In honor of National Financial Literacy Month (in fact, April 2023 marks its 20th year), we’ve put together a 12-month plan one can follow if they’d like to increase their financial knowledge throughout the year. By tackling just one financial topic a month for a year (pretty doable timewise), you’ll potentially boost your financial literacy quite significantly.
Consider making the commitment to educate yourself about one subject a month until next April. Imagine how much your financial literacy may grow over the course of a year!
April 2023 – Budgeting
A great place to start is to learn how to create a budget. Budgeting gives people insight into where they’re spending their money so they’re better able to manage it and prevent overspending. In addition, consider checking out the various budgeting apps that are available.
May 2023 – Psychology of Money
It can be interesting to think about how your upbringing and experiences impact the way you approach and think about money. How does your outlook on money affect the financial decisions you make? Spend some time reading about the psychology of money.
June 2023 – Financial Professionals
Educate yourself on the different types of financial professionals and what kind of help and guidance they provide. Some examples include investment advisors, financial coaches, tax professionals, wealth managers, brokers, and certified financial planners.
July 2023 – Insurance
Insurance can act like a financial safety net in case something bad happens like a car accident, fire, theft, or lawsuit. Consider making this month the one when you review your insurance coverage and make sure you have the right amount of protection for your needs.
August 2023 – Investing
During the hot, slow days of deep summer, dive into the topic of investing. Learn about how you might be able to put your money to work for you so you can potentially build wealth. Don’t overlook the concepts of compound interest, diversification, and dollar-cost averaging.
September 2023 – Retirement Planning
Look into various retirement plans, including 401(k)s, 403(b)s, traditional IRAs, Roth IRAs, and SEP IRAs. Determine how they differ from each another and which one might be best for you. Learn about the benefits of opening one and contributing to it regularly.
October 2023 – Taxes
Spend some time researching how the American tax system works and which deductions might pertain to you. Doing so can help empower you to make wise decisions down the road, potentially saving you money and preventing worry.
November 2023 – Charitable Giving
November is a great month to give thanks for all the financial blessings you’ve received over the past year and consider paying it forward by helping others in need. Focus your financial studies this month on the benefits of donating to charities and how to find reputable ones.
December 2023 – Earning Money
As the calendar year comes to a close, it might be a good time to start thinking about ways you can increase your income and boost your earnings potential this upcoming year. Learn about potential side hustles and how to negotiate pay raises.
January 2024 – Goal Setting
As everyone around you makes New Year’s resolutions, start reading up on how to set SMART financial goals (specific, measurable, achievable, relevant, time-bound). Think about what financial goals you might want to establish and how you might achieve them.
February 2024 – Saving
It’s never too late to begin saving for your short-term and long-term financial goals. Read up on what an emergency savings fund is and how you might start building one for yourself.
March 2024 – Credit
Start educating yourself about your credit score and why it’s important to have a good one. Consider taking steps to improve your credit by reviewing your credit report, fixing errors, and paying your bills on time.
So there you have it! Twelve months of financial learning. What do you have to lose? Stick with it during the months ahead, and a year from now, when the next National Financial Literacy Month rolls around, you’ll likely be much better informed about most of the financial aspects of your life and able to make more well-informed decisions. CRN-5615325-041023