Oct 27, 2025 6 min read

Managing money is often easier said than done, but financial literacy can make the difference between stress and security. We spoke with Michele Wilson, director of retail operations at CHROME Federal Credit Union, about budgeting, saving and why financial literacy matters, particularly for women.

Q: Could you tell me a little bit about yourself and your history with CHROME?

A: As the director of retail operations, I oversee all of our retail branches as well as our call center. I will celebrate my seventh anniversary with CHROME at the end of this month. I held the role of call center team lead before being promoted three and a half years ago.

Q: What’s the biggest mistake you see people make when it comes to managing money?

A: The biggest mistake people can make is not being honest with themselves about their current budget and living beyond their means. A comprehensive budget requires a thorough understanding of your household income and expenses, as well as a plan for paying down debt and meeting your savings goals. If someone finds themselves relying on credit cards for regular monthly expenses, they may need help rebalancing their budget.

Q: How do you recommend people start building a budget if they’ve never had one?

A: The best way to get started is to review a few months’ worth of your account activity to understand where your money is currently going. How much are you spending on average on groceries, utilities, hobbies or eating out? Once you know your existing habits, it is easier to set realistic goals for yourself. CHROME has nine financial counselors on staff who can help you develop a budget by reviewing these items with you.

Q: What’s one simple habit that can make a big difference in someone’s financial well-being?

A: Pay yourself first! Determine the amount you are comfortable saving from each paycheck and have it automatically deposited into a savings account. Waiting until the end of the month and transferring the remaining balance from checking to savings can create an opportunity for overspending and leave you short on savings. An automated savings plan doesn’t require as much discipline. Build the rest of your budget with what’s left after your savings have been deducted, rather than the other way around.

Q: How can couples have healthy conversations about money without it leading to conflict?

A: Money is a topic that is personal and requires vulnerability, especially if you don’t feel like you have your finances under control. It’s essential that couples have conversations about their approach to finances early and often in a relationship. If you have different approaches to spending and saving, that can absolutely be overcome with openness and planning. I love the concept of money dates, where you put on comfy clothes, grab your favorite beverages and review your budgets, plans and goals together. If you are doing this regularly, you are likely to stay ahead of potentially difficult situations.

Q: How can parents teach their children about money management in age-appropriate ways?

A: Involve them in your family finances in small ways. Let them help or observe how you pay your bills every month. Tell them about your grocery budget, then let them help you plan meals and shop. Set a budget for family fun or vacation and involve them in planning activities that fit within that budget. If you have room in your budget for charitable giving, consider letting them help choose causes that are meaningful to them. I did this with my kids at Christmas a few years ago. I gave them each $100 and told them to donate it to a charity of their choice. They really enjoyed sharing their decisions at dinner on Christmas Eve.

When you can, open a checking and savings account with them and let them start learning how to manage those accounts while they are young, with your guidance.

Q: Do you recommend joint accounts, separate accounts or a combination of both? Why?

A: This really depends on many variables. Any combination can work with the right level of communication. I always say that the right way to manage your accounts is the way that works for you. What’s important is that you are on the same page as your partner about how your accounts will work and how you will approach shared expenses. Even if one partner is not currently earning money outside the home, both partners should have access to and oversight of household accounts, including savings and expenses.

Q: Why is financial literacy particularly important for women?

A: Money equals freedom. Having enough money enables you to walk away from a job that no longer aligns with your values, can provide the confidence you need to take the risk of starting your own business and allows you to leave a relationship that is no longer serving you. Good credit can also help you access additional resources to assist with any of those situations. All of that starts with basic financial literacy.

Q: What’s your advice for women who may feel intimidated about learning or talking about money?

A: Come see me! It’s my goal to provide a comfortable, non-judgmental space for everyone to learn. If you aren’t ready for that step, there are plenty of amazing books and podcasts specifically designed to provide women with additional financial education. There is a lot to learn; I am still learning myself, but there are resources available if you look for them.

Q: What should people prioritize first: paying off debt, saving for retirement or investing?

A: This can vary depending on the types of debt someone has and the interest that is being paid on it. It’s always a good idea to pay down high-interest debt as quickly as you can, but not at the expense of building your emergency savings account. If you don’t pay yourself first and build your emergency savings, you may find yourself turning back towards credit cards or loans when an inevitable emergency occurs.

Q: What role does financial literacy play in long-term security and independence?

A: Every time I teach financial education courses, I say, “Money can’t buy happiness, but a lack of understanding it will certainly add to your stress!” Understanding financial products and services enables you to be a savvy consumer of them and advocate for yourself. Money is a tool that can help you achieve your goals if you understand how to make it work for you.