Financial literacy month: Why you should care
What and when Is financial literacy month, and how do you make the most of it?
Financial literacy month is held every April in the United States and November in Canada. The purpose of this month is to highlight the importance of financial literacy, promote programs that teach people about personal finance, and, most importantly, encourage people to take action to take control of their finances.
Financial literacy is an essential skill for everyone. It can help you make wise decisions about your money, setting the stage to hit your financial goals while feeling less stressed and more in control of your money.
When is financial literacy month?
April is Financial Literacy Month in the United States. In Canada, financial literacy month is in November. The month is an excellent opportunity to brush up on your money management skills. Whether you want to start saving for a rainy day or retirement, financial literacy month is a good time to assess your financial health.
Financial literacy month is the perfect time to build or review your budget, create a plan to pay down debt, or save for the future.
Why financial literacy matters?
Money matters. It always has, and it always will. In today’s society, being financially literate is more important than ever. Being financially literate means understanding financial concepts, making informed decisions, and managing your finances effectively.
It doesn’t always take massive changes in your life to reach your objectives. Small changes in the way you spend, save or manage debt can often have a significant impact over the long term. Financial literacy is understanding what to do, when, and why to reach your goals.
What is financial literacy month?
Financial literacy month is an annual national campaign that takes place over one month to help people improve their financial literacy.
Intuitions, individuals, and organizations that focus on financial services often use this month to advertise their services while also offering training and materials to help increase financial literacy.
In general, it is a month when the importance of financial literacy is highlighted, and a greater effort is made to help individuals increase their literacy level. Because so many different organizations focus on financial literacy simultaneously, it is a great time to learn more about money management, no matter where you are on your financial journey or learning style.
Ideas for financial literacy month
There are many ways to take advantage of financial literacy month. Here are some ideas of how you can get involved and improve your financial literacy:
- Take a financial literacy course. Many online and in-person classes can help you learn more about personal finance.
- Read books or articles on financial literacy. Researching different financial subjects can help you better understand personal finance concepts.
- Subscribe to new podcasts to get the info you need in a way you enjoy receiving it. Here are a few of my favorites: Money Dad Podcast, $heMoneyRadio, About that Wallet, Money Talk with Tiff, and The Struggle is Real.
- Create a financial plan. Use an in-person professional or go online. Your financial plan is your road map to a better future.
- Make a budget. This can be a great first step to getting your finances under control. Figure out how much money you need to cover your basic expenses, and then allocate money for savings and debt repayment. An app like YNAB can be a huge help, and here is a YouTube channel made just for YNAB.
- Subscribe to a YouTube channel like Teri Slater or Your Margins Matter.
- Start saving and investing for your future. It’s never too early (or too late) to start saving for retirement. Even if you can only save a small amount each month, it will add up over time.
- Follow an influencer @teach.kids.money, @YourkidsTheirMoney, @rachel_talksmoney, and @artsandbudgets
- Pick a debt to pay off. You can do it alone and figure out which debt you want to tackle or if you need some help, here is a resource that focuses on Ditching Debt (Click here for a 15% discount.)
History of financial literacy month
Financial literacy month was first established nationally in 2004 in the United States. It was already recognized by several states before that date. But in 2004, the United States Senate passed Senate Resolution 316 unanimously, making April financial literacy month across the country.
Financial literacy has been in Canada in the month of November since 2010.
Since its inception, Financial Literacy Month has been an opportunity for organizations across the country to promote financial literacy and education. Each year, financial intuitions provide resources and materials to help individuals and families improve their financial well-being.
Each year more events are held virtually and in person to help educate and support people’s financial literacy. Events and activities include workshops, webinars, and drop-in sessions
Financial Literacy Month final thoughts
Financial Literacy Month, April in the USA and November in Canada, is a great time to learn more about money management and how to make the most of your finances.
There are many resources available to help you better manage your finances. With a little effort, you can gain the financial knowledge and skills you need to improve your financial health and well-being