April is Financial Literacy Month and we have a few secrets to fiscal success -
1) Live beneath your means – One way to start is to spend less than what you make.
2) Flash the cash, not the card – It’s easy to splurge with a card. Instead, use cash to control your spending.
3) Pay off credit card debt – The key is to pay off the card with the highest interest rate first, then work on the other cards.
4) Plan for the future – Do you have financial goals? Re-assess your spending habits and open a savings account specifically for that financial goal.
5) Find ways to pay yourself – Automatically allocate a portion of your income to savings. It’s like they say, out of sight, out of mind.
6) Re-evaluate your insurance premiums – You may be over paying on your premium. Shop around for the best rate.
7) Save for your retirement – If your company offers a 401k, take advantage. Not only are you saving, your company may match a portion of your contribution – that’s free money.
8) Work on increasing your credit score – Paying bills on time is a huge part of your credit score, so you can get started just by paying continuously on time.
9) Borrow to build investments – When you buy a home, you can sell it and reap the entire increase in the value of the house. In between, you can borrow against the equity in your home to, for example, pay for home improvements.
10) Keep your finances safe and secure – Identity theft is on the rise and you need to be more careful than ever. Watch your credit reports and financial accounts for unauthorized activity and be extremely careful about handing out your Social Security number.
For more tools towards a successful financial future, visit our Education page.