Become Fluent in Finance

April is Financial Literacy Month! To celebrate, we’ve compiled our tips for getting started on your journey to peak financial literacy. Read on to learn more!

Identify Financial Priorities

This Financial Literacy Month, think about what matters most to you: maybe it’s paying off student loans, finally going on your honeymoon, growing your savings, or something else. Identifying your financial priorities will provide a focus for you to align your money habits with your money goals.

Determine Monthly Income

The only way to manage your money is to first measure it – that’s why it’s imperative to determine how much money you’re bringing home on a monthly basis. The most important thing to remember is that you’re calculating net – not gross – income. This means you’re determining how much money you bring home after taxes and payroll deductions.

Track Spending

Identify and track your monthly expenses with a list or spreadsheet. It’s crucial that your list includes each and every item you spend money on: utilities, subscriptions (even those seemingly inconsequential $6 ones!), fuel, fast food, etc. This will help you gain a clear picture of where you can cut (or eliminate) costs. With Grand Savings Bank’s Financial Health Suite, you can view your credit score and subscriptions, as well as monitor your identity and privacy!

Build a Plan

You’ve lined out your financial priorities, determined your net monthly income, and identified/tracked your monthly expenses – now, you’re fully equipped to build a plan! Decide your goals (both monthly and annually) for savings, debt repayment, and retirement, and prepare for unexpected expenses. Write your goals down and be as detailed as possible; for example, designate exactly how much money you want to have saved by a precise date. The more detailed your plan, the more likely you’ll be to stick to it!

Financial literacy begins with education. The professionals at Grand Savings Bank are here to help every step of the way. Connect with us today!