April is Financial Literacy Month
April is National Financial Literacy Month, which promotes financial responsibility by teaching individuals the importance of making knowledgeable decisions regarding money. It is the perfect time to brush up on your personal finance knowledge and find out how to make intelligent choices regarding budgeting and spending habits.
You can improve your financial literacy by:
Keeping a budget
Creating a budget is essential to ensure your finances are in order and that you can save money toward a long-term financial goal. A budget helps you track how much money is coming in and where it’s going out – whether it be rent, groceries, or the odd coffee. With careful planning, a budget can help prevent unnecessary overspending and remind you when bills need to be paid. Creating a budget should also include goals for how much you plan to save monthly to have something to work towards.
Talking to a financial professional
No matter how you manage your finances, taking the time to sit down and talk with a financial professional can be an invaluable experience. Doing so gives you additional support, resources, and perspective to help you stay on track with your spending, saving, budgeting, and investing goals.
A financial professional has unique insight and knowledge about the latest trends in finance and regulations related to any niche investments you are considering.
Understanding credit scores
Your credit score is an important figure that shows your ability to get approved for loans and other services like housing. Your credit score is calculated through factors like:
- Payment history
- Total amount owed
- Length of credit history
- Types of credit
- New credit
A good credit score can also give you more favorable interest rates.
Finding a credit card that works for you
A good credit card should provide financial flexibility, help you manage your money, and offer rewards and benefits. If you want to transfer your balance to a new card, research to ensure it’s in your best interest. Being mindful of these key qualities in choosing a good credit card can immensely benefit your budgeting and overall financial literacy.
Automating your bills
Paying bills on time is an important part of being financially responsible. Your credit score directly reflects how well you manage your money – if you pay bills late, it harms your credit score. Fortunately, 1st Advantage Online Bill Pay makes it easy to automate payments and get them out on time – plus, it’s convenient and secure. Automated payments can help you stay on top of your expenses and keep (or even increase) your credit score. It’s an easy win for financial responsibility!
Using online banking with 1st Advantage Bank
At 1st Advantage Bank, we know how important it is for you to stay on top of your finances no matter where you are or what day it is. That’s why we’ve made it easy to bank from anywhere with our digital banking services. And the best part? Our SimpleView feature within digital banking gives you a unique 360-degree view of your financial world – from tracking transactions to setting goals and diving deep into your spending habits. With our reliable and secure services, you can hold onto that peace of mind knowing that your finances are in good hands.
Need help managing your finances?
Contact 1st Advantage Bank today!
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