How to Save Thousands of Dollars: Financial Advice for Kids and Adults from New York City Authorities

Vilda Vera Mayuga, Commissioner of the Department of Consumer and Worker Protection (DCWP), shared how New Yorkers can get free financial literacy training, advice, and increase their savings. New York ForumDaily cites Mayuga's first-person column.

April is Financial Literacy Month, but we at DCWP like to call it Financial Empowerment Month.

Knowing how to save, spend, and budget is critical. But being able to make your finances work for you is also important to living a financially healthy life. By estimated, preventable mistakes due to a lack of financial education cost Americans an average of more than $1500 a year.

The cost of living continues to rise, and more and more families across the country and in our city are struggling to make ends meet. But New Yorkers don't have to face this challenge alone.

Help with financial management

Financial Literacy Centers of New York (NYC Financial Empowerment Centers) offer free, professional, one-on-one financial counseling. They are located in all five boroughs. The centers are designed to help New Yorkers achieve their financial goals and make the most of their money.

Since 2008, our financial support centers have helped tens of thousands of New Yorkers reduce their debt by more than $114 million and increase their personal savings by more than $13 million.

On the subject: Ten Habits That Are Keeping You From Saving Money

Personal experience

As a client of the centers, I can personally attest to the difference financial support services can make in a family’s life. My counselor reviewed my family’s income and expenses with me and helped us create a budget and financial plan. And it worked! The counselor helped me apply for loan forgiveness. This took thousands of dollars out of my debt. I will always be indebted to my financial counselor for helping me get my finances on track. Prosperity.

Getting rid of my student debt and getting my finances in order has given me more room to focus on educating my children. I am teaching them how to grow into financially healthy adults. My daughter is starting high school this year. It is important to have honest and direct conversations about money with our children. This will help them avoid the financial mistakes we made in our youth.

Children and finances

We are now launching an ambitious project to provide children with the tools and resources they need to learn about finance. We will lay the foundation for good financial education for all public school students.

Our team at DCWP works hard every day to make this city more accessible.

We want to provide not only support, but also empowerment to New Yorkers.

Take advantage of these important free resources - they can change your life!

Call 311 or visit nyc.gov/TalkMoneyto make an appointment at the New York City Financial Assistance Center.

You can learn more here.