Indianapolis Public Schools wants not only our students to be educated on financial wellness but also our employees!
Last fall IPS worked with Fifth Third Bank to provide a financial empowerment program called EmpowerU to our 10-month employees. The program focused on budget and savings planning and other financial issues. IPS hopes to expand this program to all employees in the future.
For now, Interim Chief Financial Manager Paul Carpenter-Wilson offers some important financial tips:
- Make a list of your needs, such as rent or mortgage, utilities, car payments, credit card bills, groceries and childcare expenses. Then make a separate list of your wants, such as cable, dining out and morning coffee. Add to your wants “pay off debt” and “savings.”
- Add up your monthly income and subtract your needs for the month. Then you’ll know how much money you have available for your wants.
- Divide your “wants funds” by three. Use some to pay off your debts, some to save for future opportunities, and then some to reward yourself!
Other great tools for tracking finances include web and mobile-based applications like Mint and Budget Simple. Mint is a free personal finance tool that allows tracking of bank accounts, investments, retirement funds and credit cards!
In the future, we look forward to ALL of our employees taking advantage of financial empowerment programs such as EmpowerU!