Financial literacy and better overall financial happiness go hand in hand. By continually striving to learn something new about money and your overall finances, you could reduce stress, build wealth, and live a better financial life. During Financial Literacy Month, here are some tips to help you become a lifelong financial learner.
5 Ways to Boost Your Money Intelligence
Whether it’s home-buying advice, resources to help you understand what a loan really costs, or how to set and stick to a realistic budget, you owe it to yourself to continually brush up on these five money basics.
- Budgeting and Expenses: The goal is to spend less than you earn, with a portion of your income going toward savings and retirement. When was the last time you reviewed your household budget?
- Savings and Investments: When you go beyond simple savings, you’ll discover the wonders of compounding interest, money market accounts, certificates, and more. Always strive to invest in your own future, whether that’s for retirement or college.
- Loans and Credit: There is a difference between good and bad loans as well as good and bad credit. Understanding the difference can have a big impact on your future.
- Risk Mitigation: Health, life, auto, and property insurance can help protect your financial future. Building an emergency savings account with at least six months of your total income can help relieve stress and protect your family from the unexpected.
- Retirement Planning: Always take advantage of your employer’s 401(k) or other fund matching plans. And be willing to work with a professional to map your retirement.
We’re Here to Help
Gain access to a wealth of financial information and learn more about money with our Financial Education Center. Not sure where to start? Give us a call or stop by. We’ll be glad to help.