Okay, so maybe National Financial Awareness Day is not as exciting as Eat Ice Cream for Breakfast Day, but it is infinitely more valuable. Celebrated on August 14, National Financial Awareness day is the perfect time to take stock of your finances and see how you can save money.
Ideally, financial literacy should start early but not all of us have the benefit of a basic education in personal finance. In fact, many millennials simply look to their inner circle for financial guidance. Enter Real World Playbook, a self-styled “GPS of adulthood.” This “movement” intends to help 20-somethings land on their feet after college, providing navigation on everything from finance to healthcare.
For parents, teaching children early about personal finance, is probably the most valuable lesson you can provide. Check out Savings Spree and download this award-winning app. To find other tips on teaching your child about money, check out this roundup of resources.
Track Your Spending
The best way to make positive changes to your spending habits is to track them. Some of our favorites include Mint, You Need a Budget, and PocketGuard. Once you know where and what you’re spending, it’s much easier to make smart decisions.
Spend Less, Save More
This seems like an obvious plan but it’s not that easy to execute. One simple way is to make a very small “change.” Acorns developed an app that allows you to invest your spare change. By automating the process, users can micro-invest without thinking about it everyday. Other great apps to consider: Chime, a banking app, Clarity, an app that identifies wasteful spending and Honey, an app that applies the best coupon code to your purchases. And if you’ve lost track of your subscriptions, Truebill can find them and cancel them.
Negotiate Your Bills
Overpaying on monthly bills is one of the biggest examples of wasteful spending. In fact, recent studies have shown that 84% of American consumers grossly underestimate their monthly expenditures. BILLSHARK is a company that negotiates consumers’ bills, from internet and wireless to home security, and is taking on corporate giants to save consumers money and to empower them to practice “smart money” values. Lower your bills quickly and seamlessly at no risk.
Happy National Financial Awareness Day and happy saving!