In everyday life, we’re surrounded by information that has to do with money. Turn on the TV or radio, pick up a newspaper or magazine, search the web or look at social media sites…information is everywhere. How do we know what is credible and worth our attention?
First, catch your breath…start by evaluating where you are and where you want to be. Start small, but the important thing is to start. Here are a few ideas to help get you motivated in the right direction.
• Look at your current spending patterns. Write down everything you spend in a week. Keep track for at least two weeks; you might be surprised by how much the little things you buy on a regular basis add up over the course of a month or year.
• Set financial goals—where do you want to be in 6 months? 2 years? 5 years? If you don’t target where you want to be, and what you want to achieve, you will just keep encountering the same financial circumstances. Ask yourself, “Am I pleased with my financial picture? What can I do to change?”
• Pull your credit report (http://www.annualcreditreport.com) and review it carefully. Submit corrections if needed. Your credit score is not included in the report, but it will give you details on payment history, debt owed and other components that will help you understand what you need to do to improve your score.
• Start saving something today, no matter how small. An emergency fund is instrumental to helping you cope with unexpected expenses. Keep your budget on track. If possible, put additional savings towards specific goals such as children’s education, vacations, home improvements, etc.
• Involve others – let family, friends, and even co-workers know your goals. Share with them how you plan to accomplish your financial priorities. We all need cheer leaders to help keep us focused.
Make a commitment to learn something about money this month. Take a class (on-line or face-to-face). Read. Ask questions. Meet with a financial professional.
Looking for information on line? Start with sites that end in .edu, .org, or .gov.
Happy Financial Literacy Month
Author: Melinda J. Hill, CFCS, CFLE
Extension Educator, Family and Consumer Sciences OSU Extension, Wayne County.
Reviewed by: Donna Green, Extension Educator, Family and Consumer Sciences OSU Extension, Erie County
Sources: Manage Your Money Letter Study, Lesson 1 http://ohioline.osu.edu/mym/MYM_Lesson1.pdf
