April is Financial Literacy Month and since 2003 April has been formally recognized as Financial Literacy Month in resolutions by the U.S. Senate and U.S. House of Representatives. Financial literacy is the ability to use knowledge and skills to manage financial resources effectively for a lifetime of financial wellbeing.
Here are some helpful tools for looking at your personal finances:
1. The Financial Literacy Month website offers 30 steps to financial wellness. This is a great way to look at your financial wellness in easy steps over a month. This can be done anytime during the year, when it is convenient for you. They also offer a page featuring other tools for success that may be helpful to you.
2. You may also like to consider taking action to assess your net worth. When you add up all of your assets and subtract your debts at least once a year, you can clearly see if you’re progressing towards your goals or moving backwards. Breaking down your assets and your liabilities into categories also makes it easier to see where you can beef up your savings, and which liabilities are holding you back. Download Net_Worth_Worksheet(1)
3. Download Action Plan Monitor Your Financial Health to guide you through reviewing your financial health and visit the Save and Invest website.
4. America Saves is launching a new text message service to keep you motivated to save as part of Financial Literacy Month. Now, when you take the America Saves Pledge you can choose to receive text message tips and reminders. And if that isn’t enough, America Saves is giving away $500 to help one person reach their savings goal. (Must be 18 years of age or older to win.)
How to enter to win the $500:
- Take the America Saves Pledge Between April 1 and April 30, 2013.
- Click the box to receive text messages.
When you take the America Saves Pledge, you will choose a savings goal and an amount to save. America Saves will use the goal you choose to send you text messages related to that goal. Text messages will come in the form of tips to help you find money to save, as well as advice and reminders to help you save for your specific goal.
It’s a win-win situation. One lucky person will win $500 to help them reach their savings goal – and everyone will win by staying motivated to save.
Don’t forget to share this with friends and family. It may be the thing that helps them set their goal to start an emergency fund, pay down debt, or save for items like education or retirement.
We hope these websites and tools are helpful for you if you are interested in reviewing your financial health this month or at another time this year.
Information provided from Financial Literacy Month, Save and Invest, and America Saves.
More about Financial Literacy Month
Today, a majority of consumers are experiencing some sort of financial difficulty causing a significant impact on their everyday lives. In fact, Americans carry more than $2 trillion in consumer debt and 30 percent of consumers report having no extra cash; making it impossible to escape the burden of living paycheck to paycheck.
April has been declared National Financial Literacy Month; and for good reason. Too many Americans are insufficiently educated about their personal finances. In honor of Financial Literacy Month, the experts at Money Management International (MMI) created FinancialLiteracyMonth.com. No matter what day or month of the year a consumer begins their 30 step path to financial wellness, it will help them to create a successful strategy to better their overall financial position.
As proud members of the nation’s largest nonprofit, full-service credit counseling organization, we have developed materials that cover a wide range of topics; all to help educate you in making the most of your money and achieve financial wellness. Having a clear and accurate picture of where you are and where you want to be will make establishing and accomplishing financial goals a painless reality!
The Personal Investment Enterprise Program provides tools that empower low-income individuals and families to save and build assets to strengthen their economic stability. To learn more about the program visit www.bouldercountypie.org.
