Financial Education News

May is one of the most celebrated months of the year, filled with commencement ceremonies happening around the country. Students of all ages are awaiting their moment on stage to be acknowledged for the hard work and dedication it took to reach this milestone. Oklahoma Money Matters wants you to focus on celebrating your accomplishments, without added stress about financial planning as you move into your next chapter. To financially plan after graduation, focus on establishing a strong foundation by managing your net income, tackling debt and considering long-term investments. Create a Budget Based on Net Pay: Determine your actual ...

Building new money management skills and paying off debt is absolutely an attainable goal, with the right systems and habits. Here are some practical strategies you can start using right away, whether you’re tackling credit cards, student loans or just trying to feel more in control of your money. Get a clear look at your numbers. Before any budgeting strategy works, you need a clear understanding of your financial situation. Awareness reduces anxiety, and this step alone often lowers stress and reduces impulsive spending. Make a list of every debt you have, including the balance, interest rate, minimum payment, and ...

Welcome to the December edition of Financial Friday, Oklahoma Money Matters' online personal finance newsletter. The holidays should be a time of joy, not stress — but nothing sparks anxiety faster than mounting expenses from overspending. Discover practical tips to keep your season merry and bright while maintaining financial peace of mind. While the holiday season can bring joy and fellowship, it can also evoke feelings of doubt, worry and panic when it comes to finances. There is societal pressure to have it all together and to assess how much we care for one another through consumerism this time of ...

With the new year upon us, many of us start reflecting on our financial goals for the coming months. You're not alone if managing and reducing debt is on your resolutions list. Creating a realistic plan can give you peace of mind while you work toward your goal. Consider these tips to help you build a strategy for success: The emergence of social media has brought on a wave of self-proclaimed experts in debt management and wealth building. These gurus will present a masterclass and a few affirmations, and their consumers will feel like failures when their methods don’t work. This is ...

Assess the current situation: Start by gathering all your debt information. List each debt, including credit cards, personal loans, student loans, and other liabilities. Note the balance, interest rate and minimum monthly payment for each. This may seem scary initially, but you'll be glad you did this when you start to see progress. Create a budget: A well-structured spending plan is essential. Start by calculating your monthly income and tracking your expenses. Categorize your spending into fixed expenses (rent, utilities, groceries) and discretionary expenses (dining out, entertainment). Having it written out can help identify areas where you can cut back and reallocate ...

If you're trying to pay off debt and improve your credit score, working with a credit repair service for assistance may be tempting. These companies specialize in enhancing your credit standing by challenging outdated or inaccurate information on your credit reports and, often negotiating with your creditors on your behalf. Credit repair services typically come at a cost, however, and it usually takes several months to see much progress. Reputable credit repair services scrutinize your credit reports for inaccurate information and initiate disputes on your behalf.  Credit repair services can address various errors, including: • Accounts that do not belong ...

Anyone who currently holds federal student loans should be preparing for payments to restart in October — especially those who graduated between December 2019 and May 2023. There will be no additional extensions. It’s important to be prepared so you aren’t surprised in October when your bill arrives. Generally, federal student loans provide borrowers a six-month grace period after graduation, leaving school, or dropping below halftime enrollment status before repayment begins. The grace period gives you time to get ready for the repayment process by taking the following steps. Graduates who should have entered repayment during the COVID-19 payment pause ...

Many people assume that to get out of debt, build wealth, or stop living paycheck to paycheck, you simply need to change your financial habits. While that’s true, to be successful you also need to change your mindset around money. Our money mindset is largely influenced by our past experiences — whether good or bad. If they were bad, the good news is, with some intentional work you can change those existing money attitudes and habits to help you reach your financial goals. Consider these steps to shift your mindset toward financial success: Determine your values: First, it’s important that you ...

That’s a great question. The name "Public Service Loan Forgiveness" can sound a little misleading since it is more dependent on who you work for (a government entity or 501c3 nonprofit) than having a career serving the public in a field like medicine. However, medical professionals who don’t work for one of these entities may not be completely out of luck. There are many other forgiveness programs that may allow them to get some of their debt forgiven. Consider if any of these might benefit your situation: Dental Loan Repayment Revolving Fund: A revolving fund has been established by the State ...

A new year offers an opportunity to reflect on where you've been and to make plans for your future goals — whatever those may be. By identifying that you don't know where to start and seeking help, you've already made progress in fixing the situation. Consider these steps to get you closer to those financial goals this year. Assess where you are: You can't know where you're going until you know where you've been. That said, the first and most important step is to evaluate where you are right now — at this moment. How much debt do you have? Do ...