April 27, 2023
Hey there, my financially savvy friends! Let's talk about something that can literally change your life: financial literacy! Now, I know what you might be thinking… ”Boooring! Why should I care about budgets and investments when I could be binge-watching my show on Netflix?" Well, let me fill you in on a secret, financial literacy is the secret weapon to achieving your goals and aspirations, making it not as boring as you might think! So let’s dive right in!
THE COMPONENTS OF FINANCIAL LITERACY
There are several different parts and pieces that could lead to someone being financially literate. Let’s review a few of those things that could help you kick-start your finances.
One of the most important things you can do is create and live by a budget. This helps keep you honest and make sure you are spending money on the necessities rather than things that probably aren’t critical to your day-today life. I know budgets sound like they are no fun…but that’s not true! Think about it, if you stick to your budget and you have money left over for that month, you now have extra money to spare for spontaneous purchases and it’s not going to set you back at all! So stinkin’ cool, right?? You can even budget for things like…fun!
Budgets are a big deal when it comes to financial literacy, but understanding the importance of saving for a rainy day is equally as critical. You never know when you'll need to do some unexpected house repairs, fix a flat tire, or have a medical emergency. With an emergency fund, you'll be prepared for anything life throws your way. Practicing healthy saving habits can not only help you save for emergencies, but it also helps you grow your wealth and achieve financial freedom. This allows you the ability to retire with confidence that you won’t outlive your money. As always, if you have questions on this piece, our Guaranty Bank & Trust bankers would love to help you plan for retirement, so give them a call!
MAKING FINANCIAL LITERACY FUN
How can you improve your financial literacy and have fun while doing it? One key way is to start by educating yourself! There are tons of resources out there, like podcasts, books, and courses, that can teach you everything you need to know about personal finance. Again, you can also take advantage of your local Guaranty Bank & Trust personal bankers who are ready to help you achieve your financial goals. All you’ve got to do is go in or give them a call and they’ll be more than happy to help you! Just tell them, CASH the Mascot sent you. :)
Once you talk to a personal banker or utilize other resources, you can create a budget that's both realistic and fun. Allow yourself to splurge on things you love, like a fancy coffee or a new pair of shoes, but make sure to prioritize your financial goals as well.
To make things even better, did you know that having good financial habits could also lead to better mental health? It's true! When you feel in control of your money, you can reduce stress and anxiety and improve your overall well-being.
Speaking of well-being, financial literacy can also help you prioritize self-care. By creating a budget that includes money for things like gym memberships, healthy food, and vacations, you can take care of your physical and mental health while also achieving your financial goals. Woohooo!
So friend, what do you say? Are you ready to get on board and improve your financial literacy? I’d love for you to share what you've learned with your friends and family, and I challenge you to start a saving for yourself and your family if you’re not already.
Oh, and don't forget to have fun while doing it! Get creative with your budgeting and saving strategies, and make it a game to see how much money you can save or earn.
Whether you're a financial newbie or a seasoned savings pro, financial literacy is a wonderful thing to learn and practice. Let’s get to it!