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5 Things You Can Do to Improve Your Financial Well-being

Published on August 14, 2023

5 Things You Can Do to Improve Your Financial Well-being

National Financial Awareness Day is celebrated on August 14th every year in the United States. It is a day that promotes awareness and understanding of personal finances, money management, and financial literacy. The day is designed to encourage individuals and families to take a closer look at their financial situation and make informed decisions that can improve their financial well-being.

There are many ways to celebrate National Financial Awareness Day. Some people choose to review their budget and financial goals, while others take the opportunity to educate themselves on personal finance topics such as saving for retirement, managing debt, and investing. Many organizations, including Queensborough, offer free seminars and workshops to help people improve their financial literacy.

It's important to remember that financial awareness is not just a one-day event. It's a lifelong process that requires ongoing education and attention. By taking steps to improve our financial literacy and make informed financial decisions, we can all work towards a more secure financial future for ourselves and our families.

Here are five things you can do to improve your financial knowledge and well-being:

  1. Attend a financial education seminar or workshop: Many banks, credit unions, and community organizations offer free financial education programs. These seminars can cover topics such as budgeting, saving, and investing. Attending one of these events can help you learn new strategies for managing your money.
  2. Review your credit report: Your credit report is a snapshot of your credit history and is used by lenders to evaluate your creditworthiness. Reviewing your credit report can help you identify errors and areas for improvement. You can request a free copy of your credit report from each of the three major credit bureaus once a year.
  3. Create a budget: A budget is a plan for how you will spend your money. Creating a budget can help you prioritize your spending and identify opportunities to save. There are many free budgeting tools available online that can help you get started.
  4. Start an emergency fund: An emergency fund is a savings account that is set aside for unexpected expenses, such as a car repair or medical bill. Building an emergency fund can help you avoid going into debt when unexpected expenses arise.
  5. Review your retirement plan: If you have a retirement plan, such as a 401(k) or IRA, review it to ensure that you are on track to meet your retirement goals. If you don't have a retirement plan, consider opening one. Starting early and contributing regularly can help you build a healthy retirement nest egg.

Visit our Financial Literacy Program page to learn more about how Queensborough can teach you the skills you need to make smart monetary decisions. If you’re interested in taking control of your finances, reach out to us for a consultation or ask us about Queensborough’s Financial Literacy courses.

 

 Contact us today and let us know how we can help with your financial goals.

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