Since 2003, each April has marked Financial Literacy Month. This time is to be focused on expanding your financial education. Without vital knowledge regarding your finances, it is easy to make costly mistakes that could have otherwise been avoided. Being aware and making a conscious effort to achieve financial wellness may appear scary or a far-off issue but early preparation can save you money and headaches in the future. It is best to teach these financial concepts and lessons as early as possible. When Financial Literacy Month was first introduced, the initiative was aimed at youth, however it was expanded to everyone in 2010 following the financial crisis. It is important to understand what financial literacy means more than understanding definitions; it is understanding definitions, concepts, and how they correlate in your life. Read more about the several steps one can take in order to improve their financial literacy.
Things normally do not happen unless you take action each day, not just in April. There are steps you can take in order to enhance your financial literacy without a huge effort. You can increase your financial literacy by simple reading an article or listening to a podcast. These are simple steps that can be taken daily in order to improve your overall financial well being. Being informed on current topics as well as terminology can help you have a better grasp of your finances and how they are being impacted. Other small steps you can take in order to improve your financial wellness include setting up online account view for your accounts, sorting through clutter, and setting priorities and goals. Action, even if it may appear minor, is how you will best pursue your goals.
Some hands-on steps you can take include updating your budget, creating an emergency account, pay off debt, or starting to save for retirement. While these steps may seem more difficult, you are not alone. Seeking the advice from a financial advisor can help improve your financial literacy as well as overall financial well being. Having a professional managing your finances will take a burden off your shoulders.
While April is dedicated to Financial Literacy, we can take steps each and every day in order to improve our financial well being. Each step, whether big or small, is a step towards financial freedom. Being consistent is extremely important. So what are you going to do today to improve your financial literacy?
Securities offered through LPL Financial, Member FINRA/SIPC. Investment Advice offered through GWM Advisors, a registered investment advisor. GWM Advisors and Southern Point Investment Partners are separate entities from LPL Financial.