Financial Literacy: Checklists
- Pay your credit card bill on time to avoid late fees and interest charges.
- If you have any credit card debt, pay it off. There is no sense to keep making payments if you can afford to pay it off in one lump sum.
- Take note of the interest rate for your credit cards as some rates may be as high as 25%.
- Open up a savings account at a credit union or bank to help your future be more financially secure.
- Read up on the stock market. If you build your knowledge on investing, the more likely you will be a successful investor.
- Consider investing in both stocks and bonds. It is typically good to spread your investments in different options so you do not chance losing your money in one sole investment.
- Review your credit report at least once a year to monitor and check for unusual activity or discrepancy.
- Before going shopping, make a list of things that you need and take it with you to the store. Only buy the things that are on the list. This will help you with impulse buying.
- Make sure you are not spending more money than you are earning.
- Create a budget and stick to it.
- Track your spending and earnings to help you understand where your money is going.
- Eliminate unnecessary spending luxury items.
- Only buy things that you need.
- Instead of engaging in costly recreational activities such as eating out, consider ones that do not cost any money to do like taking a walk in the park or playing sports outside.
- Make it a habit to save money. You will feel better knowing you are taking steps to have a more secure financial future.
- If you have a student loan, always make your payment even if it is only the minimum payment.
- Learn about taxes and ways in which you can protect yourself from paying high taxes.
- Buy insurance for your home if possible. Insurance can protect your belongings in case of theft or damage.
- Make a retirement plan and start contributing money towards it. Your future self will be very grateful.
- Keep a record of your investments. This way you can help plan your future investment options.
- Set financial goals for yourself. As yourself how secure you wish to be and make a plan to achieve your goals.
- Bring a lunch from home instead of eating out. You will save money and be healthier.
- Use public transportation or walk. You will save money on car related expenses.
- Buy reduced food items and shop with coupons. It is surprising how much you can save at the market.
- Teach your children about saving money. The earlier they know, the better their future will be.
How to Teach Kids about Money.
Your family will remain happy if you can provide them with a financially secure future.
It is never too late to teach your child about money and saving.
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