The month of April, ten years ago, was declared Financial Literacy Month by the United States Senate. The decision of designating April as Financial Literacy Month was done to educate Americans about their personal finances. With so many Americans experiencing financial difficulty, living paycheck to paycheck, with no extra cash, it is important to be smart with your money.
Before any financial planning can begin, it is important to assess your financial situation. There are quizzes and surveys online that will help you understand your current financial position. Being aware of where you stand at the moment will help you determine the best path toward meeting your financial goals.
There are three main tips to live by in order to help improve your financial stability:
- Making sure you are organized and tidy is the best way to jump start the path to financial steadiness.
- Set priorities. Realizing the things you want and the things you need, will help you set realistic goals.
- Most importantly, make sure you live on a budget. Although it is difficult to spend less than what you earn, this will keep you on the right path to financial wellness.
Financial Literacy Month is also a reminder that any major life milestone, or significant purchase or home alteration should be discussed with your insurance agent. This is to make sure that you are being properly covered and that you have taken full advantage of premium discounts. Some examples of these events include, getting married or divorced, adding a child to your household by either birth or adoption, any extensive renovations done on your home, signing a lease on a new house or apartment, and retiring from your job.
Informing your insurance agent of these major life events will help ensure that you are fully covered, receiving all premium discounts available to you, and that you are on a path to financial independence and success.