April is National Financial Literacy Month

In light of the fact that April 15 is known as Tax Day, it makes sense that the month of April is also National Financial Literacy month!

Financial literacy is the key to understanding earning, saving, investing, and protecting money wisely. While it can be a complicated process, there are a few steps that can be taken to get started.

#1 – Make a list of what you own and owe.

#2 – Organize your documents. It’s very important to stay organized. Juniors and seniors may need to have specific items for scholarships or Free Application for Federal Student Aid (FAFSA).

#3 – Create an emergency fund for unexpected expenses, like car repairs.

Whether it is as a place to put leftovers from a paycheck or gifts from family members, it is important for teens to savings accounts, and there are several ways to make the money grow, providing a source to pay for some big events, like Grad Nite or Prom, or big purchases, like a car or college.

Parents are sometimes willing to pay their children to do extra chores around the house. Opting to eat at home or bypassing the extras at a meal and putting that money into savings. Another option is getting a summer job. One other important step is setting aside a percentage of a paycheck or allowance and put it into the savings account before trying to cover other expenses. That’s the money that will grow.

Robert Kiyosaki, author of the bestseller Rich Dad, Poor Dad, said, ”It’s not how much money you make, but how much money you keep, how hard it works for you, and how many generations you keep it for.” This is the goal of Financial Literacy Month.