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Financial Literacy Month: A Time to Spring Clean Your Financial House

By: Monica Victor

The entire month of April is dedicated to raising financial awareness. Its purpose: to highlight the importance of financial literacy and teach Americans how to establish and maintain healthy financial habits. Borrowing from the idea of spring cleaning which also usually starts for most people in April, this makes April the perfect time to put your finances in order and take charge of your financial destiny.

This is especially important considering the reports on Americans’ financial preparedness for life events are less than encouraging.  Americans are not saving for rainy days, Americans are delaying retirement due to lack of financial readiness and are afraid of outliving their money, Americans haven’t started saving for their kids’ college education, Americans are dipping into their retirement fund to shield their kids from student loan debt, Americans regret not saving for retirement sooner, Americans are… and the list goes on.

If any of these describe your situation or you’ve tried but can’t seem to find success because of financial missteps, now is the time to try again.

“Don’t feel alone if you’ve committed a financial blunder,” Jim Chilton, founder and chief executive officer of the non-profit Society for Financial Awareness says. “Two-thirds of Americans have made a significant money mistake somewhere along the way. Since April is National Financial Literacy Month, this is a good time for anyone to pledge to do a better job handling money.”

In keeping with his organization’s mission to “eliminate financial illiteracy, one community at a time,” Chilton says: “One thing I always tell people is that you can’t let your emotions get in the way when you are trying to meet your financial goals. When it comes to finances, there is always going to be at least a little uncertainty.”

According to Chilton there are a number of blunders that can stand in consumers’ way of becoming financially stable. If avoided or corrected can lead to financial stability.

Here’s how:

Many live without a safety net – change that. If you haven’t already, include saving for emergencies in your budget. Unexpected expenses like major medical problems rear their heads without warning and there’s no telling when you may lose your job.  Chilton recommends a six to 12-month cushion that would cover your mortgage, groceries, utilities and the other necessities of day-to-day living should any emergencies occur.

Check your credit report regularly; failing to do so can cost you time and money. Chilton says, 70 percent of credit reports contain some sort of error and identity theft is on the rise. What’s more, close to 15 million people fall victim to identity theft each year in the United States which – by the way – may take many years and dollars to clear.  Make it your duty to check your credit reports annually to make sure you’re not a victim.

Give more thought to retirement. Many people fail to properly prepare for retirement. Some think that Social Security will take care of them in retirement but the reports indicate Social Security may run out by 2030 leaving our pockets dry. Chilton says, Social Security is designed as supplemental income, not something that can replace your entire paycheck. You need to plan and save to make sure you can lead the lifestyle you want in your golden years.

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Here you can get the buzz on tactics and tips to successfully manage your money and avoid credit problems.These booklets cover the basics of creating and using a budget, how women can manage their personal finances, how to cope with financial stress, teaching your children about money, preventing identity theft, how to avoid common money mistakes, the basics of credit cards and much more! Click on the booklet cover to launch these free PDF files. Learn how to successfully manage money and avoid credit problems. This guide was created with two purposes in mind; first, to help people create and use a successful budget; second, to provide proven strategies for avoiding excess debt. This basic ‘Credit 101’ publication explores the pros and cons of using credit, provides a guide and calculation formula to help consumers find out how much credit they can afford, and offers advice on what elements should be considered before applying for a credit card, how to build a positive credit history, and existing credit rights. When it comes to women and money, the news can be gloomy. We live longer; we earn less, and are less secure in retirement. But the news isn’t all bad, because women can also be terrific budgeters, investors, savers and entrepreneurs. Everyone makes mistakes with their money. It happens, but it can lead to problems, and these problems may escalate if you don’t do the right things to correct them. This guide is to help you solve the money mistakes that could occur during your lifetime. The world of finances can be tricky and if you don’t act to correct these mistakes you could be putting your financial future at risk.
If you’re like most people, you probably learned about money from the “School of Hard Knocks.” If you were lucky, you may have had parents who talked openly about money with you, and perhaps even showed you how to earn and save money. This guide helps parents talk to their children about smart money management and the value of money. This publication discusses the fastest growing federal crime in the country and provides steps one can take to minimize the chances of personal information being stolen and used by a thief. The first part of this brochure is organized into checklists you can use to put these ideas into practice. The second part of this brochure will give you steps to take if you are a victim. This booklet will give you an overview of the basics of getting a mortgage, buying a home, and building equity. If you’re under financial stress, you may be arguing with your spouse or family members about money, experiencing headaches or panic attacks, hiding bills or receipts from family members, or finding it difficult to sleep at night. Your eating habits may have gone south, and you may find it hard to make it through the day. Use this guide to help you deal with your stress.