Make this Financial Literacy Month a time when you and your family become better informed on managing your money. Becoming more thoughtful about your money will enable you to make the most of your income and savings today and in the coming years. Start today or on Financial Independence Day (April 25), but commit to becoming better informed.
Tropical Financial can help. Browse our extensive library of articles, videos and worksheets to get you started. How much do you spend each month? Use our online calculator to discover just where your money goes.
Want to hear from financial experts? Attend our free monthly webinars. The April topic is Teens & Money, and May’s program is Retirement Planning Later in Life.
And because higher literacy leads to better financial health, consider participating in Tropical Financial’s programs on conquering personal debts, understanding credit reports, managing student loans, weighing homeownership against renting, and reaching financial goals.
Did you know?
- The Federal Deposit Corporation (FDIC) says that people who complete a financial literacy program are likelier to open a checking account. Tropical Financial offers a Daily Rewards Account with no monthly service fee or minimum balance requirement and an account credit with every retail purchase.
The survey also found that people who complete the program are more likely to budget wisely, increase their savings, reduce their debts, comparison shop, and save for retirement. - Money worries can create mental health problems. In a 2023 Forbes Advisory survey, a little more than half of the respondents said that they often or always feel stressed about the amount of debt they are carrying. Another third said they sometimes feel stressed.
Those feelings have negatively impacted their relationships with loved ones and made respondents feel guilty or overwhelmed when spending money. - You can enter a 30-day challenge from CNBC. Its website shares ways to improve your knowledge and take action. Can’t manage all those steps in a month’s time? Spread them out over the next 60 or 90 days. Start with these first these steps:
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- Identify your money goals and values. What’s most important to you?
- Find an accountability buddy.
- Open a high-yield savings account. Tropical Financial offers attractive yields on its liquid accounts and certificates of deposit.
- Start saving for a short-term goal. It could be a summer vacation, a new car, or a home repair.
- Figure out how long it will take you to get out of debt. Tropical Financial provides a roadmap on its website to help you Get Beyond Money
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- The Federal Reserve Bank of St. Louis says that your FICO score is based on the following:
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- 35% payment history
- 30% amounts owed relative to credit limits
- 15% length of credit history
- 10% types of credit used
- 10% frequency of new credit
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- Minnesota, Nebraska, Virginia, Colorado and New Hampshire are the five most financially literate states. Florida ranks 11th in the nation, according to WalletHub.
If you have been thinking about Making Smart Money Moves, but haven’t taken that first step, now is a good time to start and make every penny count.
