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Bankers in Louisiana want to give consumers the gift of financial literacy 12/19/2008 »

BATON ROUGE— Bankers in Louisiana want to give consumers the gift of financial literacy during this holiday season and throughout the New Year. 

“Holiday expenses and a stressed economy can put a strain on anyone’s finances. Being a savvy money manager is key to avoiding the debt of Christmas past and having a financially happy New Year,” said Ginger Laurent, LBA chief operating officer.

To help consumers spend within their means and have a financially happy New Year, Louisiana bankers offer the following tips:

• Develop a budget: Before you start your holiday shopping, develop a realistic holiday budget. 
• Make a list and check it twice:  Create a gift list and know what you want to buy for each person and how much you want to spend.  Send greeting cards or handwritten letters of appreciation to those outside of your list. 
• Shop for bargains: Avoid shopping while rushed or under pressure which can lead to overspending.  Always re-evaluate your purchase to make sure that it is appropriate and within your budget.
• Use credit wisely: Limit credit card use and carry only one credit card with the lowest interest rate.  Your plan should also include a specific date by which you intend to pay off your holiday credit card bills. 
• Start planning for next year: Bankers are committed to helping consumers save for the future.  Check with your local bank about savings plans, such as Christmas Club accounts, that allow you to set aside money throughout the year for your holiday spending. 

In the New Year, bankers will continue their resolve to educate consumers of all ages on how to be better money managers. Below are a few of the programs with which bankers will continue their involvement.

• The Louisiana Bank-At-School program (http://www.lba.org/content.cfm?id=71) helps thousands of young people across the state build the financial skills necessary to thrive in the increasingly complex economy they are preparing to enter.
• The Simply Banking study guide (http://www.lba.org/content.cfm?id=83) was developed by Louisiana bankers to present the basics about banking to high school and middle school students.
• The Louisiana Bankers Education Council assists the Louisiana JumpStart (http://www.lba.org/content.cfm?id=86) by speaking at Teacher In-Service Training seminars through a partnership with The Jump$tart Coalition (http://www.jumpstart.org), a national coalition of organizations dedicated to improving the financial literacy of kindergarten through college-age youth by providing advocacy, research, standards and educational resources.

Louisiana Bankers Association is the professional trade organization for commercial banks and thrifts in Louisiana. Founded in 1900, the LBA works to provide advocacy, communication, education and other services to its member institutions, and to provide banking information to the general public. For more information, go to www.lba.org.

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