Making it a priority to grow your financial knowledge and money management skills can help you make informed financial decisions and create a path toward reaching your short and long-term goals. Financial literacy includes understanding ways to save money, create a budget, manage debt and invest for the future. Here are four ways to improve your financial literacy and add more tools to your personal finance toolbox.
There are many resources available that allow you to explore new ideas and improve your financial knowledge. Depending on your personal learning style, you can subscribe to financial newsletters, listen to money-related podcasts, read finance books or tune in to watch financial experts discuss different topics.
Money management and budgeting apps can help you keep track of your expenses, automate savings and bill paying and gain a better understanding of your overall finances. Using these tools not only helps you manage your finances, but many offer tips into adopting healthier saving and spending
habits.
Financial planning tools like online calculators can help you estimate the amount needed to achieve a certain financial goal and allow you to make more confident decisions. Whether you’re looking to estimate mortgage payments, evaluate investments, reach savings goals or calculate retirement income or life insurance needs, online calculators can be a useful tool.
Whether you’re interested in understanding topics like debt repayment, credit scores or creating an emergency fund, filling out a paper or electronic worksheet can help guide you through the process. There are many free online resources that ask important questions, allow
you to work through calculations and map out next steps for reaching your financial
goals.
