Supercharge Your August: Back to School for Your Wallet on Financial Awareness Day!
August isn't just about back-to-school shopping and preparing for the fall; it's also the perfect time to brush up on your financial knowledge. Just like we used to head back to school to learn new things, August 14th, known as Financial Awareness Day, gives us a chance to go "back to school" for our financial education. Let's dive into why this day matters and how you can make the most of it.
Remember getting ready to go back to school each August? As kids, we were exposed to new ideas and concepts. However, one topic that often didn't make it into the curriculum was personal finance. Now as adults, we have the opportunity to bridge that gap and become financially aware and empowered.
Some simple ways to boost your Financial Awareness:
Check Your Financial Health: Start by reviewing your bank balances, investments, whole or universal life values and credit scores. This snapshot will help you understand where you stand financially. If you need to phone a friend for moral support, reach out to me. I’ve been there and can help navigate the thoughts and feelings that can come up when dealing with money.
Review Credit Reports: Your credit report holds important information about your financial history. Make it a habit to review it annually, ensuring accuracy and identifying areas for improvement.
Calculate Net Worth: Knowing your net worth (assets minus liabilities) provides a clear picture of your overall financial situation. Track this regularly to measure your progress.
Update Asset Inventory: Document your valuable assets like property, vehicles, and valuable possessions. This information will be invaluable for insurance and estate planning.
Get Educated:
Read Widely: There's an abundance of financial literature available. From books to online articles, reading up on personal finance can expand your understanding.
Attend Financial Events: Look out for seminars, webinars, and workshops in your area or online. These events offer insights from experts in the field. I host FREE money workshops locally and online monthly. Join us at an event this month.
Work with Professionals: A financial consultant or advisor can help you develop a custom plan to meet your financial goals. Their expertise can provide invaluable guidance. Reach out to me if you’d like a complimentary Financial Assessment & Roadmap.
Even though August 14th has passed, let's embrace the purpose and energy of Financial Awareness Day as an opportunity to give ourselves a financial education. Just like we used to excitedly head back to school, let's channel that enthusiasm into learning about money matters. By implementing the tips mentioned above, you'll be well on your way to a more financially informed and empowered future.