coffee, fast food, lunches).
Don’t order beverages or alcohol when dining out. Eat dessert at home, or just go out for dessert.

Would you like to work on your individual budget plan with one of our knowledgable counselors? Contact Parachute today to schedule a one on one appointment! 716-712-2060 https://parachutecreditcounseling.org/services/credit-budget-counseling/#financial-coaching

Parachute Services, Relief Programs, Student Loans

MORE Student Loan NEWS:

45% of 18-35 Year Old NYS Residents Have Student Loan Debt

Parachute Credit Counseling Offers FREE Assistance and Counseling

Bad News: Proposed Loan Forgiveness Program Struck Down by Supreme Court

Payments to Resume on October 1^st

Good News: 804,000 Borrowers Will Have Their Loans Automatically Discharged via Income Driven Repayment (IDR) Plans—Program Extended; Parachute Can Help

NEW SAVE Repayment Plan Announced: Most Affordable Plan Ever Created

12 Month Grace Period: Borrowers Will Not Be Penalized for Missing Payments

Millions of Americans will soon resume paying their student loans, whether they want to or not. In their recent 6-3 decision, the Supreme Court rejected the much hoped for, yet controversial, student loan forgiveness proposal.

This means that interest will once again begin accruing on outstanding loan balances this September. Then, on October 1^st, payments resume and 44 million Americans will be paying an average of $210 to $314 each month toward their loan balances (according to Wells Fargo).

However, there is hope that there may be other methods to facilitate student loan forgiveness and the U.S. Department of Education is hard at work on various strategies.

Late last week, the Department of Education announced a few positive steps, beginning with the news that 804,000 borrowers will have $39 billion in Federal loans automatically discharged due to Income Driven Repayment (IDR) Plan/IDR Account Adjustment. This program had disappointed many until very recently when great effort was put into fixing it. More info coming later in this release: many people could benefit so it is suggested that everyone look into it.

The Department of Education also announced the SAVE Plan (Saving on a Valuable Education) which they have called “the most affordable repayment plan ever created.” This new plan will cut monthly payments to $0 for millions of borrowers making $32,800 or less ($67,500 for a family of four) and save all other borrowers at least $1,000 per year. Additionally, it will stop runaway interest that leaves borrowers owing more than their initial loan.

And in a final announcement, in an effort to ease the transition to monthly payments, President Biden and the U.S. Department of Education stated that there will be a 12-month “on-ramp” period starting in October where “missed, partial, or late payments will not lead to negative credit reporting, default, or loans being sent to collection agencies.” Additionally, missed payments will not count toward loan forgiveness under any of the income-driven repayment plans or Public Service Loan Forgiveness.

We are currently facing a unique, unprecedented situation that will significantly impact millions—along with the entire economy–over the next few years.

Since March 2020, borrowers have had a pause in their student loan payments—with no interest accruing–due to the pandemic. This break let those with loans stay current on other bills and obligations, pay down other debt, or for some, build up their savings. The resumption of loan payments is expected to have an adverse economic impact with a slow down in overall spending and an increase in defaults and forebearances. Never in the history of the federal student loan system have over 40 million borrowers simultaneously resumed repayment after a three-year hiatus.

According to the Consumer Financial Protection Bureau (CFPB), about 20% of student loan borrowers have risk factors that indicate they could struggle when payments resume. More than 1 in 13 student loan borrowers are currently behind on other payment obligations, a rate higher than before the student loan pause started in March 2020 during the pandemic.

Student loan borrowers owe more in other debts now as well. The CFPB found that median scheduled payments on other debt obligations have increased by 24% for borrowers whose student loans will soon become due. In percentage terms, those increases are especially notable for younger borrowers—a whopping 252% increase from $65 to $229.

Income Driven Repayment (IDR) Plan/IDR Account Adjustment

As mentioned earlier, there are positive options available for student loan borrowers. One of these is the the Income Driven Repayment (IDR) Plan/IDR Account Adjustment which was recently extended until December 31, 2023. Income Driven Repayment (IDR) Plans allow borrowers to make payments on their federal student loans according to a formula based on their income and family size—the payments are deliberately meant to be smaller. Ostensibly this program had been in place prior to the pandemic but there were major issues with it, resulting in few people actually receiving the proper help to enroll in this program.

Last year, the U.S. Department of Education implemented IDR Account Adjustment to help student loan borrowers benefit from the program as it was initially intended. The Department worked to remove the confusion surrounding the program, making it more accessible and available to student loan borrowers. It also conducted a one-time adjustment of IDR payments to address past inaccuracies and improved their previous subpar tracking procedures.

On July 14^th, the Department of Education began notifying 804,000 borrowers that they have a total of $39 billion in federal student loans that will be discharded in coming weeks. In total, more than $116.6 billion in student loan forgiveness for more than 3.4 million borrowers has been approved.

In final good news, there is no application required for the IDR Account Adjustment. Borrowers will automatically receive the benefits. A critical element, however, is that borrowers with non-Direct and non-government-held federal student loans need to consolidate those loans into the federal Direct consolidation program in order to benefit from the IDR Account Adjustment.

The U.S. Department of Education advises: “Borrowers who have commercially managed FFEL, Perkins, or Health Education Assistance Loan Program loans should apply for a Direct Consolidation Loan by the end of 2023 to get the full benefits of the one-time account adjustment.” Additional info available here: https://studentaid.gov/announcements-events/idr-account-adjustment

Parachute Credit Counseling—formerly known as Consumer Credit Counseling Service of Buffalo (CCCS)— recently announced that they are now offering free Student Loan Counseling—including assistance with the IDR Account Adjustment process and loan consolidation–throughout the eight counties of Western New York along with expert strategies for attaining financial stability.

The experienced, certified financial counselors at Parachute will help WNY residents consolidate their loans and review other potential relief options and changes to existing programs available to help borrowers reduce or eliminate their debt. Now is the time for borrowers to seek free and unbiased counseling. Call 716-712-2060 or visit https://parachutecreditcounseling.org/ for more information on our Student Loan Counseling Program and other financial counseling services we provide.

Parachute Services, Student Loans

Student Loan Update

45% of 18-35 Year Old NYS Residents Have Student Loan Debt

Bad News: Proposed Loan Forgiveness Program Struck Down by Supreme Court

Payments to Resume on October 1^st

Good News: 12 Month Grace Period: Borrowers Will Not Be Penalized for Missing Payments

Income Driven Repayment (IDR) Plan Adjustment Extended BUT Help May Be Needed

Parachute Credit Counseling Offers FREE Assistance and Counseling, can help with IDR

Millions of Americans will soon resume paying their student loans, whether they want to or not. In a 6-3 decision on June 30th, the Supreme Court rejected the much hoped for, yet controversial, student loan forgiveness proposal.

There is hope that there may be other methods to facilitate student loan forgiveness but for now, there is much disappointment as interest will once again begin accruing on loan outstanding balances this September. Then, on October 1^st, payments resume and 44 million Americans will be paying an average of $210 to $314 each month toward their loan balances (according to Wells Fargo).

In an effort to ease the transition to monthly payments, President Biden and the U.S. Department of Education stated that there will be a 12-month “on-ramp” period starting in October where “missed, partial, or late payments will not lead to negative credit reporting, default, or loans being sent to collection agencies.”

For the past three years, borrowers have had a pause in their student loan payments—with no interest accruing–due to the pandemic. This break let those with loans stay current on other bills and obligations, pay down other debt, or for some, build up their savings. The resumption of loan payments is expected to have an adverse economic impact with a slow down in overall spending and an increase in defaults and forebearances. Never in the history of the federal student loan system have over 40 million borrowers simultaneously resumed repayment after a three-year hiatus.

Income Driven Repayment (IDR) Plan/IDR Account Adjustment

Although student loan forgiveness is not imminent, there are positive options available for student loan borrowers. One of these is the the Income Driven Repayment (IDR) Plan/IDR Account Adjustment which was recently extended until December 31, 2023. Income Driven Repayment (IDR) Plans allow borrowers to make payments on their federal student loans according to a formula based on their income and family size—the payments are deliberately meant to be smaller. Ostensibly this program had been in place prior to the pandemic but there were major issues with it, resulting in few people actually receiving the proper help to enroll in this program.

Parachute Credit Counseling—formerly known as Consumer Credit Counseling Service of Buffalo (CCCS)— recently announced that they are now offering free Student Loan Counseling throughout the eight counties of Western New York along with expert strategies for attaining financial stability.

Call 716-712-2060 or visit https://parachutecreditcounseling.org/services/ for more information on our Student Loan Counseling Program and other financial counseling services we provide.

Budget, Debt, Parachute Services

National Financial Freedom Day: A Day to Celebrate Financial Independence

National Financial Freedom Day is observed on July 1st every year. The holiday aims to raise awareness about financial freedom, which is the ability to afford the kind of life you desire without having to worry about financial constraints. There are many things you can do to achieve financial freedom, such as:

Pay off debt. This is one of the most important steps you can take to improve your financial situation. The less debt you have, the more money you will have available to save and invest.
Build an emergency fund. This is a savings account that you can use to cover unexpected expenses, such as a car repair or medical bill. Having an emergency fund will help you avoid going into debt when unexpected expenses arise.
Invest for the future. Once you have paid off debt and built an emergency fund, you can start investing your money. Investing can help you grow your wealth over time and reach your financial goals. There are many different ways to invest, so you can choose an option that is right for you. Some popular investment options include stocks, bonds, and mutual funds.

Achieving financial freedom takes time and effort, but it is possible. By following these tips, you can take steps to improve your financial situation and achieve financial independence:

Create a budget and stick to it. This will help you track your spending and make sure you are not overspending.
Live below your means. This means spending less money than you earn.
Save money regularly. Even if you can only save a small amount each month, it will add up over time.
Invest your money wisely. Do your research and choose investments that are right for you.
Be patient. It takes time to achieve financial freedom. Don’t get discouraged if you don’t see results immediately.

National Financial Freedom Day is a day to celebrate your progress and to recommit to your financial goals. We at Parachute are here to help you do just that! Give us a call at 716-712-2060 to schedule an appointment to speak with one of our skilled counselors who can help you determine steps you can take to achieve financial freedom and live the life you desire!

Credit, Debt, Parachute Services

How to Improve Your Credit Score

Your credit score is a number that lenders use to assess your creditworthiness. It is based on a variety of factors, including your payment history, the amount of debt you have, and the length of your credit history. A good credit score can help you get approved for loans and credit cards with lower interest rates, which can save you money in the long run.

There are a few things you can do to improve your credit score:

Pay your bills on time. This is the most important factor in determining your credit score. Make sure to pay your bills in full and on time each month.
Keep your credit utilization low. Credit utilization is the amount of debt you have compared to your total available credit. Aim to keep your credit utilization below 30%.
Avoid opening too many new accounts. Hard inquiries, which are requests for new credit, can temporarily lower your credit score. Try to limit the number of new accounts you open each year.
Get a copy of your credit report and dispute any errors. Review your credit report for any errors, such as accounts that are not yours or late payments that you did not make. Dispute any errors with the credit bureaus.

Improving your credit score takes time and effort, but it is worth it in the long run. By following these tips, you can improve your credit score and get the best possible terms on loans and credit cards.

Here are some additional tips to help you improve your credit score:

Get a secured credit card. A secured credit card is a good option for people with bad credit. With a secured credit card, you will need to make a deposit, which will be your credit limit. Using a secured credit card responsibly can help you build your credit history and improve your credit score.
Pay down debt. The less debt you have, the better your credit score will be. Make a plan to pay down your debt as quickly as possible.
Be patient. It takes time to improve your credit score. Don’t get discouraged if you don’t see results immediately. Just keep working at it and you will eventually reach your goal.
Contact Parachute! Here at Parachute, we offer one-on-one Credit Report Review, and Financial Counseling sessions to review your specific credit situation and can offer individualized results that align with your goals.

www.parachutecreditcounseling.org 716-712-2060

Budget, Credit, Debt, Parachute Services

The Link Between Money and Mental Health

May is Mental Health Awareness Month, and there is a clear connection between financial wellness and mental health. Financial problems are a major source of worry and anxiety for many people, and can lead to mental health struggles. If you’re worried about money, then you’re not alone! Here are some ways that financial issues can affect your mental health:

Stress. Money worries can be a major source of stress, and chronic stress can have a negative impact on mental health, and even physical health.
Anxiety. Financial problems can lead to anxiety about the future, and about being able to meet basic needs.
Depression. Financial problems can lead to feelings of hopelessness and despair, which can contribute to depression.
Substance abuse. Some people turn to drugs or alcohol, or other addictive behaviors, to cope with financial stress. You are not alone, and there are resources available.
- SAMHSA’s National Helpline, 1-800-662-HELP (4357), or TTY 1-800-487-4889, also known as the Treatment Referral Routing Service, is a confidential, free, 24/7/365, information service, in English and Spanish, for individuals and family members facing mental and/or substance use disorders. This service provides referrals to local treatment facilities, support groups, and community-based organizations.
Suicidal thoughts. Financial problems can be a major risk factor for suicide. Please reach out for help AS SOON AS POSSIBLE if you are having suicidal thoughts.
- If you’re thinking about suicide, are worried about a friend or loved one, or would like emotional support, the Lifeline network is available 24/7 across the United States. The 988 Suicide & Crisis Lifeline (formerly known as the National Suicide Prevention Lifeline) is a United States-based suicide prevention network of over 200+ crisis centers that provides 24/7 service via a toll-free hotline with the number 9-8-8. It is available to anyone in suicidal crisis or emotional distress. The caller is routed to their nearest crisis center to receive immediate counseling and local mental health referrals. The Lifeline supports people who call for themselves or someone they care about.

If your finances are negatively affecting you mentally, emotionally, and/or physically, there are a number of things you can do to improve your mental health, such as:

Talk to someone. Talking to a friend, family member, therapist, or financial professional who can help you cope with your financial problems and develop a plan to improve your financial situation. Getting involved in your community can help you to feel more connected and supported, which can also buffer the effects of financial stress.
Seek professional help. If you are struggling with mental health problems as a result of financial stress, it is important to seek help from a trained professional. A therapist can help you manage your stress, anxiety, or depression.

Take care of yourself. Make sure to get enough sleep, eat a healthy diet, and exercise regularly. These things can help improve your overall mood and well-being, putting you in a better position to be able to manage the stresses in your life.

Budget, Parachute Services

How to Budget Your Money: A Beginner’s Guide

Budgeting is a key part of financial management, but it can be difficult to know where to start. This blog post will provide you with a step-by-step guide on how to budget your money, so you can take control of your finances and reach your financial goals.

Step 1: Track Your Spending

The first step to budgeting is to track your spending. This will help you see where your money is going and identify areas where you can cut back. There are a number of ways to track your spending, including using a budgeting app, keeping a spreadsheet, or simply writing down your expenses in a notebook.

Step 2: Create a Budget

Once you have tracked your spending, you can create a budget. A budget is simply a plan for how you will spend your money each month. There are a number of different budgeting methods, so find one that works for you. Some popular budgeting methods include the 50/30/20 rule, the envelope method, and zero-based budgeting.

Step 3: Stick to Your Budget

The most important step in budgeting is to stick to your budget. This can be difficult, but there are a number of things you can do to make it easier. First, make sure you have a realistic budget. Don’t try to cut back too much too soon, or you’re likely to give up. Second, automate your budget. This means setting up automatic transfers from your checking account to your savings account. This will help you save money without even thinking about it. Third, track your progress. This will help you stay motivated and see how you’re doing.

Step 4: Review Your Budget Regularly

Your budget should be a living document. That means you should review it regularly and make changes as needed. Your income and expenses may change over time, so your budget should change too.

Step 5: Make a Plan for Overspending

Everyone overspends from time to time. It’s important to have a plan for what you’ll do if you overspend. One option is to have an emergency fund for unexpected expenses. Another option is to transfer money from your savings account to cover the overspending.

Step 6: Reward Yourself

When you reach a financial goal, be sure to reward yourself. This will help you stay motivated and keep working towards your goals.

Budgeting can be a challenge, but it’s worth it. By following the steps in this post, you can take control of your finances and reach your financial goals.

If you’d like more detailed, individualized assistance, contact Parachute Credit Counseling at 716-712-2060 or www.parachutecreditcounseling.org

Budget, Credit, Debt, Parachute Services

April is Financial Literacy Month!

Financial Literacy Month is a national observance held every April to promote financial education and responsibility. Financial Literacy Month is a great time to learn more about financial literacy and to start taking steps to improve your financial well-being.

Financial literacy is the ability to understand and manage personal finances, and includes the awareness and knowledge to make informed financial decisions. Financial literacy can be improved by seeking to understand basic financial concepts such as budgeting, saving, and investing.

Financial Literacy Month is a great time to start taking steps to improve your own financial well-being. Here are some tips to get started:

Set financial goals.

What do you want to achieve financially? Do you want to buy a house, save for retirement, or start your own business? Once you know what you want to achieve, you can start making a plan to reach your goals.

Create a budget.

(…and stick to it!). A budget is a plan for how you will spend your money. It can help you track your spending and make sure you are not spending more than you earn. You can’t make progress toward your financial goals if you don’t know where your money is going each month.

Save money.

Start by setting aside a small amount of money each month and gradually increase the amount you save as you get more comfortable with it. Set up auto pay to direct deposit a realistic amount to a savings account out of each paycheck.

Start thinking about investing.

Investing money is a way to grow your money over time. There are many different ways to invest, so it is important to do your research and choose an investment strategy that is right for you. Contact a financial planner or advisor for specific advice and guidance.

Get help.

If you are struggling with financial literacy, there are many resources available to help you, both online and in your community. You can take a financial literacy class, read books or articles about financial literacy, follow reputable financial sources on social media, subscribe to financial newsletters, or listen to personal finance podcasts. Meeting with a financial professional is a great way to assess your own situation, and work together to create a plan on how to achieve your personal financial goals and stay on track moving forward.

Parachute Credit Counseling is dedicated to promoting financial literacy and well-being, and to help minimize the stigma associated with debt. We offer many different services to assist individuals and families achieve their personal financial goals, and to provide financial education.

More information on Parachute’s Workshops and Events to promote financial literacy:

Workshops & Events

Essential information compiled by Parachute to promote making wise budgeting choices and maintaining good financial health:

Educational Articles

Contact us at (716) 712-2060 to speak with a certified financial counselor and review your personal situation and create a plan to take specific steps to improve your own financial literacy. We are offering appointments all through the month of April, and beyond!