Financial Literacy: 5 Basic Topics You Need to Know
Did you know April is Financial Literacy Month? Designed to raise public awareness around financial education, the month isn’t just about improving our financial management skills — it’s about improving our well-being!
In a 2023 survey conducted by Mind Over Money, the results concluded that a whopping 77% percent of Americans feel anxious about their financial situation. In other words, money can really stress us out.
The study also discovered that American financial literacy is declining, despite new efforts to offer financial education to high school and college students.
Still, it’s never too late to learn. The more you know, the easier it is to make good financial decisions and lower those anxiety levels.
Whether you’re a beginner or an expert, here’s a round-up of financial literacy topics and articles that can boost your financial know-how and sharpen your money management skills.
Five key components of financial literacy
- Budgeting & spending plans
- Average monthly expenses in the US
- Free budget calculator
- Refining your budget
- Finding the right software
- Growing your savings
- Savings benchmarks by decade
- Finding a side hustle
- How to build an emergency fund
- Tips to save more money
- Managing debt
- How to live a debt-free life
- Free yourself from credit card debt
- Paying off student loans
- Should you really pay off that loan early?
- Building your credit score
- Taming your credit score
- How to increase your credit score in 6 months
- The road to financial independence
- Investing & retirement planning
- Average 401k balance by age
- Free retirement calculator
- Retirement planning from start to finish
- How to make your money last in retirement
Ready? Let’s dive in! 👇
1. Budgeting & spending plans
Smart, real-life budgeting is the foundation of good money management. Whether you’ve been budgeting for years or you’re taking your first steps toward managing your spending habits, these articles can help.
20 Average Monthly Expenses: Want to know what America spends on things like housing, food, and insurance? Here’s a list of 20 common expenses for your monthly budget and an average amount for each one to get you started.
Budget Calculator: Creating a budget is one of the best ways to set yourself up for financial success. Try our free budget calculator to take control of your personal finances, say goodbye to overdraft fees, and start saving for the future.
Refining Your Budget: When life changes, your budget needs to keep up. This simple guide to changing your budget over time can help you navigate life’s financial changes.
Finding the Right Budgeting Software: Automating your expenses and savings goals can dramatically reduce your time and stress levels, all while giving you a clearer view of your finances. But not all budgeting tools are created equal — here’s how Simplifi can help.
2. Growing your savings
Understanding the finer points of saving is a key component of financial literacy. Here’s how to stash your cash and help it grow for a solid financial future.
Savings Benchmarks by Decade: How much should you have saved by now? That depends on your complete financial picture. Learn how to think about 3 kinds of savings and get solid financial benchmarks for every decade of your life.
Find a Side Hustle to Grow Your Savings: The best way to save more money is by making more of it. In today’s gig economy, there are plenty of ways to make money on the side — all while working on your own terms.
How to Build an Emergency Fund: An emergency fund is money that you set aside for a rainy day — cash you can easily access if you need it. Take your first step right now toward protecting your financial security.
14 Ways to Save Money and Live Your Best Life: From the grocery store to the gas pump, we’re all feeling the bite of inflation. These tips can help you spend less in 2023 without giving up the things that really matter.
3. Managing debt
Learning how to manage debt is critical to long-term financial stability. These articles can help you pay off your debt faster — and recognize when that isn’t the best thing to do.
How to Live a Debt-Free Life: Debt can be an important financial tool. Still, if you want to steer clear for good, these tips, tricks, and mindful personal finance choices can help you move toward the freedom of a debt-free life.
Free Yourself from Credit Card Debt: The majority of Americans are carrying credit card debt. If yours is weighing you down, forcing you to pay compound interest month over month, consider working to pay that debt off — once and for all.
Paying off Student Loans: Want to pay off your student loans? By answering 5 simple questions you can design the perfect repayment plan for your needs, improve your financial position, and reach all your financial goals — with or without government relief.
Should You Really Pay Off That Loan Early?: This real-life guide walks you step-by-step through the process of deciding how to use your cash — repaying debt early, protecting your assets, investing for the future, and more.
4. Building your credit score
Want to get a better interest rate on your next loan? Or get a leg up on that job interview? Raise your credit score. These articles can help you understand your credit history and how credit scores work so you can improve your credit rating.
Taming Your Credit Score: Financial monsters like debt and credit scores don’t have to be scary. Learn how to tame them with this fun, light-hearted primer.
How to Increase Your Credit Score in 6 Months: Your credit report offers a snapshot of your financial health. Discover what lenders and credit card issuers are looking for, and learn how to improve your score effectively.
7 Steps from College to Financial Independence: Your credit score is just one benchmark in your financial journey. Navigate them all and make financial planning easy with this 7-step guide to financial freedom.
5. Investing & retirement planning
Building toward financial freedom isn’t about luck. It’s about thoughtful retirement planning. Whether your retirement is still a long-term goal or you’re almost ready to claim Social Security, these articles can help you make the most of your nest egg.
Average 401k Balance by Age: Want to know how your 401k is doing compared to the national average? Find out here — with 9 extra factors that can make your retirement plan look a lot better and 9 key tips to help you reach your retirement goals.
Free Retirement Calculator: Will you have enough in your 401k or IRA when you reach retirement age? What if inflation decreases the value of money in your account? Use our free retirement calculator to explore the possibilities and plan ahead.
Retirement Planning from Start to Finish: From saving for retirement through living in retirement, here’s how to take control of your financial security every step of the way.
How to Make Your Money Last in Retirement: Take 4 key steps before you retire and live by 9 simple principles after you retire to manage your retirement savings with confidence and enjoy all that life has to offer.
How can you improve your financial knowledge?
While April might be Financial Literacy Month, absorbing new financial concepts is a lifelong process. No matter your age or skill level, it’s never too early or too late to build your financial skills, your peace of mind, and your financial stability for a more secure financial future.
Personal budgeting software like the suite of plans offered by Quicken can help you improve your financial decision-making and reach your financial goals with confidence.
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