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Volume 6, Issue 2, 2006   Federal Reserve Bank of Dallas

Texas Saves for Financial Literacy Month

April 24–28 is Texas Saves Week, the highlight of the Texas Saves campaign held in April as part of Financial Literacy Month. Planned activities to promote saving include National Teach Children to Save Day on April 25 and Roll Your Change Day on April 26. Read more »

New Credit Scoring System

Three national consumer credit bureaus have introduced a new system, VantageScoreSM, to calculate individuals' credit scores. Read more »

News & Events

  • Top 10 Steps to Improved Financial Health Read more »
    1. Check your credit rating/credit score.
    2. Start an emergency fund.
    3. Pay down/pay off high-cost debt.
    4. Don't turn down free money.
    5. Pay your bills on time.
    6. Protect your identity.
    7. Devise a spending plan/budget.
    8. Learn about investing.
    9. Protect your wealth.
    10. Set up a will.
  • The state of New Mexico recently enacted legislation intended to encourage working families to save. The state legislators approved $1.5 million to support New Mexico Family Opportunity Accounts, a statewide Individual Development Account (IDA) program. IDAs are savings accounts that low-income individuals and families can use to save for a specific purpose, such as purchasing a first home, starting a small business or funding post-secondary education.

    The newly appropriated funds will be available to match those savings by as much as $2,000 annually per account. Account holders will be required to complete financial education in order to learn the basics of managing money and debt and avoiding pitfalls such as predatory lending.

    For more information, contact Eliza Castellano at New Mexico's Office of Workforce Training and Development, (505) 827-6828.

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