Financial Literacy

This is not about judgment of where you are financially. Many Black families are navigating low wages, high costs, medical debt, caregiving and systemic barriers. If you cannot do every step right now, that does not mean you are failing.

Step 0. Stabilize Your Base: Focus on Short-Term Survival Without Shame

  • Secure housing and utilities
  • Avoid financial decisions during crisis modes

Create A Budget: Know Your Numbers. You Can’t Fix What You Don’t See

  • Write down every source of income (jobs, benefits, side work)
  • List every monthly bill
  • Track spending for 30 days to see where money actually goes.

Caregiving, Fixed Incomes and Medical Reality

Many seniors worked their entire lives and now live on a fixed income that do not keep up with housing, food, and healthcare. In many cases, family members become caregivers because independent living is simply unaffordable.

  • Get added as an authorize helper on bills the senior may have
  • Consolidate utilities, phone and internet plans
  • Cancel any unused subscriptions
  • Ask for medical billing assistance or hardship programs
  • Apply for programs: Medicaid, even if private insurance exist. SNAP. LIHEAP (utility assistance). Property tax exemptions.
  • Support from Council on Aging
  • Track caregiving related expenses separately
  • Keep receipts
  • Avoid mixing personal and caregiving funds. This protects you; especially if benefits or estate issues arise.

Have These Documents on Hand

  • HIPAA Release
  • Living will
  • Healthcare surrogate
  • Power of Attorney (Helps with banking, bills, insurance and applications)

Pets: Loving A Pet Means Planning For Their Care, Not Just Bringing Them Home.

  • Pets are family and they come with ongoing costs. Expenses may include: food, vet care, emergency medical bills, flea/tick prevention and spay/neuter costs.
  • Too many animals end up in shelters or on the side of the road. Not because people don’t care but because no one explained the financial responsibility upfront.
  • Spaying and neutering prevents unexpected litters
  • If you’re going to have a pet, make sure to set aside a small pet emergency fund.

Step 1. Protect What You Have: Planning is Protection, Even Without Insurance.

  • Look into guaranteed issue life insurance
  • Get term life insurance (10–12x annual income if possible).
  • Look into final expense/burial policies
  • Enroll in health insurance (employer, ACA, or Medicaid ( Florida has not expanded Medicaid). Healthcare.gov (Enrollment is happening now). F
  • Get renter’s/home insurance (protect belongings).
  • Opt into disability insurance if offered.
  • Ask hospitals about charity care and financial assistance programs.

Step 2. Build Emergency Savings: Stop Financial Leaks: Fees, Overdrafts, Subscriptions.

  • Save $500–$1,000 starter fund.
  • Grow to 3–6 months of expenses in high-yield savings. Look for accounts that are FDIC or NCUA
  • Automate small deposits ($25–$50/month). If that isn’t possible, start with $5-$10 per pay period, even if it’s irregular.

Step 3. Pay Down Debt: Debt Payoff is Not About Speed, it’s About Reducing Harm

Know Your Rights:

  • You have a right to free credit reports
  • Debt collectors must follow the law. Florida law limits how debt collectors can contact you and what they say. Collectors cannot threaten, harass, impersonate law enforcement, contact your employer improperly, or misrepresent debts. Learn more. Florida Statue 559.72 – Prohibited Debt Collection Practices. If a collector violates these rules, document everything and seek legal guidance.
  • Medical debt rules are changing, so ask questions. Always get an itemized bill.
  • Always request terms in writing.
  • Target high-interest debt (credit cards, payday loans).
  • Use snowball (smallest first) or avalanche (highest interest first).
  • Avoid predatory loans/lenders.

If Money Is Tight Right Now:

  • Pay minimums on everything first to protect your credit
  • Call lenders and ask about hardship programs or reduced interest.
  • Medical bills can often be negoated or put on payment plans.

Step 4. Build Credit Wisely: Credit Scores Improve Through Consistency not Perfection

  • Pay bills on time (most important factor).
  • Keep credit utilization below 30%.
  • Use secured card if rebuilding credit.
  • Avoid “credit repair” companies that charge high upfront fees.
  • Paying a collection does not automatically remove it from your credit report
  • Never give collectors direct access to your bank account

DO NOT wake up old debt. Do not call old collectors. Do not make “good faith” payments and do not acknowledge ownership without validation. These actions can restart legal timelines, even if the credit report clock stays the same.

Step 5. Start Investing: Not Investing Yet is Not a Failure. Instability is Expensive

  • Contribute to 401(k) if employer offers a match.
  • Open an IRA (preferably Roth).
  • Invest in low-cost index funds/ETFs.
  • Start with as little as $50/month.

Disclaimer: Only move to this step if you can: cover basic needs. High interest debt is under control and you feel stable month-to-month.

Step 6. Buy Assets, Not Liabilities: Choose Purchases That Support Long-Term Security

  • Consider homeownership if stable and affordable. Homeownership is not required for wealth. Renting can be a smart choice depending on income, credit and stability.
  • Avoid buying property or a home that stretches your budget or depends on future income to survive.
  • Explore first-time buyer programs.
  • Look into starting a business or side hustle.
  • Side hustles should not create debt. Avoid “pay to play” schemes or “investment opportunities” that promise fast returns.

Vehicles: A Car That Helps You Work Is a Tool. A Car That drains Your Income Is A Trap

  • Cars depreciate quickly and require ongoing expenses. Buy reliable transportation, not a status symbol.
  • Avoid long loan terms (6-8) years that keep you upside down on a loan.
  • If possible, buy used and keep payments affordable. If possible, have the vehicle checked out by a trusted mechanic.

Sometimes a car is required for survival or to earn income. In those cases, the goal is to reduce debt and long-term cost.

  • Put down as much as reasonably possible.
  • Keep total car costs (payment + insurance) under 10-15% of monthly income if possible.
  • Avoid buy here, pay here and predatory auto lenders.
  • Get preapproved through a credit union if possible.
  • Say no to unnecessary add ons and warranties.

Step 7. Estate and Legacy Planning: Legacy Isn’t Just Money. It’s Knowledge and Preparation

  • Write a will (avoid losing generational wealth). Review regularly, especially after life changes.
  • FreeWill is a legitimate platform partnered with organizations like the American Red Cross to help individuals create free basic wills at no cost. This option works best for people with simple estates (no complex property, multiple businesses, or contested family situations.
  • If you own property, have minor children, blended families, or significant assests, consider speaking with a qualified estate attorney for personalized guidance. Learn more at: FreeWill.
  • Write a living will (Advance Directives). This helps prevent unwanted medical decisions and reduces the burden on a family member. For more info: National Alliance for Care at Home. Offers free, state-specific advance directive forms and plain-language guidance to help you document your medical wishes and name a healthcare proxy.
  • Set beneficiaries on all accounts/policies.
  • Consider a trust if you own property.
  • Talk openly with family about money and estate planning. Estate planning is not about wealth, it’s about protecting your family from confusion, courts and conflicts. Having nothing in writing doesn’t mean the state does nothing, it means the state gets to decide.

Future workshops include:

  • How to budget
  • Understanding debt
  • Building emergency savings
  • Understanding credit
  • Banking and avoiding fees
  • Avoiding financial scams
  • Teaching children about money
  • Caregiving on a fixed income
  • Planning basics (living wills, POA’s)

Food and Household Stability: Feeding Your Family Without Financial Stress

  • Use benefits you qualify for without shame. (SNAP, WIC)
  • Utilize programs that offer free meals, during the summer, for children under the age of 18.
  • Buy in bulk when it saves money, not just because it’s cheaper.
  • Plan meals around what you already have

Supporting Our Elders: Food Access for Seniors

Many elderly residents live on a fixed income and forced to choose between, food, medication and utilities. Programs like Meals on Wheels help insure seniors receive nutritious meals while maintaining their independence and dignity. Meals on Wheels is private pay and uses a sliding scale fee.

The Senior Dining Program is a neighborhood-based program which offers older citizens the opportunity to share their noon meal with others their age. MEALS MUST BE ORDERED A DAY IN ADVANCE BY NOON. For more information: Senior Dining Program

Future workshops will include:

  • Grocery Budgeting
  • Meal planning on a limited budget.

Disclaimer: The information shared here is for educational purposes only and is not intended for financial, legal or insurance advice. I am not a financial advisor, attorney, or insurance agent. Individuals should consult a qualified professional regarding their specific situation,