Every April, National Financial Literacy Month is a time to celebrate, review and challenge ourselves to take action on reaching our financial goals. Learning and practicing different financial components like budgeting, debt management, and credit can help you reach your financial goals. Here are some financial tips to get you started:
• Create a budget – Your budget is your financial foundation, once you can keep track of how much you are spending, earning, and saving it will help you move forward towards your financial goals.
• Saving – Set a certain dollar amount to put into your savings account each time you receive a paycheck. This doesn’t have to be a large amount, every dollar counts. Start small and work your way up.
• Debt management – Use your budget to stay on top of your debt by reducing spending to put extra money toward your debt. Where is this extra money? Think about not only cutting back on variable expenses (shopping, dining, travel) but also the potential savings on those non-variable expenses. Non-variable expenses could be auto insurance, cellphone, and TV/internet. Check to see if you can switch providers to save money and apply that extra money towards your debt.
• Review your credit – No one is a better advocate for our credit than ourselves. It’s important that we regularly check our credit scores and credit report. You can check your credit score on your Partners Mobile app and pull your credit report for free from annualcreditreport.com.
Now, these are just a few tips, building your financial literacy doesn’t happen overnight but no matter where you are in your financial journey, by expanding and continuing to build your knowledge you will build a stronger relationship with your money and confidence about your personal finances.
This year to help celebrate we will be launching Partners Financial Wellness Wednesday on our Instagram channel! Each Wednesday we will share tips focused on a different area of our personal finances, from saving, budgeting, credit, and more! We also will be offering a variety of different financial education workshops all month long. To view our upcoming workshops, click here.
Don’t miss our financial tips and trivia this month, follow us on Instagram.