April is Financial Literacy Month! To celebrate, we're sharing 30 tips to help you improve your overall financial wellness.
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Tip #4 - Emergency Fund
Start growing your emergency fund in case you find yourself unable to work in the future.
Tip #5 - Pay Yourself First
Out of sight, out of mind. Set up a direct deposit or automatically transfer money into a separate savings account every time you get paid!
Tip #6 - Review Your Debt
Debt comes with many different terms. Review and determine which is costing you the most and is the most important to pay off first
Tip #7 - Understand 50-30-20 Rule
Take a look at where your after-tax income is going. 50% should go to needs, 30% should go to wants, and 20% should go to savings and paying off debt.
Tip #8 - Check Your Interest Rates
Get a handle on the interest rates in all of your accounts (including any debt). Don't throw away money just because you don't want to take the time to move on from the account where you're earning 0.01%
Tip #9 - Savings is a Long Journey
It doesn't matter how much you can save, just that you start saving. It's a long journey and every little bit counts!
Tip #10 - Share Your Tips With Friends!
Everyone wins when good news and useful tips are shared. Don't keep it to yourself!
Tip #11 - Set Goals
Setting short-, medium-, and long-term goals are important to keeping a successful savings plan on track!
Tip #12 - Know Your Credit Score
Your credit score gives financial services companies an idea of how "credit worthy" you are. Scores range from 300 to 850.
Tip #13 - Review Your Credit Report
Your credit report is more than just your score. Review your credit report for obvious errors (how many cars do you have, for example?) to keep your score accurate!
Tip #14 - Clean Up Your Credit Report
After reviewing your credit report, take the extra step and clean up any errors that you find! Your score will thank you!
Tip #15 - Maximize Any Matching
Take advantage of all matching opportunities and do not leave any free money on the table!
Tip #16 - Balance Your Wants and Needs
It can be tough figuring out what's necessary vs. what's nice to have. Keep your wants and needs in balance as much as you can!
Tip #18 - Find A Savings Buddy
It's not easy to do anything alone - find a friend who wants to save more too. You'll be amazed at how much of a difference it can make when you have someone holding you accountable!
Tip #19 - Tackle Your Debt
Expensive debt - especially credit card debt - can quickly become a mountain. Make a plan to get any unnecessary spending under control and to pay off higher interest debt!
Tip #20 - Keep Looking Forward!
There will be challenges and hiccups along your savings journey. Keep your eye on the horizon and looking forward!
Tip #21 - Set Achievable Short Term Goals
Setting short term goals is crucial for your savings success. Set monthly and quarterly goals that you can achieve!
Tip #22 - Get Goals for 3-5 Years into the Future
Set goals that are 3-5 years out. You can watch and measure your progress. Your savings goal is close enough to be attainable yet far enough that it takes discipline to get there
Tip #23 - Set Long Term Goals!
Rome wasn't built in a day! Set long term goals that you can slowly make progress towards! Remember - it's a marathon, not a sprint!
Tip #24 - Spend Wisely
It's your money - don't waste it trying to keep up with the Joneses! Spend your money wisely!
Tip #25 - Understand Your Financial Health
Your financial health is so much more than just a score. Get to know your financial health by keeping tabs on your earnings, spending, and savings!
Tip #26 - Reduce Unnecessary Spending
Review your spending and work on cutting out unnecessary expenses. You'll be amazed by how much seemingly small expenses can add up!
Tip #27 - Create A Budget
Create a monthly budget for the spending in your life. There's a lot to stay on top of - and being organized is the first step to taking control!
Tip #28 - The Power of Compounding
Even if it doesn't seem like a lot right now, by saving for the long haul and earning interest on your interest, you can make a big difference in your bank account!
Tip #29 - Track Your Spending
Keep tabs on where your money is going. You'll be amazed at what you can learn about yourself when you track it!
Tip #30 - Review Your Life Insurance
Reviewing your insurance policies helps ensure that you are properly covered. Not only that, reviewing your information can also help you discover discounts that you may not have qualified before.