April is National Financial Literacy Month! Everyone's situation is different and we know becoming financially literate can be intimidating. We will be sharing some tips how you can get started on your financial literacy journey!
Being financially literate could equip you with the knowledge to make more informed money choices and potentially avoid costly missteps.
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Create a Budget: Track your income and expenses to understand your spending habits and identify areas to save.
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Build an Emergency Fund: Aim to save 3-to 6 months of living expenses to handle unexpected costs.
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Automate Savings & Payments: Automate a portion of your check to be deposited into your savings account. This will eliminate the desire to spend your whole check.
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Open a High-Yield Savings Account: Most regular savings account has a low interest rate, so your money barely grows while sitting in the account. Putting your money in a high-yield savings account will have your money accrue interest while sitting there.
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Manage Debt: List and track your debt. Prioritize paying off high-interest debt.
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Pay more than the minimum required payment on your credit cards: This will eliminate you from spending extra time on paying off a card and paying off extra interest.
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Open and Roth IRA account and start investing early: The earlier the better. Compound interest takes time to grow.
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