What is National Financial Literacy Month?

What is National Financial Literacy Month? LendNation

From Budgeting to Banking: National Financial Literacy Month  

In 2004, April was designated as National Financial Literacy Month and, over the years, has become a time to focus on better understanding your financial situation. With taxes due around this time and new financial goals on a lot of people’s minds, it is a perfect month to improve your financial knowledge. National Financial Literacy Month is a great opportunity to take some time to re-focus on better understanding your financial situation while planning for future growth through savings and smart investing. 

Let’s take a few minutes to look at ways you can improve your financial literacy this month. With just a few simple tips, you can make a big difference in your bank account in the coming year. And who knows, by this time next year, you could be planning a nice vacation as a reward for making smarter choices when it comes to your money. 

If you have currently found yourself in a cash crunch and need a little extra money to get you through, LendNation is here to help you. We offer a variety of short-term loans and fast money services that can help you bridge the gap between paychecks or help you through a financial emergency you were not expecting. 

If you’re ready to learn about some tips and resources that you can use to make this National Financial Literacy Month a game-changer, read on. 

How to Improve Your Financial Literacy 

Let’s first talk about what “financial literacy” means. Most of us have a basic understanding of how money works: you make it, you spend it, and you try to save it. Financial literacy is more about how you plan to make all those things happen in a way that will help you provide the lifestyle you want now and later in retirement. 

Financial literacy involves budgeting, short-term and long-term planning, and investing. It also deals with small decisions, like how often you dine out, and big decisions, such as how much you invest into your retirement plan each month. 

5 Tips to Improve Your Financial Literacy 

  1. Create A Monthly Budget. It’s hard to know if you are making smart decisions with your money if you aren’t tracking your bills and what you are spending each month. Creating a monthly budget is the first step in improving your personal financial literacy. 
  2. Be Smart with Debt. Sometimes, having a responsible amount of debt can help your credit score. But if your debt gets out of control, it can hurt your score and make it hard to live the life you want or to invest in the future. Only borrow when you need to – and be sure you pay back debt as quickly as you can. 
  3. Build Your Savings. Without cash backup, it can be easy to slip into a landslide of debt. When you make a monthly budget, always include room for a little savings so you are better prepared for car repairs and other expenses that can pop up unexpectedly. 
  4. Read Books & Use Digital Resources. As you will learn in the next section, there are a ton of books and online resources you can use to help get your finances in a better place. For starters, you visit our helpful blog, check out these loan FAQ’s, and or browse this handy glossary of common terms. 
  5. Talk to a Financial Advisor. Don’t be afraid to ask for help. Financial advisors can help you figure out the best plan for your situation. If you feel you need help, contact a financial advisor. They can help you better understand the next steps in financial planning and help eliminate some of the stress you may be feeling. 

Top Financial Literacy Books to Read 

When it comes to becoming savvier about your finances, there are books available that offer financial advice for all types of people. One of the best places to search for books that give great money advice is GoodReads.com. They have a large selection of books with helpful reader reviews that can help you decide which books might be worth your time. 

Take a look at some of the top books about money that are easy to read and cover topics for beginners to a pro level understanding of finances. Below are 5 of the top books about saving money: 

  • Rich Dad, Poor Dad. This book is a best-seller about a person’s experience growing up with a father who struggled financially, and the lessons he learned from his friend’s dad, who made smart money decisions. 
  • The Psychology of Money. Don’t let the title scare you. This is an easy-to-read book that shows you how you can change the way you behave in order to become financially successful. 
  • Your Money or Your Life. This is another fun book to read about money. This title was written to help you understand the connection between making a living and building the life you want. 
  • Broke Millennial: Stop Scraping By and Get Your Life Together. Ready to stop living paycheck-to-paycheck? No matter what your age, you can benefit from this relatable book about money that is written with the younger generations in mind. 
  • Get Good With Money: Ten Simple Steps to Becoming Financially Whole. Learn this simple ten-step formula for getting your financial house in order. Written by a former preschool teacher who worked her way out of a money mess with 10 simple rules. 

And don’t forget about podcasts! If you listen to music while you work or commute to work, why not spend an hour each day listening to a podcast about money? Whether you prefer to read books, listen to podcasts, or explore apps you can use on your phone, there are endless resources you can use to start making smarter money decisions and avoid cash emergencies in the future. 

How LendNation Can Help Your Financial Future 

Continue your journey towards financial literacy by using our library of resources to find tips that work for you. If you want to learn what loan options and financial services we offer in your state, search for LendNation locations near you today. Or go ahead and create your account to learn about your options and start an application today!