April is financial literacy month and we’re taking this opportunity to help you make smart financial decisions by providing resources that guide you towards a path to success. There are numerous sites offering free articles discussing helpful tips for better financial health, best practices, and more. You can find a handful of these resources listed below:
It’s important to learn how to properly manage your money. Doing so will reduce stress, provide greater opportunities to retire earlier, and expedite the growth of your savings account.
The Cost of Inflation
Following expert financial recommendations is helpful as inflation continues to rise. Knowing when, where, and how to spend your money will help you protect more of your income and avoid wasteful spending. Budgeting is especially important in order to see what expenses should be trimmed back or eliminated.
The following is a list of some recommendations made by members of the Botsplash team. If you have other helpful finance tips that you would like to contribute, comment on our LinkedIn post! Your input could be featured in our May newsletter!
A few tips from the Splashers…
- Choose a good budgeting app that works for you. Some examples would be Mint, Goodbudget, and YNAB.
- Keep track of budget categories where you tend to overspend.
- If you have multiple credit card balances, always pay the card with the highest interest rate down first. Additionally, try to pay more than just the minimum each month.
- Save an emergency fund equivalent to 3-6 months of expenses.
- Budget your budget: Know what you’re spending money on in terms of subscriptions, services, etc. Be aware of what you are paying for and when and how much.
- While the real estate market is still a challenge, if you can purchase a home rather than rent, you can lock in monthly payments and build equity. Real estate is still one of the soundest investments that you can make.
- Don’t let your money sit in the bank during a period of inflation. Invest it instead.
- Review the apps on your phone and unsubscribe to the ones that you haven’t used in a month. Even at a dollar or two, multiple subscriptions can quickly add up, and you may not be aware that you’re even paying for them. Take those dollars and stick them in your savings account.