How to Boost Your Financial Literacy

April 4th, 2019

April is Financial Literacy Month. Financial Literacy Month became official in 2004 when the Senate passed Resolution 316 to officially recognize the month. While it’s not as fun as Halloween or your birthday, its goal of starting and keeping healthy financial habits is worth celebrating.

Why We Need Financial Literacy Month 

We know, it seems like everything has its own holiday these days. But when you consider the following numbers, you’ll understand why Financial Literacy Month is so important.

How’s Your Financial Health?

We can’t think of a better way to honor Financial Literacy Month than to help our members improve their financial health. Here are a few tips to get you started:

  • Get Your Free Credit Report
    The best way to get a handle on your finances is to know exactly what you owe and what your credit score is. You can get one free annual credit report here
  • Create a Budget
    It doesn’t matter if you use an app, spreadsheet or a piece of paper. What’s important is to just write down what money comes in and goes out each month and then put together a budget using those numbers. 
  • Put Together a Debt Payoff Plan
    We’ve all got a little debt to pay off. Do you know how much your debt totals? Do the math and then figure out how you can start paying it off. Hint – start with the debt with the highest interest rates first. 
  • Pay Yourself First
    Before you tackle your monthly bills, be sure you’re putting away some of each paycheck in a savings or retirement account. That way, you won’t be tempted to spend it. 
  • Earn Some Extra Cash
    You could freelance, get a second job or get creative to earn some extra money each month. This could boost your savings and help you pay your debt off that much faster. 

Stay Informed

One of the best ways to get and stay financially literate is to boost your knowledge about personal finances. Here are a few websites you might want to check out:

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