Let’s face it: money management is all about habits! But to form those habits, you need to understand your finances, how to prioritize bills, and where you can cut back on spending. That’s what financial literacy is all about, making money management come as easy and naturally to you as reading a book.
These seven fin lit tips can give you a quick financial IQ boost:
1. Create a personal budget.
As the old saying goes, practice makes perfect. What better way to practice than to use your real income, bills, and spending habits?
Create a personal budget that helps you visualize where your money goes every month. Even if you’re not eating struggle meals every night or scrounging for coins to put in your gas tank, you can still benefit from this exercise.
Budgeting sounds a big yawn, but there are ways to make it less of a chore. Check out my blog post on How to Make Budgeting More Fun.
2. Listen to financial literacy podcasts.
Got two ears and some time on your commute? Fill your time wisely with a fin lit podcast. Podcasts give you an easy way to hear info-rich conversations from experts in the financial industry. They usually cover a range of topics and even bring on other experts in the field to share their insights.
Some of the most popular fin lit podcasts include His and Her Money, Women and Money, Journey to Launch, and Brown Ambition. Listen to them at your convenience, whether you’re going to or from work or just want to tune out the terrible grocery store music.
3. Schedule 10 minutes a day for learning.
Increasing your financial literacy is a lot like learning a new language, or learning anything for that matter. You won’t learn if you don’t make learning a priority!
I suggest setting aside time in your schedule to read and practice financial literacy. It doesn’t have to be a huge chunk of your day. Ten minutes or so can really add up over the course of a month.
Try to build it into your routine so you’re more likely to make learning a priority. For instance, you might check my free Financial Resource Center, CreditMakesSense.me and The Frugal CrediTnista blog each week to see what new articles we’ve posted, or read our weekly financial newsletter that’s delivered right to your inbox. Make it easy to learn and watch your financial knowledge grow!
4. Follow financial experts on social media.
Another easy way to get bite-sized bits of learning every day is to follow top financial experts on social media. Whether you’re on Facebook, YouTube, Instagram, TikTok, or LinkedIn, there are influencers in finance willingly sharing their best tips.
Following them on social media means never missing a post. Learn new things about finances and money management every time you log on.
5. Talk to a financial expert in person.
Financial professionals, such as wealth advisers, bankers, and financial planners, are excellent resources for all your questions. No matter how great or small, you can get unbiased, straightforward answers from people who know the industry. What’s more, they can also assess your unique financial situation to help you develop strategies for saving, paying off debt, buying a house, or whatever your financial goals are.
6. Regularly read trustworthy financial literacy blogs.
There’s a reason why I put so much effort into the Frugal CrediTnista blog — it’s one of the fastest ways to deliver value to my readers. Blogs are free to read and cover a wide range of topics, from credit cards to home buying to rebuilding bad credit and more. You can focus on the articles that speak to you and tune out the rest, with no guesswork required. And that holds true with any financial literacy blog!
7. Take a financial literacy course.
If you’re focused on a specific area of fin lit, you can take a deep dive into that area with a dedicated course. Courses add more structure to the learning process and are usually more comprehensive than one-off blogs, podcasts, and similar content.
I’ve developed a number of courses and trainings available to my readers. Check out my Credit on Fire Academy, designed to start or grow your financial literacy journey.
Financial Literacy is one skill you’ll want to prioritize all year long. From courses to podcasts to personalized financial advice and more, there are tons of resources out there to help you learn. All you need to do is take the next step toward improvement!
