Financial literacy is a crucial life skill regardless of age or income level, and expanding your knowledge can keep you out of debt, improve your quality of life and bring peace of mind to day-to-day living. Unfortunately, financial literacy rates remain low, and many people struggle to make monthly payments and manage their money. Financial Literacy Month is an important time to raise awareness, promote financial education and help everyone improve their personal finance skills.
During the month of April, individuals, businesses and organizations often work toward improving people’s financial knowledge and skills. Whether it’s taking an online class or working with a financial advisor, there are many great ways you can develop your personal finance skills during Financial Literacy Month. Here are a few to get your started:
Attend a Workshop or Seminar
Many financial institutions offer free workshops or seminars where you can learn more about personal finance and ask questions about financial literacy. For example, the Delta Community Credit Union offers an entire calendar of events — from debt management to car buying — that help people get better with money.
Take an Online Course
There are many free online courses and tutorials available that cover a wide range of personal finance topics. These courses can be a great way to improve your knowledge and skills at your own pace and from the comfort of your own home. Check out this list from U.S. News & World Report for some suggestions to get started.
Participate in a Financial Challenge
Some financial bloggers, influencers and organizations use their platforms to offer financial challenges during Financial Literacy Month. These challenges are designed to make financial literacy a little more fun, helping participants improve their saving habits by making financial literacy more of a game than a lesson.
Many financial institutions offer free workshops or seminars where you can learn more about personal finance and ask questions about financial literacy.
Review Your Insurance Policies
Insurance is an important part of any financial plan and should be reviewed once annually, at least. Financial Literacy Month is a great time for a secondary checkup and the perfect reminder to review your auto, home and life insurance policies to ensure you still have the coverage you need.
Start Tracking Your Net Worth
Your net worth is the difference between your assets and your liabilities. Tracking your net worth is important to understanding your financial progress. Like the benefits of budgeting, knowing your net worth can help you identify bad investments and cut off overspending.
Consider Working with a Financial Advisor
A financial advisor will help you develop a personalized financial plan and provide guidance on a wide range of personal finance topics, such as investing, retirement planning, and estate planning.
Review Your Estate Plan
If you have a will or estate plan, take the time to review it and ensure that it still reflects your wishes. If you don't have an estate plan, Financial Literacy Month is a good time to create one.
Your net worth is the difference between your assets and your liabilities. Tracking your net worth is important to understanding your financial progress.
Improving your financial knowledge, growing your net worth, building an emergency savings, avoiding debt — the benefits of observing Financial Literacy Month are endless. Whether you attend a workshop, take an online course or simply review your insurance policies, acting on one of the steps above will get you one step closer to expanding your knowledge, achieving your goals and building a positive financial future.
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