Financial literacy is knowing what finances are and how to spend, save, and manage money effectively. But it’s not a light switch—you don’t flip the switch and be done with it.

Mismanaging finances can lead to big consequences, and it’s not fun to confront that possibility. Still, mastering money management skills is the only way to achieve and maintain financial health.

Everyone has a “financial situation”—for some it’s not-so-good, for others, it’s great. But everyone, everyone, has one. Financial literacy is the ability to take control of your financial situation.

You begin learning financial literacy concepts at a young age (the difference between a quarter and a dime). As you grow and mature, your view of money grows and matures, too. Financial literacy switches focus from saving for bicycles and skateboards to taking out a car loan. Or, that anticipation of buying a new gaming system gets pushed aside after realizing you need a home to put it in. This is when many begin to fear finances, unsure of how to manage them. But financial literacy is a topic to be discussed, not avoided—and anticipated, not dreaded.

Financial literacy isn’t one and done, a concept where you either know it or you don’t. The broad view of financial literacy is much more flexible. It’s a process where you master and apply skills one at a time. There’s no starting point or finish line. You don’t have to be in a specific situation to begin; and it’s a matter of life-long learning and growth.

Let’s break it down. A financially literate person—at a basic level—understands how to pay their bills with the $2,000 they make each month and do it without drowning in debt. At a more intermediate level, this same person learns how to prepare for their future by setting aside some of that $2,000 for emergencies. Someone at an advanced level will budget out 50% of that $2,000 for necessities, 30% for things they want, and 20% for safe-keeping. A master at financial literacy can use their knowledge on investments to guarantee that a portion of that $2,000 will make them an additional side income. Each level is obtainable and every level is worth the effort to achieve. All that being said, not many people can become an expert in one day. It takes time.

This article has been republished with permission. View the original article: What is Financial Literacy?

April 4, 2023, Country Bank President and CEO Paul F. Scully announced the appointment of Steven P. Musso to the Board of Trustees at its Annual Meeting.

Steve joins the Board with over 30 years of experience in the banking industry. He previously served as the Chief Operating Officer for FinPro Inc., leading consulting engagements, running the consulting operation, and building the technology division. Steve has extensive experience working with banks on strategic planning, interest rate risk analysis, and other consulting and advisory services. In addition, he has worked with various, bank boards, and management teams in financial institutions across the country. Steve holds series 63 and 79 financial securities licenses.

“I was attracted to Country Bank by its talented Board, Management Team, and the opportunity to work with a strong and well-performing community bank. I am excited to be on the other side of the fence. Joining the Board at Country Bank allows me to bring all of my past experiences to bear in helping the Bank continue to serve its local communities and grow by delivering quality banking services in a rapidly changing industry,” said Musso.

“We are delighted to have Steve join the other talented strategic business professionals on Country Bank’s Board as the institution continues to gain prominence and market diversification in Central and Western Massachusetts.  Having been the Bank’s strategic partner at FinPro for the past twelve years, Steve understands firsthand Country Bank’s depth and financial strength,” commented Board Chair James Phaneuf.

The Bank also appointed new corporators from Country Bank: Mary C. McGovern, Executive Vice President, Chief Financial and Operating Officer; G. Thomas Wolcott, First Senior Vice President, Commercial Banking; Dawn M. Fleury, First Senior Vice President, Chief Risk Officer; Miriam J. Siegel, First Senior Vice President, Chief Culture and Development Officer and Steven P. Musso.

About Country Bank

Country Bank is a full-service $1.7B with 17.0% Tier 1 Capital mutual community bank serving central and western Massachusetts with 14 offices in Ware, Palmer, West Brookfield, Brimfield, Belchertown, Wilbraham, Ludlow, Leicester, Paxton, Charlton and Worcester. Country Bank is a member of FDIC, DIF and the SUM network. Country Bank can be reached at 800-322-8233 or online at countrybank.com.