Five Simple Steps to Financial Literacy
Concrete ways that you can get on track financially.
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Becoming Financially Literate - April is National Financial Literacy Month and though getting your finances under control may seem like a daunting task, there are some concrete ways that you can get on track. We asked author and financial expert Deborah Owens how we can all become financially literate in five simple steps. — Andre Showell(Photo: Getty Images/STOCK)
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Pull Your Credit Report - The first thing you should do is pull your free credit report. Often, people are afraid of what their credit report might say, but a credit report or your credit score is not a terminal illness. You have the opportunity to pull your credit report for free through each of the reporting agencies: Experian, TransUnion and Equifax.(Photo: Getty Images/STOCK)
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Keep a Money Diary - A money diary can be eye-opening. All you have to do is track every dime you spend for 30 days. People have paid off tens of thousands of dollars in debt just by becoming conscious spenders. By doing so, you will begin to see what your patterns are and you'll see whether or not you're paying yourself. So if you track your money, if you look at it for a week and notice that nothing went into savings, and investments, then you're working for everybody else and not yourself. (Photo: Getty Images/STOCK)
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Set Up a Wealth-Building System - Transfer money to accounts automatically after you decide your financial goals. For example, if you want to have money for that cash reserve or that down payment on a new car or home, it's easier if those payments are coming out of your bank account automatically. Those small payments can really add up over time and you can find yourself on the path to financial security. (Photo: Getty Images/STOCK)
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Review Your Company Benefits - There could be all kinds of discount plans and savings on services like gym memberships and hotel stays that you can take advantage of through your company's employee discounts. Sometimes you can buy insurance directly from your employer at a lower cost. (Photo: Getty Images/STOCK)