What is Financial Literacy?

April is Financial Literacy Month and now is the perfect time for us to take a look at our finances and get them in order. Financial literacy is knowing how to spend, save, and manage money effectively; because no matter how much money you make, you can’t out earn bad financial habits.

The first place to start is by taking a financial wellness assessment to find out how you’re doing with your finances and where you can improve.

Next, apply what you know.

It’s not enough to just know the best money-management practices. Any financially capable individual will tell you that goal-setting, planning, and consistent effort is needed to maintain

your finances. Someone who applies what they’ve learned will track spending, maintain a

low debt-to-income ratio, and keep credit card utilization below 30%.

Planning is another key element of being financially literate. So, start thinking about your long- and short-term goals, tracking your expenses, building a budget, and creating a detailed plan to move forward.

Tools to help:
1.	Budget Calculator
2.	Needs, Wants, Savings: 50/30/20 Calculator
3.	How To Manage Your Debt
4.	Teaching Financial Literacy at Home