April is Financial Literacy Month, so this is a good time to review what we mean by financial literacy and see what tools are available to help you with your personal finances.
In 2004, Congress designated April as Financial Literacy Month to raise awareness about the need for financial literacy and help Americans gain a better understanding of how to manage their personal finances. Financial literacy is having an understanding of the basics of personal money management, including developing good financial habits such as budgeting, saving, investing for retirement, and understanding how to borrow wisely. If you learn the basics of personal financial management, you will make better financial decisions, be better prepared in the event of a financial emergency, and be on your way to financial independence.
Financial Literacy Month also serves as a reminder that managing personal finances doesn’t come naturally, but has to be taught. You need to have the basic tools for financial success, such as understanding compound interest, knowing how to get a credit card, developing savings strategies, and dealing with debt. The earlier you learn these lessons the better, but you will have additional financial questions at different points in your life. To help you find the right answers, we have developed a list of resources to build your financial literacy.
Financial Information Sources
If you are looking for answers to financial questions, need to clarify terminology, or want new insights into money management, here are some of the more reliable resources on the web:
- The Balance: The Balance has a library of more than 9,000 articles from independent experts, offering advice and information on all things finance.
- Bankrate: Bankrate tracks rates for bank accounts, credit cards, loans, and more, as well as offering information about personal finance.
- Consumer Financial Protection Bureau (CFPB): Formed to protect consumers by creating rules and enforcing consumer protection laws, the CFPB also offers a wide range of personal finance information and advice.
- CreditCards.com: If you want to learn more about credit cards, including comparative rates and terms, CreditCards.com is a great resource.
- Investopedia: An independent source of financial information, Investopedia simplifies complex information to help you plan for the future.
- Kiplinger: Kiplinger has been publishing business and financial forecasts for 100 years, and their website offers advice on wealth creation and money management.
- MyMoney.gov: Chartered by the Federal Financial Literacy and Education Commission, MyMoney.gov offers common-sense advice to promote financial well-being.
- NerdWallet: NerdWallet is committed to offering “objective advice, expert info, and helpful tools help you make smart money moves.”
- U.S. Securities and Exchange Commission (SEC): In addition to enforcing securities rules and regulations, the SEC website also is a great source of educational information for investors.
Online Finance Courses
If you want more in-depth advice and understanding, you might try online financial literacy courses. Here are some programs to explore:
- Alison: Alison is a free educational site offering courses and skills training in a wide range of topics. They offer a number of personal finance classes including Financial Literacy, Introduction to Managing Your Finance Debts, and Introduction to Simple and Compound Interest.
- EdX: Founded by Harvard and MIT, EdX is a global non-profit that attracts university students and professionals who want to learn on their own. EdX offers financial education courses including Personal Finance and Finance for Everyone.
- Khan Academy: Created to provide free, quality education for everyone, Khan Academy offers online courses with instructional videos, exercises, and a personalized dashboard so you can learn at your own pace.
- Smart About Money: Smart About Money provides free online courses specifically designed to help you with personal money management.
- Udemy: Udemy offers inexpensive courses on a wide range of subjects, including Personal Finance 101 and The Core Four of Personal Finance.
Money Management Tools
In addition to having access to financial information, there also are a number of online money management tools that can be extremely useful:
- Credit Karma: Understanding credit is an essential part of personal finance, and Credit Karma lets you keep track of your credit score from all three credit bureaus as well as helping identify credit reporting errors. It also provides financial offers.
- Credit Sesame: Another online credit management tool is Credit Sesame, which offers credit reports, credit monitoring, and identity theft protection.
- Mint: From Intuit, the company that offers TurboTax® and QuickBooks®, Mint is a financial management tool that lets you keep track of all your bills in one place, to simplify budgeting, savings strategies, and bill payments.
- My Spending Plan: Another digital budgeting tool is My Spending Plan, which lets you track all your accounts and provides tools for budgeting and meeting savings goals.
- You Need a Budget: Budgeting software like You Need a Budget can help you control your spending and achieve savings goals.
Getting Financial Help
There are times when you want professional advice to help with your personal finances. When you need to call on a financial planner or a credit counselor for advice, you can consult these resources to find the right financial professional:
- Financial Gym: If you need a personal financial trainer, Financial Gym offers one-on-one coaching to help you gain better control of your finances.
- FPA Planner Search: The Financial Planning Association (FPA) is responsible for certifying financial planners and offers an online search tool to help you find FPA members in your area.
- HUD Counseling: The U.S. Department of Housing and Urban Development (HUD) offers counseling services if you are thinking about buying a home, dealing with a foreclosure, or need help with mortgage and home loan advice.
- U.S. Department of Justice List of Credit Counselors: If you need help repairing your credit or dealing with financial problems, the Justice Department maintains a list of credit counseling agencies that you can search by region.
These are just some of the resources that are available to help improve your financial literacy and achieve your financial goals. And don’t forget to consult your local credit union. iQ Credit Union has a wide range of financial services, including retirement planning. We offer online tools such as a household budget planner, and we have our own financial education programs, too.
iQ Credit Union is committed to helping our members achieve their financial objectives, whatever they may be. Financial Literacy Month is the perfect time to get a financial tune-up. Our team of credit union professionals is always happy to help.