LUBBOCK, TX (KCBD) - Unemployment is on the rise, employers are cutting hours and tightening budgets, and bills keep going up. Today the Lubbock Housing Finance Corporation held a free financial literacy workshop to help Lubbock residents with budgeting and credit counseling.
Learning about budgeting, debt, and credit scores never seemed as important to Abraham Chavez as it does now. At the end of February he lost his job. "I'm gonna go from making a really good salary, to making zero. The adjustment has to come through these programs and my family getting together and making budget cuts," he said.
The latest unemployment numbers show Lubbock's economy is better than much of the country, but if a lay off happens to you and your family, those statistics don't mean much. "It's going to be very stressful, and i just want to have an edge on how to handle it," said Chavez.
Programs like Saturday's free financial planning workshop help Chavez understand how he can best manage his money. At the Lubbock Housing Finance Corporation, employees can work one on one with you to help you get back on track financially or budget to meet your own personal financial goals. Their consulting services are free. "We're going to look at their pay stubbs, their bank statements. Try to get a feel of where they're spending their money, and then sit down and work out a budget with them," said Gloria Mendoza, a housing specialist.
The housing corpoation specialists say it's important to set goals, budget to meet them, and stick to your budget. Take advantage of employer matched 401k plans if you can, and be aware of what your credit interest rate is and what it could become if you miss a payment.
You can contact the lubbock housing finance corporation at 744-5397.