April is National Financial Literacy Month and is a great time to bring awareness to the importance of reviewing our finances and gradually work to improve them. It’s an opportunity to learn tips and techniques that can help them become more financially savvy to be able to make sound financial decisions. Below are some tips to get you started on your path to financial wellness.
Create Your Financial Plan
Take a look at your financial and retirement goals and work to develop a plan to achieve them. Break down your goals into the timeframe you wish to achieve them. What are your goals for the short term (next six months to five years), mid-term (5-10 years), and long term ( 10+ years)? This will make it easier to develop your plan.
Develop Your Budget
After creating your financial plan, it’s time to set a monthly budget to help you achieve your retirement and savings goals including building your emergency fund. Review where you are spending your money and detect areas for where you are able to cut back to achieve the goals you have set.
Pay Down Your Debt
Tackling your debt can be overwhelming. Two well-known approaches to paying down debt include the Snowball Method and the Avalanche Method. These options have helped many successfully get out of debt. For more information, visit Fidelity.
Contribute Money Into Retirement and Long-Term Savings
In addition to the Mandatory Retirement Plans available at the UNC System for qualifying employees, the UNC System also offers supplemental 403(b) and 457(b) plans that provide the opportunity for additional retirement savings. Even a small amount each pay period, compounded over time, can make a significant difference at retirement. These additional savings will help you reach your retirement goals and live the lifestyle you would like in retirement.
Financial matters can be challenging to navigate on your own. Reach out to CAPTRUST, TIAA, or Fidelity for assistance in making a plan for your future with one of their Financial Consultants. CAPTRUST, TIAA, and Fidelity all have a wealth of articles and tools available for you convenience.
