Did you guys get your financial literacy month cards in the mail? Did you attend your local financial literacy month parade?
Apparently, April is financial literacy month. In my life, every month is financial literacy month (even though the last month I spent money like a 18 year old socialite with Daddy’s credit card).
To celebrate financial literacy month, I wanted to touch upon the core topics (in my humble opinion) discussed in personal finance, along with some valuable links. The links come from Studenomics and other solid personal finance blogs. Enjoy, become educated, and yes become a financial stud, during April and every month!
Kill credit card debt/any debt.
Before you can start worrying about your retirement or planning a month long trip after saving up all of your vacation days, you need to destroy as much of your credit card debt as possible. Killing debt can be very theoretical (paying off smallest balance first for a quick win) and also highly technical (worrying about paying off your debt with the highest interest rate first).
I personally believe in taking proactive measures in order to prevent ever getting yourself into debt in the first place. Realistically, stuff happens and we regrettably accumulate more debt than we care to admit. The good news is that there is help. If reading through debt reduction articles at Studenomics won’t help you, than I’ve included links to some of the most reputable personal finance blogs out there.
Save more money.
Once you get rid of your stubborn debt, you can now worry about saving more of your money. I’m sure you all remember the quote from the dinosaur ages: “it’s not how much you make that matters, it’s how much you save that counts (or something like that). How much of your money are you saving?
You can bash frugality tips all you want. The reality is that you until you begin to consciously spend your money and practice money saving tips, your financial situation won’t improve. If you want to make some major changes starting today, you need to hold yourself accountable for how and where you spend your money.
You don’t have to ruin the quality of your life. But after you’re saving an amount of money that YOU ARE happy with, you can move on to making more of it! Making more money can range from starting your own side business to finding a part-time job to fill up your weekends and evenings. There are infinite possibilities for more money. You can make simple changes to your banking to ear a few extra dollars or you can try something more traditional and ask for a raise. I personally believe in using your skills to make some money on the side, while you continue with your career during the day.
If you already have lots of money saved, you can invest some of your money into passive income opportunities. This is a bit of a more advanced personal finance topic, but don’t worry you’ll eventually get to this stage. For now check out some of these amazing ideas on how you can make more money now.
Optimize/automate your finances.
Now we can talk about automation and optimization. Where are you keeping your money? Have you found the bank account that’s right for you? Have you automated your finances to cut back on the amount of time you spend on dealing with your money? These are all questions you need to address. Thankfully, Studenomics covers all of these topics in detail. Also for your convenience I’ve included links to help you get started.
I hope this article serves as a great overall financial resource for all of you. During the next few weeks, I plan on diving into more detail on some of these personal finance topics.