Financial Literacy Month: 5 Tips of Financial Wellness

Budgeting, Taxes

April is Financial Literacy Month, a national campaign organized by the Jump$tart Coalition to raise awareness about financial literacy and promote financial education.

Financial literacy is relevant to everyone. It’s never too soon or too late to take steps toward financial wellness – from building a budget to getting a personal loan to rebuilding credit. Financial Literacy Month is the perfect time to get started.

We’ve put together a few tips for making financial wellness a priority:

Reflect & get honest about your budget.

Building a budget is critical to setting yourself up for financial success in the short- and long-term. This step can feel a little overwhelming since it requires an honest look at your spending choices and behaviors – including roadblocks and stumbles that may have caused you to veer off course in the past. Reflecting on your budget will be so worth it, ultimately helping you make choices that build credit and set you on the right financial path.

Try to remove emotions from the process and review your spending habits. Where is your cash flow going? Can you cut some costs? Whether you choose to log your habits in a spreadsheet or an app (like these options here), tracking your spending will give you a clearer picture of where your money goes each month. You might find that you want to save more each month or get a personal loan to rebuild credit. No matter your findings, tracking and reflecting on your spending habits will help you know where to go.

Forecast the future.

When we look ahead, we can plan ahead. Map out a calendar with any events or milestones that might require extra spending. This can range from big spends like the cost of traveling to a destination wedding to smaller things like annually renewing your car license plates and registration. Once you have mapped out your upcoming spends, start saving a little each month in advance to build up a fund for these expenditures.

Go for the goal.

Did you know that people are 42 percent more likely to achieve a goal when we write it down? Think about your financial future, set a goal and write it down. Whether saving for a down payment on a house or bulking up your retirement fund, it’s important to balance daily and monthly with long-term savings goals when building a budget.

Adjust where you must.

Fact: there’s a difference between must-haves, like car insurance, and nice-to-haves, like that daily latte and three streaming service subscriptions. Take a hard look at the places you are spending money and really think through which line items are absolutely necessary versus luxury. Simple steps like canceling that Netflix you never use or committing to take your lunch to work rather than eating out, quickly free up additional dollars that can go toward paying down debt or boosting your savings.

Boost your credit.

Even if you have no credit or bad credit, there are steps you can take, like paying down debt, to start boosting your score. In addition, consider funding options, like getting a personal loan to rebuild credit. World Finance personal loans help you get the money you need, because we report to credit bureaus, and your loan can boost your credit score as you establish a positive payment history over time.

Lean on the pros.

Everyone loves a hefty tax return, but filing can get complicated when you factor in things like changes to your marital status, receiving a stimulus payment or a change in employment status. If you need a little tax help, World is here – during Financial Literacy Month, tax season and all year long. Learn more at loansbyworld.com/taxes.

It’s never too early or too late to begin on your path to financial wellness. It will take time and some good decisions, but financial wellness is within reach.