Financial Literacy Month: Get Fit with Us
22 April 2020
April is a month for many quirky holidays: April Fools' Day, National Deep Dish Pizza Day and even International Pillow Fight Day — to name a few. It’s also a time to celebrate what we love most: learning about finances. For all of April, it’s Financial Literacy Month.
Since we’re dedicated to helping employees achieve financial wellness, we figured it’s a good time to give a little insight into some of our favorite financial learnings…from a unique point of view. We’re diving into an important topic that’s only best served up in the month of April: how to stay fit when it comes to money.
Financial fitness can be a lot like physical fitness. It’s important to stay mindful of where you’re at and where you want to go. From today’s routine spending to saving for milestones further down the road, it’s all part of the journey to becoming adaptable and agile — or in other words, fit — in a world where cash rules.
You’re probably already familiar with some of these tips on staying in peak financial form: Start an emergency fund for unforeseen expenses. Eliminate bad debt first and foremost. And, of course, save for retirement.
These ideas all hold great importance along your financial fitness journey. But let’s get comfortable with some perhaps lesser-known guidelines — other helpful topics that you may or may not be implementing already:
- Factor in small indulgences: Temptations come up every once and a while — so whether it’s an online purchase or ordering in, budget what you enjoy most into your existing plan.
- Automate routine savings to assist in keeping things organized. If you typically go into spending mode without realizing it, this could be a helpful strategy.
- Take away the taboo of money: Try to talk about money with family and friends in a genuine way. It can seem uncomfortable at first, but you may realize you have more in common with them than you think.
- Check in with your employer benefits package annually to see what’s new. Things may change, and it can help to stay aware of what’s being offered.
- Lastly, but most importantly: Reach out. Having a network of professionals to rely on for support can make all the difference.
To make sense of your spending and saving, it can help to capture a clear picture of what’s working for your wallet and what’s not. There are many first steps that can get things in gear, and those examples above are just an initial snapshot. Some are day-to-day topics to stay mindful of, while others are general learning opportunities that may take time to build into your routine.
Since it is Financial Literacy Month, we’ll wrap this up with some light (digital) reading. We’re introducing you to some sites and apps that may help in setting up a fitness routine. Just like stretching and cooling down, these can serve as a warmup before each sprint and as checkpoints to help you along the way.
Creditkarma.com > Check your score and see what you might qualify for.
Bankrate.com > Know the numbers. Comparing interest rates can help you evaluate your choices — at any stage of the game.
Nerdwallet.com > Find reviews of products and services in order to see which ones may work best for you.
Along with digital references, working directly with a financial professional remains a fantastic way to learn. A mentor can help keep you accountable while trying to stay financially fit. Someone with experience in this field can help give insight into our tendencies and goals. Whether by reading a book, browsing an app or having a phone check-in with a trusted source, it’s easier to keep our financial path steady as we find new ways to learn.
In Good Company is a team of researchers, designers and thought leaders who are taking a different approach to financial education in the workplace. With engaging workshops, trusted professionals and hands-on activities, they create an empowering experience that inspires employees to align their financial decisions with their personal values. It’s all designed to make financial education more accessible. Get in touch today.