Manage My Money; Government Resources for Financial Management
by JamieD, Former Moderator
- Created: June 8, 2010, 9:25 am
Some of the most frequently questions asked in the Business.gov community focus on financial resources; especially loans and grants. To help respond to these questions, we created a general guide entitled I Need Money, Where Do I Get It?. But what happens when you get the money you need? Learning proper financial management techniques is often just as important as obtaining the money in the first place. To help you manage your money, we've highlighted several government sources intended to help business owners practice effective financial management.
MyMoney.gov was developed by the federal government to educate citizens on financial management. Intended to help business owners and the general population alike, the portal features information on spending and retirement plans, debt and credit management, saving and investing, financing options, and avoiding scams.
MyMoney.gov also has a special section dedicated to business needs. Under Starting or Buying a Business, entrepreneurs will find resources such as Ideas for Growing a Small Business, Taxes and Accounting, and Financing a Small Business.
Money Matters was created by the Federal Trade Commission, the national consumer protection agency, to help business owners and consumers deal with a wide variety of issues surrounding money management. Scam Watch fulfills one of the main purposes of the Money Matters portal by educating citizens on fraudulent practices by providing up-to-date information on the latest scams. The site also helps business owners identify legitimate and illegitimate products and services, and offers tips on how to avoid scams.
In addition to the Scam Watch section, Money Matters provides detailed guidance on selecting and maintaining credit cards, information on budgeting, saving and spending money, and how to deal with debt if you find yourself in money trouble. Money Matters also touches on 'hot-button' issues such as job-loss, how to work from home, and how to effectively hunt for a job.
Financial management is a tricky business for even those in the industry. For business owners with little or no financial management experience, the task can seem daunting. Luckily, help is available - the Federal Deposit Insurance Corporation founded the Money Smart program, a comprehensive curriculum intended to equip individuals with basic financial management skills and techniques.
Money Smart workshops, typically sponsored by financial institutions and other organizations, have served over 2.5 million consumers. The same curriculum can be learned through a computer-based program which is very convenient for small business owners.
For more information on financial education, the program also provides a bank of additional publications and resources.
In the Community
Follow Business.gov's Small Business Cents blog for more information and articles concerning money issues. If you have a specific question related to financial management or concerns, please ask the Community for help!
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Loans, grants, taxes, and financial tips for your business.