Financial Literacy Month - 10 Money Management Action Steps
April is Financial Literacy Month, a month dedicated to help individuals become educated about their personal finances. Too many Americans are insufficiently educated about their personal finances, leading to many problems in the long term. Financial literacy is a core component of JF&CS’ “Ways to Work” program, which provides affordable car loans to qualifying families. Participants are required to attend a Financial Literacy Seminar as part of the auto loan application process. The learning program is designed to help individuals at any level of financial sophistication build a solid foundation for managing their personal finances. One student stopped at the end of drafting her budget and said “Wow! I’ve never done this before. It’s amazing to see where it all [the money] goes.”
Here are some simple Money Management Action Steps that everyone can -- and should – take:
- Set specific financial goals.
- Track expenses.
- Create a budget, comparing income and expenses, and review it monthly.
- Develop a spending plan and review it monthly.
- Have one person pay the bills.
- Save money every month. The amount is not as important as the habit.
- Spend money on needs instead of wants.
- Use coupons and rebates, and take advantage of sales.
- Develop a record-keeping/filing system.
- Use credit cards only for major purchases, and be sure to pay off balances each month.
For more information on Financial Literacy month, visit: http://www.financialliteracymonth.com/
For more information about Ways to Work, visit: https://yourtoolsforliving.org/services/careers/wtw