NOC Partners with Bank of America to Offer Finance Workshop
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NOC and Bank of America partnered to offer an important workshop to residents of the Oaks dealing with banking, budgeting, and wealth creation at the household level. The workshop used practical methods to teach participants about basic household finance.
The workshop had three objectives:
(a) Educating individuals and families about the benefits of setting up bank savings and checking accounts;
(b) Teaching individuals and families how to budget their household income and set aside some money in a savings account or some other instrument(such as a CD or money management account); and
(c) Educating individuals and families about how to avoid or manage debt and the inherent risks associated with large debts.
More specifically, the workshop supported the following:
I. Introduction
(a) Setting goals in life
(b) Banking security
(c) Safety of money
II. Banking Basics
(a) Checking/saving
(b) Compound interest rate
(c) Debit cards
(d) CDs
(e) Credit cards, loans, mortgages – learning basics
(f) Avoiding/managing credits and debts – staying out of hole
(g) Fees
III. Basic Household Budgeting Tips
(a) Smart choices and trim unnecessary expenses
(b) Family budgeting to meet goals and needs
(c) Good record keeping
(d) Emergency savings
(e) Retirement – financial security
IV. Safe Ways to Send Funds Abroad
V. Sources of Help and Information