Financial Literacy Month

April is Financial Literacy Month. The importance of this month is to take a look at your finances. So, are you ready to make better financial decisions? Keep scrolling for tips to help you become more financially savvy.

Financial Literacy Month

First and foremost, examine how much money you take in per month.

April 15th is the tax deadline for most states in the U.S.A. However, if you live in Massachusetts or Maine; you have until April 17th to file your taxes. But, if you are still not ready; make sure you file for an extension.

To learn more about getting wiser with your everyday finances; visit my Get Money Smart – April 15th – 21st article.

So, if you are looking to get money smart about your everyday finances; I have the following suggestions.

Financial Literacy Month – Commit to Change

When you are looking to improve your financial well-being; begin today with a fresh start.

Begin the day by making changes. Hence, take control of your expenses. For example, make a list of what you spend each month. If you have fixed expenses such as housing i.e., rent or mortgage, insurance, auto loan, utilities, and other monthly expenses; create a spreadsheet or notebook.

Next, are you paying for everything on time? In addition, are there any expenses that you can reduce?

Once you have taken inventory of all of your expenses; you will be able to identify your finances.

Budget Planner

When you are looking for an easy way to take control of your expenses; this monthly budget book has all the tools you will need to help you master the success of your goals.

Also, this planner is easy to keep on top of your income and expenses.

No doubt, this planner will help you achieve success.

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Get Money Fit

Indeed, millions of people spend time getting physically fit. Yet, what about money fit? So, if you are ready to have financial wellness, you can do several things to succeed with your money.

Here are a few of my tips for getting money fit.

Create a budget
Meanwhile, it is essential to speak to your spouse or partner. Hence, it is important to be on the same page. Speak to each other about their short-term and long-term goals.
Pay your bills on time
Save

Clean up your Credit

When it comes to your credit; it is important you know what your credit score is.

Once you have a copy of your credit report; make sure you review this carefully. For instance, is everything listed right? If not, it is important to report any wrong information.

Because several companies charge for a copy of your credit report; you can get your free credit score free through Credit Karma.

Set Goals

When you are looking to make changes; it is important to set goals. The best way to do this is to set short-term and long-term goals.

A short-term goal should be something that can be accomplished in a short amount of time. An example of this would be a car loan or personal loan. Review the monthly cost. Are you able to pay this each month? Can you pay down a little more each month? When you add extra to your monthly payment; you are significantly lowering your principal balance.

A long-term goal is usually something over 5+ years. An example of this could be a mortgage or education. Whenever I get either my mortgage bill or auto loan; I typically pay more each month. By doing this, I am significantly able to reduce the principal balance and interest charges.

Save

Of course, saving money can be tough. The best way to save money each month is to use a budget planner to help you cut costs.

So, the idea of saving money is to start small. For example, if you have loose coins, collect them and deposit them into your savings account. Although savings accounts are not earning good interest; you can shop around for the best interest rates.

Also, if you received a refund check or a cash gift; deposit this into your savings account.

At the same time, if you receive a sizable inheritance or tax refund check; work with a financial planner to put your money to work for you.