Financial Planning

Many Oklahoma youth lack the skills to navigate today’s complex financial maze. A national survey of high school seniors indicated that nearly 70 percent of respondents did not understand basic financial concepts or fiscal principles; however, many of these same students are borrowers, securing student loans and using credit cards regularly. This lack of financial knowledge and experience coupled with excessive spending yields detrimental consequences.

Planning and preparation are essential for a financially successful life. Financial success can be challenging to anyone, regardless of age, income, status or education level.

Use the links on the left to learn more about the core elements of financial planning.

Your Money Matters Activities for High School Students

In response to demand from teachers, we're offering classroom activities to complement OKMM's Your Money Matters guide for high school students, which highlights budgeting, saving, college planning, banking and consumer credit. Our free budgeting and credit activities are now available for download!

OKMM Budgeting Activity

Budgeting Scenario Cards






OKMM Credit Activity

 

To Pool, Or Not To Pool?

Summer temperatures are rising and for many of us, that’s the time we start pondering the possibility of creating our own outdoor oasis with an in-ground pool. Is it a smart financial decision? Let us help you weigh the pros and cons with these tips.

Start with an estimate. A pool is a major financial investment, so you’ll want to know exactly what to expect. Locate reputable companies in your area for an estimate. Ask questions about all the extras to get a complete view so you can tackle this decision armed with lots of options and a realistic idea of cost.

Get real with your real estate. Contact your realtor and find out if a pool will raise or lower your property value. Also, consider how the pool will affect your ability to resell. Some buyers may see it as a perk, while others may only see additional maintenance.

Inquire about insurance. Contact your insurance company to ask questions about premiums and your liability in the event of an accident.

Consider all costs. Will you need to put in concrete or fencing for the pool? How will a pool affect your utility costs? How much will you spend monthly in supplies and maintenance? Can you fit these expenses in your budget?

Do the math. It’s important to be realistic about how often your family will use a pool. Consider the months of the year that it’s warm enough to swim. Then, think about your family’s weekly schedule. How many times per week do you think each family member will swim? Use those numbers, along with the total cost of the pool, to determine how much each swim will cost. One blogger at Darwin’s Finance did this and figured that his family’s usage added up to $67 per swim!

Think ahead. Is your family planning to move in the next few years? Sometimes buying a home with a pool can be a better deal than putting one in yourself. Or, consider moving into a community with a shared pool, which would allow you to use your pool fund to pay for yearly beach or lake vacations.