Financial literacy week kicks off Saturday

LAS CRUCES - Earning money is only half the battle.

Holding on to it requires a set of skills that will be the focus of Money Smart Week, which officially begins Saturday with representatives from the Hispanic Chamber of Commerce and the Federal Reserve Bank partnering with local businesses to offer Las Crucens a chance to learn to better manage their money.

Money Smart Week will kick off from 9 a.m. to noon at the Las Cruces Farmers and Crafts Market with a booth featuring educational activities for all ages and a chance for those 18 and older to grab some cash, said Eldelisa Nava, director of operations for the Hispanic chamber. The week and rest of the month will continue with workshops, seminars and educational events throughout the area. For a full list, visit the chamber's website at lascruceshispanicchamber.com or their Facebook page.

Money Smart Week began in Chicago in 2002, with El Paso beginning to take advantage of the program in 2011 and Las Cruces launching the first event in 2015. This year will mark not only Las Cruces' second year, but also the first year Albuquerque has joined the program.

Marisol Martinez, with the Federal Reserve Bank of Dallas, El Paso branch, noted the program, wihich aims to teach children and young adults money-management techniques, was especially needed in southern New Mexico due to the high poverty levels.

"One in four families are below the poverty level (in Doña Ana County)," she said. "We can make that change."

The U.S. Census bureau reports 15.6 percent of families and people living below the poverty level in the United States. In New Mexico as a whole, 16.1 percent are in poverty and Doña Ana County records 24.3 percent poverty rates.

Nava noted that 62 percent of Americans do not have enough money saved to cover an unexpected expense over $500. Some 25 percent of millennials list student loans as their largest expense other than food or shelter and 50 percent of college students have more than four credit cards and only 17 percent pay off their monthly debt.

To address those statistics, Money Smart Week seeks to educate people of all ages to manage their spending and savings as well as plan for long-term futures, Nava said.

Last year's event drew 846 attendees to 63 sessions, she said. This year, numbers are expected to increase. In addition, during 2015 the program held 29 workshops in local schools, reaching 343 students.

The vast majority of participants, adult and students alike, said they learned enough from the sessions that they plan to change their monetary habits.

This year's event also includes a middle school essay contest, the winners of which will be announced Saturday and their work displayed. The program will also present a check to Sierra Middle School for their strong support of financial literacy in the classroom. Last year the funds went to Zia Middle School.

"As an 11-year-old, my income is made up from my monthly allowance, birthday gifts, holidays, and tooth fairy money.  My expenses are soccer accessories, clothes, and souvenirs. I save up my money until I have enough to buy what I am saving for," said one essay writer in the contest. "Budgeting may seem complicated at first, but with a little effort and patience anyone can do it. It is worth the time and effort to reach the end goal of saving money. From big businesses using master and financial budgets, to my simple plan of saving my allowance in order to buy a Barcelona T-shirt, each budget will manage money successfully and prevent overspending."

"Don’t have to be afraid of managing money," wrote another. "A budget helped us manage it. If you manage your money well you can save more, have money for the future, have more to give, and you waste less. Money doesn’t have to be a nightmare, it can make dreams come true."

Nava said the lessons apply equally to grade-school students learning to allot their allowances to adults who have never really focused on long-term money management.

"It's important for all of us to know how to budget and save money," Nava said. "When we have good spending and saving habits our families will prosper as individuals and we will prosper as a community."

Jason Gibbs may be reached at 575-541-5451 or jgibbs@lcsun-news.com. Follow him on Twitter @fjgwriter.