With all the uncertainty and financial ups-and-downs this year has given us, it’s important we take a step back and reevaluate, reassess, and regroup.
Financial awareness means different things to different people. For some, it comes with the awareness and monitoring of a savings or nest-egg balance. For others, awareness is found in financial education and learning new savings habits. Whatever your view of financial awareness, we’ve put together a few ways to help you celebrate National Financial Awareness Day.
1. Get Back to the Basics
Clear off the table and find your bank statements, credit card bills, utilities, and other expenses. If someone had asked you a year ago how much you wanted to have in your savings account by today, what would you have said? Did you make your goal? If not, it’s time to take a step back and take a second look at where your money is going. Budgets aren’t just a way to help educate youth on finances; they’re also helpful tools to getting your account and savings goals back on track.
2. Be Prepared
The scouts are right: The more you can prepare for the unexpected, the smoother your situation will flow. Saving six months of your living expenses is recommended to hold you over in case of an emergency. According to a 2019 Bankrate Survey, nearly three in ten (28 percent) U.S. adults have no emergency savings. One in four have a rainy day fund, but not enough money to cover three months’ worth of living expenses.
3. Protect Yourself and Your Funds
Another great way to celebrate National Financial Awareness Day is to make sure you and your finances are protected. Scammers and cyber-criminals are always looking for new ways to get hold of your information. As such, it’s imperative that you stay up-to-date with fraud prevention. Make sure you check your credit report annually to spot any usual activity early.
Equifax, Experian, and TransUnion are even offering free weekly reports through April 2021 to cut down on COVID-19 fraud.
4. Take a Breath
No matter what you might have heard, financial wellness and stability doesn’t just get handed to you once you’re an adult. For the majority of people, it also doesn’t come easy. Financial wellness is something you have to work on constantly. But you’re doing great! Take a moment to take a deep breath and remember that working toward financial stability is half the battle. And you don’t have to fight this financial battle alone because TEGFCU is here to help every step of the way. We’re with you for life.