MOSES LAKE — Certified professional accountant Kim Eldred the key to robust financial health is keeping track of where money is coming from and where it's going. 

"The root is the fact that people don't take control of their money before spending it,” she said. “I like to suggest that you need to give every dollar a job before you spend it don't do that. Most people just say, 'Oh, I think I have money in the bank,' or, 'Oh, I'll just swipe the card, and I'll worry about it later.' So that is the biggest mistake that people make, just not paying attention." 

Eldred will offer a free seven-week class in the basics of financial literacy, each Wednesday from 6 to 7:30 p.m. beginning Sept. 30. Classes will be at her co-sponsor, the First Baptist Church, 724 W. Fourth Ave., Moses Lake. 

Putting money to work starts with looking at the big picture, Eldred said. 

"What do I really want to do with my money? You can spend your money however you want, but you can only spend it once,” she said. “If you're choosing how you really want to do that - I ask people that question, what do you really want to do with your money?" 

That answer will vary from person to person, she said. The goal for some people might be paying off a mortgage or other debt, while other people are looking to retire early.  

"What is your big goal? I want them to dream big,” Eldred said. “So that's really the first thing that you need to do is figure out what you really want to do, what you really want to accomplish with your money.” 

A spending plan helps people keep their money from getting away from them.  

"When you truly understand what want to do, then savings becomes like you're spending the money, you're just putting it into an account," she said. 

The budgeting process is all about allocating money, and Eldred suggested people put some aside for that inevitable moment when something goes sideways. 

"We know the dryer is going to break, or the car is going to break down, or I might lose my job," she said. "We know those are going to happen, or might happen. So we need to prepare for that." 

Then there are expenses people know are coming. Eldred called that a sinking fund and cited the example of a yearly insurance bill. She said people should set aside the equivalent of a monthly payment, so that the money is there when the bill, whatever it is, rolls around.  

"The third is, obviously, saving for retirement,” she said. “I was chatting with a few people recently, and we were saying, 'Man, when were 21, if we understood how important and how valuable it was to save even just a little for retirement, it would be great.’ I really want to get that message, especially to the young folks. Yes, it is valuable to save now for retirement." 

But people can start saving no matter their age. 

"It's never too late," she said.  

Eldred said there's a balance when it comes to money management.  

"I encourage fun money in every budget, even if you're in debt,” she said. “You need to allow yourself to spend. Otherwise, it's like going on a diet and saying, 'I'm never going to eat whatever it is again. I'm never going to spend any money until I'm out of debt.' Well, that just doesn't work.” 

Eldred cited herself and her family as an example of the learning curve. She's a CPA with 35 years of experience and she and her husband were in debt. 

"It wasn't until we really understood what we wanted to do with our money, and that was to teach our children to be good stewards of it. We weren't doing that by living in debt," she said. "They watched us. We worked really hard to get out of debt (and) they participated in it. Today they're all college graduates living a debt-free life, and I love to see how they're doing it better than Mom and Dad did." 

People can get more information on registration by contacting Eldred at [email protected]. 

    A class in practical money skills will be offered in Moses Lake by CPA Kim Eldred beginning Sept. 30.