April is Financial Literacy Month
April is well-known as Financial Literacy Month across the nation and we understand the importance of financial education and learning to save money. Below are resources, tips and encouragement to assist you in important financial decision-making.
5 Ways to Celebrate Financial Literacy Month
Financial Literacy is the ability to understand and effectively use various financial skills, including personal financial management, budgeting, and investing. Celebrating financial literacy can be a challenge, but it's an opportunity to reflect on the current state of your personal, household, and/or business financial stability in order to set and reach meaningful goals. Below are a few tips to celebrate Financial Literacy Month this April.
- Read a new book from a financial expert. Check them out from your local library to save money! Taylor County Public Library is a great local resource.
- Discuss finances with family members and make sure you're on the same page with goals.
- Subscribe to free financial podcasts, blogs or newsletters you trust.
- Set up a meeting with a financial advisor or coach.
- Set up a budget to understand where your money is going.
- Download your FREE Making a Budget: What To Do resource when visiting the Federal Trade Commission's website. The FTC offers Free Publications for America's Consumers by mail or download.
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3 Helpful Resources to Teach Youth & Money
The American Bankers Association (ABA) provides a plethora of FREE resources ranging from individual money management to educating the youth across America. The ABA's Youth & Money resource provides consumers three areas to choose from:
(1) Grades K-8
(2) High School/Young Adult and
(3) Resources for All Ages.
Each area is focused on helping youth understand money concepts, and build lifelong financial knowledge and skills through interactive lessons. Below are a few of our picks from each category we find helpful!
- Grades K-8 - Bankers and You Bingo
- High School/Young Adult - Developing a Habit of Saving Tip Sheet
- All Ages - The Road to Financial Responsibility
For more information on each category visit the American Bankers Association’s Youth & Money website.
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Learn "Money Smart" with the FDIC
The Federal Deposit Insurance Corporation (FDIC) created the Money Smart program to give people and communities knowledge of key financial concepts and skills, along with access to safe, affordable banking services and to foster greater financial stability. According to the FDIC, Money Smart can help individuals build financial skills and confidence through knowledge and practice. Included are:
- Learn Money Smart (Games, Podcasts & Parent Resources)
- Teach Money Smart Categories (Young People, Young Adults, Adults, Older Adults & Small Business)
- My Money Smart (Five Building Blocks)
The FDIC is an independent agency created by Congress to maintain stability and public confidence in the nation's financial system. To accomplish this mission, the FDIC insures deposits; examines and supervises financial institutions for safety, soundness, and consumer protection; makes large and complex financial institutions resolvable; and manages receiverships.
For more information on FDIC's Money Smart program visit their website.
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3 Tips to Prepare for the Unexpected
Expecting the unexpected is easier said than done. If life throws you a curve ball, how prepared are you for it? Where do you turn for help? The sudden medical bill, job loss, auto expense, or any other crisis can potentially cause a financial hardship. This is where an Emergency Fund can help you from digging yourself into a bigger financial hole. Below are a few tips to help you prepare for the unexpected when creating an emergency fund.
- Determine How Big Your Emergency Fund Should Be – Everyone’s situation is specific to their own lifestyle. Take into consideration things such as what your regular expenses are, your marital status and if you have dual incomes, and if you have children.
- Start Small – Your fund may not be large from the start, but remember this is a worst-case scenario. It’s better to have something than nothing.
- Make Saving Automatic – This can be the easiest and most effective way. We, at Citizens Bank & Trust Company, can help you set up automatic savings by transferring a fixed amount from your checking account to a savings account.