It's Financial Literacy Month: Brush Up on Your Financial Skills

Did you know that April is Financial Literacy Month? Financial Literacy Month is a national campaign designed to bring more financial education to children and adults.

Whether you're a financial wiz or just learning the ropes, there are many ways to improve your financial literacy. Here are four to get you started.

Make a Monthly Budget

One of the most important steps in ensuring financial success is creating a monthly budget. This may sound simple, but a budget is your financial strategy's foundation.

Creating a monthly budget doesn't have to be complicated. Here's how to ensure you're setting yourself up for financial success:

1. First, calculate your gross monthly income. This could include your salary, investment income, Social Security, child support/alimony, freelance work, or other income sources. Remember to calculate your net income as well, which is how much is left after taxes and other deductions.
2. Speaking of priorities, consider your financial priorities and allocate your budget accordingly. In addition to your regular monthly expenses, you might decide to increase your general savings or earmark money toward a large purchase such as a home or car. The important point is to decide what's important and to make sure your budget reflects those values.
3. Finally, create expense categories for where your money is spent and track each and every expense. It's important to differentiate between wants and needs. You need to pay the rent or mortgage payment, but you want a new pair of shoes or a nice dinner out. By tracking your spending, you can determine whether your budget is aligned with your priorities or if you should make adjustments to meet your goals.

Check Your Credit Score

If it's been a while since you checked your credit score, now is a great time to see where you stand. Your credit score is an important metric when considering your financial health and will play a larger role when you apply for loans, especially mortgages and car loans. If you have a higher credit score, you may qualify for lower-interest debt, which will save you money. The Federal Trade Commission provides information on how to request your free annual credit report.

Reviewing your credit report is important to ensure there aren't any mistakes or incorrect accounts assigned to you. If you notice something on your credit report that doesn't look accurate, such as a loan or credit card you don't remember opening, contact your financial institutions immediately. You can also file a dispute with the credit reporting agencies to report any false information you find.

Understand Your Investment Options

As you become more financially literate and feel comfortable talking about finances, you may consider looking into investments that are aligned with your goals. There are so many different types of investments, and working with a financial advisor can help you understand your options. You should also educate yourself on some of the most common investment types, including:

• Stocks
• Bonds
• Mutual
• Funds
• ETFs

Don't Be Afraid to Ask Questions

Talking about finances can be intimidating, but we all must start somewhere. This Financial Literacy Month, make it a goal to learn one or two new facts about finance and contact an expert who can help. You can turn to financial advisors and financial publications to get your questions answered without feeling naive or silly. There's no such thing as a dumb question when it comes to becoming more financially literate and secure.

Financial literacy doesn't come from making big leaps but rather from taking one step at a time. Pick one of the options above and start yourself on the path to becoming financially savvy.

For 10 years, Advanced Wealth Strategies has helped individuals, families, and businesses in the greater Charlotte and Lake Norman areas to navigate the ups and downs of the market, changing tax laws and more.

From retirement planning and tax-optimized investment management to 1031 investments, and corporate and family trustee services. AWS collaborates intimately with you to assess and integrate all aspects of your financial life into one, tailor-made comprehensive plan.
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7th Annual SLIDE INTO SUMMER at Lake Norman
Join us for our annual community BENEFIT EVENT for Big Brothers Big Sisters of the Carolinas at Freedom Boat Club - Lake Norman.

This year, we are celebrating TEN YEARS of business in the Lake Norman area for Freedom Boat Club and Advanced Wealth Strategies. We want to invite you to an afternoon of FREE food, drinks, yard games, and of course - donation opportunities for our Big Brothers Big Sisters charity fundraiser. We hope to see you there!

Please RSVP here to give us a head count for food and don't forget to bring some lawn chairs to enjoy the marina view and music all afternoon!