Federal Reserve & Interest Rates

The Federal Reserve website is a great resource to help you understand the money and credit system. There are plenty of links and resources for consumers to educate themselves on everything from identity theft to avoiding foreclosure. It is extremely important these days to take advantage of all the financial education that is available. Many difficult financial situations can be avoided with the proper planning and other various tips on making, saving, and borrowing money.

One of the most difficult financial issues that many people are facing right now is the possibility of foreclosure. The Federal Reserve website offers links to various websites like the Federal Housing Administration, the Federal Trade Commission and the Internal Revenue Service. These websites have tips on dealing with foreclosure, ways to avoid it, and steps that you can take when you begin to have financial difficulties. If you are a struggling homeowner, this page would be a great resource for you.

Budgeting and saving resources are also available. The Federal Reserve Bank of Chicago website has a page dedicated to budgeting and saving. There are tools that can help you plan for short-term, intermediate, and long-term savings goals. There is also an explanation of how to create a budget with a sample budget-planning chart. Also on this page is a list of money saving tips.

The Federal Reserve Bank of Dallas website has a downloadable resource page on building wealth. It is “A personal finance education resource for schools, nonprofit community organizations, financial services providers and consumers to help young people, adult consumers, families and others develop a plan for building personal wealth. Presents an overview of personal wealth-building strategies that includes setting financial goals, budgeting, saving and investing, managing debt, and understanding credit reports and credit scores.” There are videos, booklets and CDs available as well.

Children need to be educated about the financial systems of our country as well. There is a Federal Reserve Kids page that makes all of the information accessible to children. It explains the role of the Federal Reserve, inflation, interest rates, and the form and function of the Federal Open Market Committee.

I encourage you to make use of all of these resources. They will not only help you and your children understand the financial system, but it can truly help you in your personal finances. Just about everyone can use a little help in that department.