Happy April! Spring has sprung, the weather is warming, the flowers are starting to bloom, and… it’s Financial Literacy Month! Spring is often thought of as a time of renewal and growth, so now is the perfect time to review your finances and work on expanding your financial knowledge.
Whether you’re just starting out or have been earning your way for some time, there’s always something new to learn. It’s been said that knowledge is power, and if that’s true, then taking some time to increase your financial literacy this month will help give you the power to better control your financial future.
If you’re just getting started, budgeting is always a great area to start with. As we mentioned in a previous blog post, a budget really is the cornerstone of a solid financial foundation and can give you a lot of insight into your finances. There’s power in knowing where your money is going each month! And remember to review and revise your budget regularly to adjust for changes in your situation. We have some budgeting tools HERE we’d be happy to share with you if you need help getting started.
If you’ve been on your journey for a while, you might review the debt side of your finances. If you have multiple credit cards, explore consolidating some of your debt under a lower interest rate, and create a plan on how to pay down the balances. Also, if your current credit card doesn’t offer rewards that make sense for your lifestyle and spending habits, look into what other reward programs are out there to help get you the most ‘bang for your buck’.
And it’s never too early to start! If you have children, help them understand what money is and ways to manage it. You can start with simple ideas that teach them about the value of money and then build on those ideas as they get older and start earning some money of their own. No matter their age, putting the know-how and resources at a child’s fingertips will give them the power to make smarter decisions and set them up for a strong financial future.
Remember, financial success rarely happens by accident; it is typically the outcome of a journey that starts with education.
Questions? As always, give us a call or send us an email, we’d be happy to help!