April is National Financial Literacy Month (NFLM), the perfect time to learn more about managing your finances. While some financial challenges might be out of your control, financial planning can equip you to handle whatever comes your way. Financial literacy empowers you to make good financial decisions. The more informed you are, the greater your chances of obtaining financial success. Below are two easy steps to get you started on becoming more financially astute.
Step 1: Assess your current situation.
An easy way to assess your financial literacy is to ask yourself some questions about your own personal finances.
- Do you know how to create a personal budget?
- Do you have an emergency fund that covers at least three months of basic living expenses?
- If you have debt, do you have a plan to pay it off?
- Do you have a plan for retirement?
Step 2: Improve your financial literacy NOW.
There are a few action items we all can do now to take control of our finances and improve our financial knowledge.
- Create a personal monthly budget
- Start an emergency fund
- Make a plan to get out of debt
- Create specific future/retirement goals
While many of these actions may seem out of reach, working with a financial advisor can help you gain control, feel more confident, and become financially empowered. Financial professionals with CAPTRUST, FIDELITY, AND TIAA are available — provided free of charge by the UNC System as a benefit to you — to help you learn more. Don’t delay! Act today to increase your financial literacy.
