Making sense out of finances

Clark County

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Syble Solomon, right, helps Teresa Sumerlin with the Money Habitude activity. Money Habitudes game that was part of the Sparking Change program that was hosted by the Southern Indiana Asset Building Coalition. Photo by Amanda Arnold

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April 27, 2012

Making sense out of finances

Local group holds event to increase spending and saving awareness

By AMANDA ARNOLD newsroom@newsandtribune.com The News and Tribune Fri Apr 27, 2012, 06:36 PM EDT

NEW ALBANY — What are some of the first thoughts that come along with the ideas of spending, budgeting, saving, debt and credit?

Perhaps the reactions are not the most comfortable, confident or sure, but the Southern Indiana Asset Building Coalition is helping people in the community change the mindset associated with those terms. On Wednesday, the coalition held the Sparking Change workshop at the Grand in New Albany, where members of the community and representatives of organizations participated in learning opportunities about finances. It was part of Money Smart Week.

For example, did you know that three of the most effective ways of saving include paying yourself first, set a savings goal and create a system to track your savings? In addition, for budgeting, the key is to “tell” your money where to go on paper before actually spending it. Write down your spending and track exactly where it goes within the budget.

Also, do you know what your credit score is? The Southern Indiana Asset Building Coalition strongly recommends obtaining a copy of your credit score with your plan to conquer debt.

Part of the activities included the game My Money Habitude, which was developed by Syble Solomon, who served as the keynote speaker for the event. During the game, the participants sorted through cards that represented six areas of financial mindsets, such as spontaneous, secure and goal orientated. The idea was to find a commonality in the cards, and some people were surprised with what they learned.

“Money Habitudes is about how you feel about money and your attitudes,” said Solomon.

After the game, Kim Reisser, who attended the workshop with Dress for Success, said that she did learn a lot.

“I learned more about the aspects of money, and how to change my attitude and be more positive,” said Reisser.

Also during the event there were four panelists: Janet Fulton of Women 4 Women, Tina Lentz of Bank On Louisville, Dr. Kathleen Cooter of the Bellarmine Center for Economic Education and Maria Baumgartner of Junior Achievement.

Carrie VanWinkle also spoke about “mapping your money dream.” She explained that often things such as pressure and emotions encourage spending on things a person may not actually need.

“The pressure also comes from the media and relationships because relationships are built through spending money,” she said. “Create strong dreams, and a positive world around you. Define finical goals and make them specific and more obtainable.”

The Southern Indiana Asset Building Coalition helps the community with these goals with financial education, personal coaching, a six-month money challenge, financial leadership and a community resource center.

We are proud to be a catalyst in increasing the financial capability of individuals and families across the Kentuckiana region,” said Whitney Bishop, executive director of the coalition.

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ON THE WEB

• Visit assetbuildingcoalition.org for more information on the Southern Indiana Asset Building Coalition.