Coin going into piggy bank
Casey State Bank
Financial Literacy is More Than Just One Month, It Is Your Future!
April was Financial Literacy Month here in the United States. In 2003, the U.S. Senate gave April this title as a way to promote financial wellness in the lives of every American. However, at Casey State Bank, we know that financial literacy is essential for much longer than 30 days — it can impact your whole life.
What is Financial Literacy?
Financial literacy is all about making knowledgeable choices regarding your money. This includes making smart investment decisions, spending in a conscientious and intentional manner, and saving enough to handle whatever curveballs life throws your way. It also means understanding the many financial tools at your disposal and utilizing them to achieve your monetary goals.
There are many methods to becoming a wise decision-maker with money, and no two people will approach their finances similarly. The fiscal solutions that work best for someone else might differ from what works well in your life.
Simple Steps to Improve Financial Literacy
Even if you’ve never considered your approach to financial literacy before, there are easy ways to improve your financial know-how that you can begin today.
Get Some Money in the Bank
Starting your financial journey doesn’t have to be complicated. Open a personal checking account at a trusted financial institution to gain access to a plethora of new options for managing your money. Checking accounts allow you to write checks, accept wire transfers, and set up direct deposits from your place of employment.
Many banks make added perks available to all personal checking account holders. Casey State Bank customers, for instance, don’t need to keep a minimum balance when they open a Free Checking Account.
Create a Realistic Budget
Once your money is where you want it, you can decide where to send it. Begin by writing out a monthly budget that pays all your bills and, ideally, leaves a bit left over. You can put this extra money toward other long-term financial goals.
Your income shouldn’t just be for daily necessities and projects far down the road. Don’t forget to leave yourself some “fun money,” too!
There are many options when it comes to saving your money. Some of the most common types of savings accounts will simply keep your money where it is, and may even earn you a marginal interest every year. These savings accounts tend to be flexible and suitable for just about any financial goal.
Other methods of saving your money require you to leave your money alone for more extended periods, but offer greater rewards. Certificates of deposit (CDs), for example, don’t allow free withdrawals within certain time limits, but their accrued interest rates are much higher than those of traditional savings accounts. Look at your financial goals and current income to determine which savings method suits your objectives.
Once you’re comfortable with your current financial status, it’s worth considering the many investment options available. Some investment portfolios are wide-ranging and generally safe, but earn slowly over time. Other portfolios are more selective and carry higher risks, but have the potential to make more money quickly.
Finding the Right Financial Advisor
Gaining financial literacy is a learning process that takes time. Make sure that you have a financial team on your side that supports your goals. When you have questions about your money, the experts at Casey State Bank are ready to help. Start a conversation with us today!