April is National Financial Literacy Month, and it couldn’t have come at a better time. Consumers are feeling more pinched each week with rapidly increasing gas and food prices and sluggish economic growth. According to a recent survey by Career Builder, 77 percent of American consumers are living paycheck to paycheck.
Financial Literacy Month is the perfect opportunity for individuals and families to change their financial situation by learning about important financial matters like creating and managing a budget, paying down debt while saving for emergencies, and creating achievable financial goals.
The following five steps will help you on the path toward financial wellness:
- Make a commitment. Changing your relationship with money is not an easy task; it takes hard work and a strong commitment. Visit FinancialLiteracyMonth.com and take the pledge to start on the path toward financial security.
- Assess your financial situation - A simple quiz can help you understand your current financial position. Knowing where you are today will help you determine the best path toward meeting your financial goals.
- Get organized - Getting your financial house organized is a great way to begin on a clear path toward financial wellness.
- Set priorities – Understanding the difference between needs and wants will help you establish financial priorities and set realistic goals.
- Live on a budget – Spending less than you earn is easier said than done, but a solid budget is the most important element of any successful financial plan.
“Changing your financial habits and your relationship with money can be hard work, but the payoff is priceless,” said Ed Grenier, President and CEO of Junior Achievement of Greater Washington. “The important thing to remember while on your journey to financial freedom is to stay flexible. Revisit your financial plan often and make changes as needed.”
Here at Junior Achievement of Greater Washington we care about the financial futures of the next generation, because we realize how the personal decisions we make affect our societal financial well being. We are committed to bringing students, parents, educators, and community members the financial education needed to reach your financial goals.