Did you know April is National Financial Literacy Awareness Month? According to Wikipedia Financial Literacy Awareness Month is recognized in the United States during the month of April to highlight the importance of establishing and maintaining healthy financial habits.
Just between me and you, this is one of my most favorite times of the year. I love the attention and effort given to this very important subject. National Financial Literacy Awareness Month is a great time to put your toe in the water. If you have been hesitant or intimidated about getting your finances together. Or if you need to hit reset on those financial resolutions that you made at the beginning of the year, April is a great month to do it.
Here are some ways to make the most of National Financial Literacy Awareness Month.
Set Financial Goals – Do you know where you want to be financially in 1, 5 or 10 years? Do you know how you are going to get there? Setting S.M.A.R.T. goals will help you navigate to your financial destination. S.M.A.R.T. goals are Specific, Measurable. Actionable. Realistic and Time Bound. Be sure to include short, mid and long term goals in your planning.
Get Your Budget On – Budgeting is the cornerstone of managing your money and building wealth. However the majority of people admit to not budgeting on a consistent basis. It’s one of those things we know we should be doing but for whatever reason we keep putting it off. Maybe you think you don’t have time or you think it’s too complicated. Whatever your reason(s) is National Financial Literacy Month is the perfect time to turn things around. Click here to download a budget template to get started on your budgeting journey.
Slay Your Debt – Debt does not look good on you. It’s like an albatross around your neck. Weighing you down and keeping your dreams out of reach. According to 2016 NerdWallet study the average American household has $16K in credit card Debt, $50K in student loans and $28K in automobile loans. That is a lot of unnecessary added stress to your monthly income. The Debt Slay Guide – an autographical and instructional guide to paying off debt is a great resource to help you organize yourself and finally put debt behind you.
Savings! Savings! Savings! – It has been said that money speaks one language. If you save me today I will save you tomorrow. True! True! True! Having savings can be a life saver for both expected and unexpected expenses. Savings eliminates stress from already difficult situations and it also saves you money because you are not using credit cards which creates debt and interest. Start a savings account today.
Learn about Stocks – Investing in the stock market and acquiring appreciating assets is a great way to build wealth. For many of us the stock market has been a mysterious place that we heard of but not many have ventured in to. Stockpile is a great app that helps you learn about and invest in stocks. Use our link to setup a free account with stockpile and receive $5 of free stock from the company of your choice to get started.
Review your retirement accounts – Are you saving enough for the retirement lifestyle you want to lead? We think that retirement is so far away that we have plenty of time to prepare. But it is closer than we think. Take some time and calculate how much you will need to for retirement and make sure you are on track to achieve your goal.
FSA/HSA – Get acquainted with Flexible Spending Accounts (FSA) and Health Savings Accounts (HSA). Both are great vehicles to help plan, organize and save on medical expenses. Studies show that healthcare expenses are taking up more and more of our monthly budget and as a result it important to minimize the impact as much as possible. This one of my absolute favorite financial resources. I am type 1 Diabetic and I have a lot medical related expenses each year. My FSAs makes things much easier to manage financially and as a result a lot less stressful on me.
Hope these tips help!
Happy Financial Literacy Awareness Month!