Did you know that April is Financial Literacy Month? Making smart choices with your money should always be an ongoing goal, but April is a great time to educate yourself on your own finances and make positive choices for a savvy economic future.
Track Your Spending: If you’re not tracking all of your purchases, do you truly understand where all of your money is going? This is a great step one in evaluating your financial health. Some banks will even provide you with a breakdown of your types of spending within their apps and online portals.
Create a Budget: Once you understand your spending patterns, create a monthly budget. This is the foundation to financial health. Know how much you’re allotting for ongoing bills, food, maintenance, and shopping among other things. Keep track of your budget in the best format that works for you. Enjoy making written lists? Use a notebook for your budget. Prefer to keep everything in your phone? Download a budgeting app.