NMLS# 3151

Wednesday, April 9, 2014

National Financial Literacy Month

I'm sure you've heard of monthly as well as daily observances that bring awareness to certain topics or causes, one of the most popular being October for Breast Cancer Awareness Month.  Well, April also brings awareness and it's known as National Financial Literacy Month.  Basically, it's an entire month dedicated to promoting financial education across the country.

You'd be surprised how many Americans are unaware of their personal finances.  In 2012, it was said that 40% of adults admitted they had no clue about personal finance and would actually give themselves a C, D, or F on the topic, according to the Consumer Financial Literacy Survey.  Now with facts like that do you see why National Financial Literacy Month is so important?With that said, we are going to walk through the basics of your finances and what you can do this month to be more "aware."

  • Know where your finances stand
There are at least two numbers that anyone employed should know - your gross monthly income and your monthly debts.  In other words, how much money you have left at the end of the month after paying off bills.

  • Check your credit report

Experts suggest you regularly check and monitor your credit report.  The more you know about your finances the easier it will be for you to spot any mistakes or errors.  If you see any incorrect information, make sure to dispute it right away.  You are allowed one free credit report a year through annualcreditreport.com

  • Inquire about expert help
Throughout the month there will be a variety of free financial events to take advantage of it you choose to do so.  They will vary by location and time so make sure to look up events in your specific area.  This is a great opportunity to consult with an adviser to ensure you are on track to meet your financial goals, plus, they can provide further insight to the financial knowledge you already have.

  • Create a financial plan
Controlling your finances is a lot easier said than done and that's why we recommend creating a plan.  What is it that you want to save up for? Maybe it's a vacation or a new car or a new home.  Whatever it is, set aside a certain amount of each paycheck that you can save towards your goal.  Sometimes it's easier to save by the day, week, or month so decide what is going to be the most viable option for you.  Even if it's just $50 a week or $100 out of each paycheck, that's $200 a month and over $1,200 in a year that you will have saved!  

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