April is Financial Literacy Month, a month of observation highlighting the importance of financial education. As a community bank, we strive to help our clients build a better future for themselves and their businesses.
Financial literacy means having the knowledge and responsibility to manage your finances effectively and start reaching your financial goals. This is an opportunity to kickstart your financial goals and strategy to build your better future.
Tips for Improving Your Finances
- Set a Budget
- Compile a list of where your money is going each month and decide what you need and can ditch. For example, streaming services or magazine subscriptions tend to be items we forget we have and continue to pay for them without realizing it.
- Set up Automatic Savings
- If you can’t see it, you won’t spend it. Automatically save a portion of your paycheck into your savings account so you don’t see a lump sum of cash ready to be used. This can also be used to meet your savings goals, whether for fun or to help set up an emergency fund.
- Start an Emergency Fund
- You never know when an emergency might happen. According to Bankrate’s yearly emergency savings report, nearly half (49%) of American adults have less savings than a year ago. Experts say you should have 3-6 months of funds in emergency savings.
Finances can be complicated, but it doesn’t need to be. The goal is to retire with financial freedom. Learning the basics of financial literacy can help you work toward your better future.