April is Financial Literacy Month, which means it’s the perfect time to learn ways to improve your financial situation. Can you spot areas of overspending? How does your savings look? This guide breaks down the basics of financial literacy to help you maintain healthy habits all year long.
Review your financial status
When was the last time you took a solid look at your finances? If you haven’t reviewed your numbers lately, dust off those digits and examine your current spending. Maintaining a healthy financial profile includes a balanced budget, responsible money use, and growing savings. Here are some tips and tools to help you stay on track:
- Maximize your money with the help of a budgeting app.
- Cut back on excessive spending (e.g., pricey clothing, unused gym memberships, frequent nights out).
- Set a monthly savings goal.
Manage your credit card debt
Dealing with debt can be challenging. According to MarketWatch, 29% of Americans have more credit card debt piled up than savings. If you’re overwhelmed by credit card debt, don’t ignore it! Take control by seeking help. Debt Reduction Services is a nonprofit consumer credit counseling service offering educational and financial assistance programs to help manage and reduce debt.
Manage your credit card debt
Did you know that 4 out of 5 credit reports contain at least one error? If you haven’t checked your credit lately, make it part of your Financial Literacy Month checklist. You can access your free credit score at ScoreShuttle.
- Regularly review your reports from all three credit bureaus.
- If you spot errors, dispute them promptly for a possible removal.
Resources: https://app.scoreshuttle.com/setup
Links to third-party websites are provided for convenience only. Docupop does not endorse or support third-party content. Always consult your financial advisor to determine the best options for you.
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