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Are You Financially Literate? – Tips & Resources for Education on Money


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Being financially literate means having the knowledge and skills necessary to effectively manage your personal finances and achieve complete financial self-sufficiency.

Financially literate consumers are equipped to make informed financial decisions about a host of money-related matters, such as banking, budgeting, using and managing credit and debt, and saving for financial goals.

If you feel like an incomplete understanding of basic personal finance concepts cost you last year, you’re not alone. In a study by the National Financial Educators Council, the average self-reported cost of deficient personal finance knowledge in 2020 was $1,634. That’s about 2% of the 2020 median household income.

But financial literacy isn’t rocket science. With effort, you can overcome whatever knowledge gaps you face today and cease leaving money on the table.

How to Increase Your Financial Literacy

No one is born with expert-level financial literacy, and no one achieves it overnight. But that’s not to say becoming financially self-sufficient requires years of intensive study — far from it. Here’s what you can do right now to boost your financial know-how.

1. Money Management

From covering your expenses to where you keep your money, learn how to handle your finances on a daily basis.

Budgeting

Make the most of your money by learning how to budget it wisely.

Banking & Alternatives

Explore banking and legitimate alternatives to manage your money.

Managing Money With Your Partner

Things like budgeting and saving become more complex with two people. Here’s how to navigate household finances with your partner or spouse.


2. Saving Money

From short- and long-term savings to living frugally, these reads will help you stay on budget and meet your financial goals.

Savings

Want to put aside more money for the future? Save up for a vacation or emergency expenses? These pieces will help.

Frugal Living

Learn how to make your money go further by spending less.


3. Understanding & Managing Debt

Make the wide and often daunting world of credit and debt less intimidating by reading these pieces.

Debt Basics

Learn what common debt-related terms mean.

Your Credit Score

Your credit score plays a crucial role in your financial health. Learn how credit scores work and what your score means.

Credit Cards

The credit card is the most common type of unsecured consumer debt. Here’s what you need to know to be a responsible credit card user.

Loans & Mortgages

Dive into the dizzying array of debt products available to financially literate consumers and learn how they work.

Paying Down Debt

These articles can help you manage and reduce existing debt loads.


4. Financial Planning

Start here for guidance on financial planning and related concepts, such as taxes and goal setting at different stages of life.

Basic Finance Concepts

Setting Financial Goals & Principles

These articles cover the art and science of establishing your financial principles and setting achievable goals.

Taxes

  • How to File Your Tax Return — Basics & Guide. Whatever your tax situation, we’ve got you covered. Learn about tax basics, prepare for completing your return, and understand the various credits and deductions you may be entitled to.

Help With Financial Planning


5. Protect Your Money

Learn to protect your money, whether from a disaster or financial scam.

Health Insurance

You never know what the future holds. Here’s how to decide how much health insurance coverage you need to protect yourself against the unforeseen.

Life Insurance

Protect your loved ones financially in the event of your death.

Property Insurance

Insure the physical things in your life, from your home to your car.

Other Insurance

Don’t forget these other types of insurance, which you may or may not need depending on your situation.

Avoiding Financial Scams

Financial scams are far too common. Learn how to spot them ahead and seek redress if you’re a victim.


6. Investing

Explore the concepts and principles you must understand to make informed investing decisions.

Retirement


7. Estate Planning

The sooner you start thinking about estate planning, the better.


Final Word

It bears repeating: Financial literacy is a journey, not a jaunt. These articles are only a portion of the content we offer on various financial topics.

The best thing you can do for your personal financial literacy is to become a voracious, educated consumer of finance-related content. As you increase your information consumption, use your existing value system, personal circumstances, and life goals to inform your opinions and objectives.

Keep reading to become a smarter, more confident consumer.

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