ROANOKE, Va. (WDBJ) – According to a 2017 Career Builder survey 78% of Americans live from paycheck to paycheck. From credit card debt to student loans to lack of savings, America isn’t even in the top ten the best financially educated countries in the world.
“Financial literacy is just a general understanding of how you can manage the financial side of your life, whether you’re paying your bills, saving, investing, or retiring,” said Julie Wheeler of der Better business office said. “These are all things we need to understand.”
According to the supervisory authority for the financial industry More than half of adults in the United States are concerned when it comes to money.
“Many of us take it for granted or say, ‘We’ll take care of it later,” said Wheeler, “but we need to be really educated and understand the steps we need to take now.”
Creating and sticking to a family budget is step number one. Wheeler added that budgeting involves deliberate saving.
“Sometimes it is a good idea to have your paycheck on what we call self-payment. So save a little before you pay your bills. “
There are tons of free apps and websites out there to help you plan when and where to spend your money. Including the one, of course BBB.
“Go to our website, look it up,” said Wheeler. “If you have any questions, give us a call because they have great information.”
Something else you may not have thought of before this year is managing someone else’s money, whether it’s a parent or a grandparent who got sick.
“They want to make sure a power of attorney and medical guidelines are put in place before a problem arises so that if something happens, you can automatically take care of their affairs,” said Wheeler.
Work with loved ones to find out where important documents, passwords, and financial contacts are. Preparation is key.
“Because when something happens, it’s usually unscheduled and emergency, and you can’t stop making the mortgage payment or paying any of your bills or other obligations that you may have,” she said.
Whether it’s your money or that of a family member, financial literacy is key to pursuing goals; Planning for education, retirement, and emergencies; get out of debt; and run a business.
Another easy option is to schedule an appointment with a financial advisor who can help you organize your bank accounts, figure out where to allocate your money, and make plans for the future.
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