April Showers Bring Financial Power: Embracing Financial Literacy Month

April is National Financial Literacy Month, which means that it’s time to review how you manage your money! It is important to have a plan in place for saving. There are many ways you can put your money to work for you and watch it grow, but without a solid education in the fundamentals of finance, you won’t be able to successfully build your wealth. 

When you bank at Casey State Bank, you have access to a world of educational resources and financial tools. Here are some of our favorite ideas to put into action, starting this month!

Learning Never Ends

There’s always new things to learn regarding financial literacy for kids and adults alike! There are lots of great books, articles, and blogs on personal finance. Lots of them aren’t just useful– they can be pretty entertaining and engaging, with lots of intriguing ideas. Look for reputable sources that provide practical advice on topics such as budgeting, investing, retirement planning, and managing debt.

Overhaul Your Financial Goals

It’s always a good idea to have financial goals, and it’s an even better idea to check on those goals on a regular basis. Are you happy with the way you are spending and saving? April is a great time to check in with your financial progress to make sure everything is going to plan… and that you still are happy with that plan. If not, it’s time to adjust those goals. This might mean setting a new budget, or examining your spending and seeing where you can cut back. It also might mean opening a new savings account, or maybe a new type of account entirely! 

Smart Savings

A savings account is a great first step towards stronger financial health, and there are several types beyond the basic savings account. Consider these different types as you make plans during Financial Literacy Month. At Casey State Bank, two popular savings options are CDs and IRAs. 

Certificates of Deposit (CDs) allow you to deposit a certain amount of money for a fixed period, typically ranging from a few months to several years. In return, you receive a fixed interest rate higher than regular savings accounts. 

Individual Retirement Accounts (IRAs) are investment accounts designed to help individuals save for retirement, offering tax advantages such as tax-deferred or tax-free growth on contributions. Both CDs and IRAs can play significant roles in your financial strategy, so consider them this April. 

Give Yourself A Checkup

Use Financial Literacy Month as an opportunity to assess your overall financial health. Take some time to review your credit report, evaluate your savings and investment accounts, and make any necessary adjustments to your financial strategy. You can also explore the wealth of financial apps and tools that can help you better manage your money, track your spending, and reach your financial goals. Many apps offer features such as budgeting tools, investment trackers, and debt payoff calculators.

Technology can make it easy to find out how much you need to save for certain goals, or how much money you might qualify for a loan. Casey State Bank offers a suite of financial calculators you can use to help assess your financial status. From helping you figure out if renting or buying is better, to helping you make plans for retirement, financial calculators are a valuable tool for understanding your situation and building financial literacy.

Consult the Right Financial Advisor

Developing financial literacy takes time, and it can really help if you have a team on your side that understands your financial situation. When you have questions about your money, the friendly experts at Casey State Bank are ready to help. Reach out and start developing your financial literacy skills today!