April is Financial Literacy Month – 7 Ways to Improve Your Financial Literacy

by Scott L Nelson, Stake Finance Specialist

Consistently Follow Your Budget

  • Basic budgeting seems trivial but it’s highly important. Take note of how much you make each month and subtract it from how much you spend. This will give you visibility into your spending patterns. You can create a spreadsheet, use paper, or open a budgeting app to do so.

Be a Tithe Payor

  • Exercise your faith by paying the Lord first to allow Him to “open the windows of Heaven”.

Pay Your Future Self First

  • Set aside an amount of money each month before adding other expenses to your tab and paying them. You can do this as soon as your paycheck comes in to ensure you hit your savings goals. This way, you can check off your savings goal for the month and the rest of your spending can be managed to fit the goal.

Pay Bills on Time

  • Be diligent with your monthly bills and be certain that your payments are made on time. Late payments can cause credit card interest, overdraft fees, and could hurt your credit score. Consider taking advantage of automatic debits from a checking account or bill-pay apps and sign up for payment reminders.

Check Your Credit Score

  • A high credit rating can get you the most competitive interest rates on loans and credit cards, in addition to other advantages. However, it begins with inspecting your credit score and asking for credit reports to address mistakes and follow your progress.

Take Care of Debt

  • Making a budget can help keep debt under control by cutting the expenses you owe on interest. Create a debt-elimination strategy, such as paying the loan with the highest interest rate first and talking to a financial professional or debt-advisory service.

Set Yourself Up For the Future by Investing

  • If you have the option of signing up for a 401(k) savings account with your employer, take advantage of it, particularly if it includes an employer match. Whether you have a 401(k) or not, consider opening an IRA For supplemental savings and for a retirement investing account you have more control over.

For additional Life Helps please refer to the Church website in the Libraries Life Help Section.  Here is a link. 

https://www.churchofjesuschrist.org/study/manual/finances/finances?lang=eng

May the Lord bless you in your stewardship.