Thanks so much to Massachusetts Mutual Life Insurance Company for helping me share this information with you today. All opinions are 100% my own.
To celebrate Financial Literacy Month this month, learn how to increase your financial literacy with Massachusetts Mutual Life Insurance Company. They have a ton of resources that help you take small steps to better understand your finances so you can secure your financial future and protect those who matter most to you.
6 Tips for Increasing Your Financial Literacy
Sometimes taking small steps with your finances can make the biggest difference. Here are six tips from MassMutual to help you increase your financial smarts and reach your short- and long-term goals.
1. Identify your financial goals.
You cannot start working toward a goal if you have not identified it yet. The first step in understanding your finances is to identify your goals. Once you have an understanding of your goals, you’ll be able to take the next steps to achieving them.
2. Get organized.
Diving into your finances can feel overwhelming, especially if you don’t have a good sense of your current spending. Create a simple budget tracker to map out your income, expenses and any savings efforts you currently have in place. This will help identify risks and opportunities that you can address in the future, and can be the beginning of your financial strategy.
3. Use tools to help you project your savings needs.
Whether it’s calculating how much you need to save for your child’s college tuition or planning for your retirement, look for calculators online to help you. How about both!? Many tools ask you to enter basic information to help you determine what you need to save and simple steps to starting a savings plan. Sometimes a little advice can be a big help too; you can always start by reading up on saving for college or retirement planning and then move on to online calculators.
4. Consider your most valuable asset and how it affects your future.
Your home? Your business? Your ability to work? What is your most valuable asset? Have you considered your income and how it affects your well-being? Exploring disability insurance can go a long way to ensure your family is protected if you were too sick or injured to work. Watch this video to help get you started, or try out an income gap calculator to see how a disability might affect you and your family.
5. Teach your kids early.
Help your family be smart about finances, so they can build a strong future. Simple and fun activities can get them excited about saving for the future – like setting up a short-term savings plan with a personal piggy bank, and encouraging them to add to it when they have money to spare, from birthdays, allowances or loose change around the house. My parents did this and I used the money to buy my first car.
6. Find the right people to help you.
When it comes to your finances, you need a strong team to assist you with important information and decisions. Working with a financial professional will help keep you on track and informed. It can take a minute to set up an introductory meeting, but the knowledge and guidance can go a long way to helping secure your financial future. Read more about the different types of financial professionals you can work with here and connect with one in your area here.
What did you learn? Have you increased your Financial Literacy?
This is a sponsored post written by me on behalf of MassMutual.