April is Financial Literacy Month, which makes it the perfect time to assess your financial knowledge and explore ways to improve it. Being financially literate means having a good understanding of personal finance, including budgeting, saving, investing, and managing debt. Improving your financial literacy can help you make better decisions about your money and achieve your financial goals. Here are five simple ways to improve your financial literacy:
Utilize Personal Financial Education Resources
Excite Credit Union offers access to two great resources to help you enhance your financial knowledge: Banzai and SavvyMoney.
Banzai is a free, online financial literacy program that provides interactive learning modules on a range of topics, including budgeting, saving, investing, and managing debt. The program is designed for all ages and is available to Excite Credit Union members at no cost. Banzai can be accessed through Excite Credit Union's website and provides a fun and engaging way to learn about personal finance.
SavvyMoney is another resource available to Excite Credit Union Members. It is an online tool that allows you to check your credit score, monitor your credit report, and receive personalized tips on how to improve your credit score. SavvyMoney also provides educational articles on personal finance topics, such as budgeting, saving, and managing debt.
Attend a Webinar
Another great way to improve your financial literacy is by taking a course or attending a workshop on personal finance. Excite Credit Union partners with BALANCE to offer free financial webinars to Members on a variety of topics, such as budgeting, saving for retirement, and managing debt. These webinars are taught by financial experts and provide personalized guidance to help you improve your financial skills. In addition, many community colleges, universities, and online platforms offer courses on personal finance. These courses can provide you with hands-on training and personalized guidance to help you improve your financial skills. Some topics covered in personal finance courses and workshops include budgeting, saving, investing, and managing debt.
Track Your Spending
One of the most important aspects of financial literacy is knowing how much you're spending and where your money is going. Tracking your spending can help you identify areas where you may be overspending and find opportunities to save money. Our free Money Manager tool within online/mobile banking can help you. There are also many free budgeting apps and tools available that can help you track your spending and manage your budget. Some popular budgeting apps include Mint, Personal Capital, and YNAB (You Need a Budget).
Investing can be a powerful tool for building wealth, but it can also be intimidating for beginners. However, there are many resources available that can help you learn the basics of investing, including books, online courses, and financial advisors. You can start small by investing in a low-cost index fund or mutual fund and gradually increase your investment as you become more comfortable. Some popular investing books include, "The Little Book of Common Sense Investing" by John C. Bogle, "The Intelligent Investor" by Benjamin Graham, and "A Random Walk Down Wall Street" by Burton Malkiel.
Seek Advice from Experts
Finally, seeking advice from financial experts can be a valuable way to improve your financial literacy. Financial advisors, tax professionals, and accountants can offer personalized advice based on your specific financial situation. They can help you develop a financial plan, manage your investments, and help you prepare for retirement. Excite Credit Union Wealth Management team offers a variety of financial planning services, including retirement planning, investment management, and tax planning. Our financial advisors can help you develop a customized financial plan that aligns with your goals and values.
Improving your financial literacy is a lifelong journey that requires ongoing education and practice. By incorporating these simple steps into your routine, you can enhance your financial knowledge and improve your financial well-being. Excite Credit Union is committed to helping our Members achieve their financial goals by providing education, resources, and personalized guidance. If you have any questions or need assistance with improving your financial literacy, please don't hesitate to contact us.