Woodbury, NJ - LAEDA in conjunction with Families in Motion hosted a financial literacy workshop at the Hispanic Family Center offices in August. Eight Families in Motion (FIM) families learned about budgeting not only for themselves but also for their potential businesses.
Jamila Powell, Program Manager of LAEDA Entrepreneurial Development Training Program (EDTP) led the discussion and walked the group through some basic strategies to creating a comprehensive but realistic budget to guide their family’s household finances.
“Most families do not fully know where their money goes”, explained Ms. Powell. “A good way to get a picture of your finances is to have everyone in the household commit to getting a receipt for every purchase they make during a given month or series of months. It could be as simple as a cup of coffee or a pack of gum, get that receipt. Those who do this are blown away by how much of their finances are gobbled up by simple purchases.”
Ms. Powell went on to talk about different approaches to compiling a budget and differentiating between wants and needs. She then went into the parallels between a personal budget and a business budget. Financial goal setting was discussed as well as the impact credit has on your goals.
LAEDA as a member of Families in Motion hosts trainings and workshops around starting a new business, financial literacy and other business related topics. LAEDA will be hosting a Jump Start Series in Vineland, NJ starting September 20 and continuing for 5 weeks into October. Visit www.LAEDA.com for details.
Families In Motion (FIM) is a multi-county, multi-agency collaborative led by the Hispanic Family Center of Southern New Jersey, Inc., and includes the Center for Human Services and the Latin American Economic Development Association, Inc. These organizations have come together as a group of forward thinking and high caliber agencies and organizations to form an intensive and holistic family building program that serves working families in Cumberland and Gloucester Counties. FIM’s overarching goal is to provide families with the tools to develop self-sufficient and sustainable strategies to achieve their goals and become stronger members of their communities. The three core areas of focus are economic stability, healthy well-being, and civic engagement. For more information on the Families In Motion (FIM) program, visit http://njfamiliesinmotion.com/ or call 856-848-7150.