April is Financial Literacy Month – which means it’s the perfect time to school up on 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 take a look at your current spending. Maintaining a healthy financial profile includes a balanced budget, responsible money use, and a 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 (i.e. pricey clothing, unused gym memberships, frequent nights out etc.).
- Set a monthly savings goal
Manage your credit card debt
Dealing with debt can take a toll on both your financial and emotional health. Credit card debt is one of the largest causes of debt in America. According to MarketWatch, 29% of Americans have more credit card debt piled up than they do savings. If you’re overwhelmed by credit card debt, whatever you do, don’t ignore it! Instead, take control of your financial wheel and create a payment strategy to get out of the red and back into the green. If the debt burden is too big to tackle alone, help is available. DebtWave is a nonprofit consumer credit counseling service – they offer several educational and financial assistance programs that may be able to help you dig out of debt.
Improve your credit score
Did you know that 79% of all credit reports are said to include at least one error?! If you haven’t checked your credit lately, you might want to add it to your Financial Literacy Month list. If you’re not sure where to start, you can access your scores and report review at ScoreShuttle anytime day or night. There are several factors to consider when trying to improve your score and everyone’s unique profile is different. However, here are a few general tips to get you started.
- If you spot an error on your report, dispute it with all 3 bureaus.
- Never miss a payment or due date on any bill.
- Be responsible with all credit card and loan use.