In 2003, the United States Senate designated April as Financial Literacy for Youth Month. It ended up being designated National Financial Literacy Month to highlight the importance of financial literacy and teach Americans how to establish and maintain healthy financial habits.
In honor of such an important month of the year, I'd like to give you a few ideas to improve your financial outlook.
Having a challenge sticking to a budget? Why don't you just begin with a reality check? Review one month of expenses in your bank accounts. Add up transactions by category like groceries, dining out, clothing, gas, etc. Then make small changes to categories that are negatively impacting the progress towards your goals.
Looking for extra money each month? Cancel unused subscriptions like the gym. Shop your auto and home insurance to see if you are getting the best deal. Review your utilities like cable to ensure you aren’t overpaying. Check into Netflix and Hulu. Clip coupons for groceries.
Concerned about sending your kids to college? Gather information about 529 plans in your state. Talk to other families with college-age students to understand what to expect. Task your high schooler with researching local scholarships and/or programs that help with college funding.
Not sure you are going to be ready for retirement? Look into your potential social security benefits. Contact your 401k plan administrator at work. Decide on if you will invest at least up to the match to get your free money. Talk to a financial planner about your options for improving your retirement outlook.
No matter where you are in your financial journey there are always steps you can take to improve. Commit to change at least 1 habit that will help you go further faster.
Now may also be a good time to take my online email course, “21 Day of Healthy Habits.” To learn more click here.
If you need help determining your best next steps contact me to schedule a 30-minute debt-free strategy session here.