By Molly Heitz
August 14th is National Financial Awareness Day!
National Financial Awareness Day is an annual observance that takes place every August 14th. It is dedicated to promoting financial literacy and education, encouraging individuals to take control of their finances and make informed decisions about money management.
Today is a day to reflect on your financial state! Here at TrustPoint Insurance and Real Estate, we hope that today serves as a reminder of the significance of financial planning for your future and your family. This includes big things like budgeting to buy your dream house, understanding how interest rates work and different loan options. Our realtors are here to help with any questions you may have. It is also a day to think about what happens to your finances if something happens to you. Life insurance is an important piece of the financial safety puzzle.
Here are some other action items for financial awareness:
- Review your budget. Create, tweak and review your budget today. It is important to consistently review your budget to ensure you cover your bases and leave yourself some “breathing room.” Running too tight on expenses every month can be highly stressful – to the point of even affecting your health.
- Reduce debt and increase savings. After reviewing your budget, examining where your money is going is essential. Now is a great time to consider reducing current debt to increase your financial savings potential. A quick tip: Check out all those streaming subscriptions and other small month-to-month auto pays; you may be surprised to find things you don’t even use and don’t remember are billing.
- Try investing. Today would be a great time to research and implement an investment strategy. Smart investing can help with your debt and increase your savings. If your work offers a 401k match and you are not in it, you are giving up “free” money savings.
- Consider implementing a financial advisor. It can be tough managing your finances all on your own. Choosing a financial advisor could take some of that stress away!
- Make a list of potential emergencies. If you know you are accident-prone or have bad dental genes, consider beefing up these portions of your budget.
Today is also a great day to try and cut back on some of your luxury expenses. If you are a person that needs morning coffee, consider making it at home instead of paying $7 for a large cup each morning at the coffee shop; if you do this daily, you are spending $150 a month on coffee alone! Or try planning days where you can eat out and days where you should cook at home. Small expenses like these can be easy to cut down while budgeting and many people don’t realize just how much they spend on these “extras.”
Consider exploring different credit cards for your needs. Do you travel a lot? Choosing a credit card with rewards on gas or flight purchases might be wise. Are you only paying the minimum amount on your credit card each month? Consider compiling multiple balances into a credit card or personal loan with a lower interest rate.
Overall, the importance of financial literacy cannot be overstated, as it plays a critical role in helping individuals make informed decisions about their money and achieving long-term financial stability. National Financial Awareness Day is an important reminder that financial literacy is a crucial life skill that can help individuals achieve their goals and build a secure financial future.
Remember, we are here if you need us at TrustPoint Insurance and Real Estate. You can reach us at 620.364.5665 or [email protected].
