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Financial Literacy
To be financially literate is to know how to manage your money. This means learning
how to pay your bills, how to borrow and save money responsibly, and how and why to
invest and plan for retirement.

Take the initiative to self-educate and grow your financial knowledge, by beginning with
the basics of money management and maturing into a smart spender. Putting time into
your financial development improves saving and investing decisions. By leveraging
resources—like age, talent, money and the ability to establish good habits—you can
build a long-lasting nest egg.

ON THIS PAGE

 What is Financial Literacy?

 How to Manage Your Money
 Personal Finance Basics
 Debt
 Credit Scores
 Student Loans
 Real Estate
 Business Finance
 Retirement

What is Financial Literacy?

Managing your money is a personal skill that benefits you throughout your life – and
not one that everybody learns. With money coming in and going out, with due dates
and finance charges and fees attached to invoices and bills and with the overall
responsibility of making the right decisions about major purchases and investments
consistently – it’s daunting.

You would think that because the stakes are so high that this would be a skill that gets
taught in high school (or even before), but that’s not the case. Managing your own
money requires a fundamental understanding of personal credit and a willingness to
embrace personal responsibility. That is, you pay your bills in a timely manner and you
don’t drown yourself in debt. You accept the fact that sometimes you have to sacrifice
immediate demands and desires for long-term gain.

You budget. You save. You protect your savings. When you spend, you spend wisely.
When you make big purchases, you do so for things that are worthwhile.

You understand the difference between good debt and bad debt. And you constantly
pay attention to your overall portfolio — earnings, savings and investments. You also
understand what you don’t know, and you ask for help when you need it.

To be financially literate means having the ability to not let money – or the lack of it –
get in the way of your happiness as you work hard and build an American dream
complete with a long and fulfilling retirement.

Juliette Fairley | 1:07

What is financial literacy, and why is it important?
Financial literacy is something for which we should all strive; here's why.

How to Manage Your Money

Handling your finances the right way should be a priority, and it should drive your daily
spending and saving decisions. Personal finance experts advise taking the time to learn
the basics, from how to manage a checking or debit account to how to pay your bills on
time and build from there.

Managing your money demands constant attention to your spending and to your
accounts and not living beyond your financial means.

Money in the Bank

Developing financial acumen starts with opening a bank account. Once you have a
paycheck, set up direct deposit. This keeps your money secure and saves you from
paying interest to cash advance companies which charge a percentage of your check.

Having a bank account provides convenience, access to a choice of benefits and safety.
Checks and debit cards offer proof of payment so you have a record of transactions
showing where your money goes. The FDIC insures money in a savings account for up to
$250,000.

There are a number of options for the type of primary account for saving your
paychecks. Most people choose a checking, debit or savings account or combination of
those. These enable you to set up automatic payments for monthly bills and offer the
ease of not having to carry cash around. Each option comes with certain benefits and
disadvantages. Evaluate the various overdraft, monthly, withdrawal and other
maintenance fees accompanying account options.
Experts recommend you have a savings account which you can use for handling
unexpected financial expenses and emergencies, such as a broken arm, flat tire or hike
in school tuition.

Choosing to only open a checking or savings account can be a poor choice, as having
the two types of accounts separate helps distinguish between money available for
immediate spending and reserves, intended to be kept for the long-term. Keeping all
your money in a checking account means your savings are easily accessible and
available to spend. You will miss out on interest generated by a savings account.

With money in an account, you can start spending. This is where you need discretion.
Learn to differentiate between necessities and luxuries. For example, you need to pay for
your yearly dental cleaning, but you want to afford the salon appointment. Take
advantage of mobile banking to get updates on how much you are spending and how
much remains in your account.

The best way to leverage the cash you have in your bank account will be to start
budgeting immediately.

Budgeting

One of the first building blocks of a successful personal finance plan is the ability
budget. Although it’s easy to understand, it’s also difficult to do because it requires a
hard look in the mirror and a willingness to see what really stares back at you.

Budgeting requires that you analyze and, likely, change your spending habits. Instead of
your money controlling you, you control your money. Develop habits to save, avoid
financial crisis and maintain peace of mind.

A successful budget plan clearly defines:

  How to follow a monthly spending plan
 Ways for lowering your monthly bills
 How to handle accrued debt
 Debt pay-off options like the snowball and avalanche methods
 How to distinguish between short-term, medium and long-term goals
 A breakdown of family needs

Financial Literacy & Personal Finance Basics

How do you get started budgeting? Simple: you plunge right in. You need to see exactly
how you’re spending your money and identify where your financial holes are.

Some steps:
1. Start tracking your monthly expenses
In a notebook or a mobile app, write in every time you spend money. Be diligent
about this, because it’s easy to forget. This is the foundation for your budget.
2. Identify fixed and variable expenses
Fixed expenses are ones that you have every month: rent, mortgage, car
payment, electric, bill, water bill, student loan payment. Variable expenses are
costs that go up and down each month and ones that come and go – groceries,
pet supplies, haircuts, concert tickets, etc.
3. Add up the totals
After three months, calculate how much you are spending, on average, per
month. And look at the categories.
4. Study your variable expenses
This is where most people tend to overspend. Decide what gives you the most
pleasure from these monthly expenses that you feel these costs are worthwhile?
And which ones can you really do without? Be honest, and start cutting. This is
the beginning of the hard decisions.
5. Factor in savings
A key part of budgeting is that you should always pay yourself first. That is, you
should take a portion of every paycheck and put it into savings. This one practice,
if you can make it a habit, will pay dividends (literally in many cases) throughout
your life.
6. Now set your budget
Start making the necessary cuts in your fixed and variable expenses. Decide what
you want to save every week or every two weeks. The leftover money is how
much you have to live on.
Effective budgeting demands that you are honest with yourself and put together a plan
that you can actually follow. The more time and effort you put into your budget today,
the better you will be able to maintain a life-long savings habit.

Credit or Debit?
In addition to cash and a bank account, most people own some type of plastic, like a
debit card, credit card or combination of the two. What you do with these tools has
serious repercussions on your ability to establish credit history and to avoid developing
a borrowing habit.

Conservative financial experts recommend either having only a debit card or having
both with the credit card reserved for occasional major payments and then immediately
paid off. This advice is often given to people who have accrued a large amount of debt.

Starting out with one of each card can help you develop responsible spending habits
and provide convenience. Consider the rewards offered by both cards, especially if you
travel or make large purchases often.

The main advantage of only using a debit card regularly is you spend money you
already have. Debit cards can be tied to your checking account where paychecks are
automatically deposited.

Debit cards have benefits like no limit on the amount of transactions and rewards based
on frequent use. You have the ability to spend without carrying cash and the money is
immediately withdrawn from your account.

Because using the card is so easy, it is vital that you don’t overspend and lose track of
how often you’re spending with this account. If you’re not paying attention, overdraft
fees can drain your account.
Some hotels, car rental companies and other businesses require that you use a credit
card. Getting an account designed for occasional use can be a wise decision. You can
establish your credit history and take advantage of the time buffer between making a
purchase and paying your bill. Another advantage of using credit is the added
protections offered by the issuer. For online shopping and larger purchases, a credit
card can be a safer option than a debit card.

Relying on a credit card can lead to taking on serious debt. Should you choose to own
credit card, the best method of action is paying in full every month. It is likely you will
already be paying interest on your purchases and the more time you carry over a
balance from month to month, the more interest you will pay.

Saving
Saving is an essential component of good budgeting. Using a savings account allows
you to prevent emergencies from draining the money you need for monthly bills and
slowly build a reserve for making large future purchases. This reserve can be used for car
repairs, apartment deposits, unplanned surgeries and other medical needs and even
gathering funds for a home down payment.

Some facts about saving:

 67 percent of Americans have less than 6 months of expenses in savings

 From 2011-2014, 24 to 28 percent of Americans had zero emergency savings
 People ages 30 to 49 are the least likely to have emergency savings
 1 person out of every 5 people near retirement age has zero money saved
(Federal Reserve)

Make a financial commitment that you can keep, even if it means starting small, like $50
from every paycheck or cutting out your gym membership for an extra $100 a month.
Remember, this account isn’t for splurging on the latest Apple product or a Michael Kors
purse. Be intentional about only using your savings for needs. Whenever you take
money out, do your best to quickly replenish the withdrawal.

Developing consistent savings habits allows you to leverage time, your age, your current
resources, compounding interest, investments and tax-advantaged savings.

Saving tips:

 DO set up a portion of your paycheck to automatically go to savings

 DON’T leave a savings account as your last financial priority
Debt
The trend of personal debt in America over the past four decades shows a slow but
steady climb.

A December 2014 Federal Reserve study revealed the average U.S. household has:

 $15,611 in credit card debt

 $155,192 in mortgage debt
 $32,264 in student loan debt

In February 2018, Experian released its annual national average VantageScore, a

representative credit score, was 675, up from 666 in 2014. Still, it’s much lower than the
800 rating that qualifies to get the best interest rates when it comes time to buy a house
or car.

The report also said the average consumer has a credit-card balance of $6,354.

EXPAND
Total Debt for American Consumers = $11.74 trillion
Credit Scores
A credit score can be a strong indicator of your financial well-being. Equifax, Experian
and TransUnion are the primary credit bureaus and assign scores ranging from 300
(high risk) to 850 (low risk). The bureaus determine scores based on a group of factors
which reflect your spending habits.

Never underestimate the importance of credit scores. Once you are spending money
with plastic and paying bills regularly, you begin your history. This record of how often
you borrow, how quickly you repay and how much you owe can follow you throughout
your life.

Credit Score Checklist

 Make sure you know where you stand and address the blemishes on your credit
reports.
 You can obtain a copy of your credit report for free once every year from each of
the credit bureaus.

Building a high credit score can help you get approval for low-interest loans, credit
cards, mortgages, and car payments. When you are looking to move into an apartment
or get a new job, your credit history may be a deciding factor.

On the other hand, making late payments on bills, missing payments, piling on debts
and regularly maxing out your credit card can result in seriously lowering your credit
score. Just as an excellent score can give you access to loans, jobs and more, a low
credit score can prevent you from being able to borrow more, pay low interest rates and
even get certain jobs.

Using Credit Responsibly

Using credit cards is a way of life for most Americans. For some, it’s a tool for building
credit and borrowing money for major purchases. For other, it’s a constantly refilling
debt relied on for nearly every purchase.

How many credit cards do you have? Experian’s eighth annual State of Credit Report,
issued in February 2018, shows consumers have an average of three credit cards.

Learning how to use these tools wisely has a major impact on your future, as potential
employers may review your credit history and credit scores can be used to qualify you
for better interest rates when it comes to loans, mortgages and applying for more credit.
Choosing the Right Card

Many credit cards require you meet a minimum credit score for approval. The higher
your score, the more perks you will qualify for, like low interest rates and a high credit
limit. If you are a student you may qualify for special rates. Decide before you apply for
a card what your plan for using the card will be. Pay attention to introductory
promotions which may expire after six months to one year of owning a card.

Making a Game Plan for Credit Use

Plan before you spend. You can become a responsible credit card owner by marking
your calendar to avoid missing or being late for paying credit bills. Another precaution
against getting in a borrowing hole is making sure you do not spend money you cannot
repay and keeping your balance well below the limit for your account. Ask questions.
Are there points you will earn for regular use? Is the APR affordable? What kind of limits
will you have? Find out what the fine print means before racking up debt you won’t be
able to repay.

Paying Off Credit Card Debt

Getting control of your credit card debt requires taking a good look at how much you
owe. Take a deep breath and evaluate what you can afford. You likely will need to define
a long-term strategy for chipping away at the total amount you owe while ensuring you
don’t dig yourself deeper into debt. Talk to creditors to find if they can work with you to
make a plan that works. Only look into consolidation and settlement as a last resort.

Student Loans
Student loan debt is almost as routine today as a car loan or credit-card debt. Few
college graduates leave school without some sort of student loan to repay.

Most students don’t ask if they’ll go to college, but rather where they will go. And it may
not be until a few decisions later that they consider how to afford tuition. Years later,
when school ends and real-world living begins, the afterthought of student loans takes
its toll and the bills start rolling in.

Student Loan Facts

 40 million Americans have at least one outstanding student loan (Experian)

 Americans owe a more than $1.2 trillion in debt, making up 6% of the total
national debt
  The average borrower graduates owing $29,000

Paying Attention to Loans While You’re Still in School

In addition to signing the promissory note for your loans, take the time to examine
exactly when your first payment will be due and how much it will be. Put that future date
and cost on paper and in the time between now and then, begin saving money to repay
your loans. If you can work a few hours during the week, on the weekends or just
holidays and summers, you can begin your post-college years with a surplus of money
that can go directly toward loans.

Do's & Don'ts

 DO find out when your grace period ends

 DON’T miss your first payment because you forgot to mark your calendar

Staying in Control When You Leave or Graduate

When the time to start paying comes, you have options for repayment. The Federal
government offers longer term payment plans as well as graduated repayment options
which allow you to bulk up your income and get some job experience under your belt
before making larger monthly payments. From there, your next step will be making
payments on time and reducing the principal if possible by paying more than the
minimum that is due. For public service careers, you may qualify for loan forgiveness.

Do's & Don'ts

 DO make more than the minimum payment to reduce your principle

 DON’T skip payments or accrue late fees

When Repayment Isn’t an Option

During certain seasons of life, your income may be severely limited and affording
student loan payments just isn’t possible. Fortunately, loan servicers are aware that
situations like this occur and have precautions in place to help students get through
these difficult times. Qualifying circumstances, like unemployment or health problems,
can make you eligible for deferment or forbearance, which allow you to temporarily
postpone or reduce payments. Contact your loan servicers to find out your options. If
you just ignore loan bills, your account may receive delinquency or default status.

Do's & Don'ts

  DO communicate with lenders if you are unable to make payments
 DON’T ignore student loans when you’re struggling financially

Real Estate
Owning property is a normal goal for a sound financial plan. Home ownership not only
develops a sense of achievement and pride but also build equity. It is also a major
financial undertaking and a long-term investment.

For many people, buying a home is the biggest purchase they will ever make.
Unfortunately, more and more people find themselves forced to put off this purchase.
Student loan debt, underemployment, rising home prices and stringent mortgage
standards prevent people from buying their own homes until later in life.

Before signing a mortgage, make sure to calculate all costs and leave some savings
untouched for after you buy. Home ownership often comes with a slew of added
expenses like taxes, insurance costs, emergencies and necessary repairs. You want to
have more than enough to barely make it by. Often getting approval for a decent
mortgage rate requires waiting a few more years to save up for a larger down payment.

The planning stage before buying a house is lengthy. Prospective buyers work hard to
get to a place where they can find their permanent home. The process is long and
involved, demanding most people to build up their credit scores, save up for a down
payment, commit to a stable job location, earn an income that qualifies for a large
enough mortgage, choose a good realtor, find a suitable place to live, find a home
inspector than have an offer accepted.

Home Ownership

 33% of home buyers were first time buyers in 2014 (National Association of
Realtors, NAR)
 The average home buyers searches 10 weeks and views 10 homes (NAR)
 The median price of a home is $188,900 (NAR)
 The average price of a new home $311,400 (Census Bureau)
 In April of 2014, home ownership for all ages fell to 64.8 percent, the lowest it’s
been since 1995 (Bloomberg)

Foreclosures and Short Sales

A foreclosure occurs when borrower cannot make mortgage payments and the lender is
legally given the right to take possession of collateral property. A short sale occurs when
profits from selling a home are less the than debt remaining on a mortgage. In this case,
the lien holder often agrees to release the debtor of the remainder of the loan.

On the other side of this coin is an opportunity for buyers looking to purchase a home
at a discounted rate. While it might take more paperwork and some hoops working with
a bank to get the sale approved, these homes can be discounted as much as $60,000
(RealtyTrac, a real estate information company). Have a home inspected before
proceeding with the purchase as these may require extensive repairs, remodeling and
insurance.

Business Finance
Startups are sweeping the nation. With the burgeoning tech industry and the DIY
convenience of using the web as your storefront, entrepreneurial ventures have become
commonplace. A University of Phoenix survey found 63 percent of adults in their 20s
want to run their own businesses.

Small Business Facts

 Around 400,000 new businesses open every year (U.S. Census Bureau)
 The SBA defines small businesses as those with less than 500 employees

Top fastest growing sectors in 2014:

1. Electronic shopping and mail-order houses

2. Software publishers
3. Computer systems design and related services

Startups & Small Business

Business owners use their own savings, loans, stocks and other sources for startup
capital. It’s vital to research your industry and make a plan that describes exactly how
you can maintain profitability. Some people rush into growing a business without
properly vetting out a strategy for long-term success. Pursuing an exciting business idea
and not considering all the costs involved can make your dreams short-lived.

Startup Facts

 There are more than 28 million small businesses in the United States (Small
Business Administration)
  One third of new businesses close within 2 years and half close within 5
(Bloomberg)
 The SBA reports that around 10 to 12 percent of small businesses with employees
close every year

After starting a business, the work has only begun. Staying competitive in your industry
requires keeping an eye on trends and adapting to changing consumer demands. From
evolving your marketing strategy to expanding your client reach the work of
maintaining a business requires constant dedication.

EXPAND
Startups and Business Closures Graph
Share of Owners
Age Under 35 15.9
35 to 49* 33.2
50 to 88* 50.9
Gender Male 64.0
Female 36.0
Race White 85.4
Non-white 14.6
Ethnicity Hispanic 10.3
 Share of Owners
Non-Hispanic 89.7
Veteran* Veteran* 9.1
Non-Veteran* 90.9
* Statistically significant to at least the 90 percent level. Source.

Venture Capital
One way entrepreneurs overcome their financial hurdles when starting out is by
gathering venture capital, which refers to money from investors hoping to profit from
partial ownership and the long-term, high-potential growth of new companies.

This capital can be an essential tool for handling startup costs, as a new business’ size,
assets and development phase can prevent it from quickly growing.

While banks may be unwilling to extend credit to companies without a significant track
record or collateral, angel investors and venture capital firms are often willing to take a
chance on a new product or service. If there is a convincing pro forma, a detailed plan
for operating the business, then investors are more likely to take on the risk.

Retirement
The sooner you start saving for retirement, the more opportunities you will have to grow
the resources available to you. The average lifespan has been steadily increasing. In the
United States, the average life expectancy is 78.74 years (World Bank). People are
working later in life and living longer, both of which impact how much you will be able
to save and how much you need to last your entire lifespan.

Your personal savings account, bank, investment portfolio and employer can all be
resources that help you prepare for the future.

Retirement Facts

 The average age of retirement is 62 (Gallup)

 The average length of retirement is 20 years (U.S. Department of Labor)
 A Fall 2014 Bankrate survey found 36 percent of Americans are not saving for
retirement

Annuities and Retirement

People interested in adding security to their retirement portfolio often turn to annuities,
which they can purchase with one premium or with series of premiums. Insurance
companies issuing annuities guarantee their payouts, hence the security appeal.

The other retirement advantage that annuities have: their principal investment grows
over time, and taxes get deferred until the investment starts paying out. The IRS taxes
recipients on the annual distribution rather than the value of the entire account.

A secondary annuity market exists as well for people who want to shed their annuity
or structured settlement immediately instead of waiting on it to pay off years from now.
This market allows annuity owners to sell their contracts for money. The cash value for
such a sale is less than it would be if an owner held on to the investment, but even those
who once wanted a retirement investment find themselves needing money now and not
later.

For instance, some people need to pay off unexpected medical bills or family emergency
costs. Others want to pay off student loans – or are getting divorced and must make
their long-term asset a liquid one. A seller can opt to sell some or all of their payments,
using some money now and saving the rest for later income.

Why an annuity for retirement?

 Anyone can buy an annuity, and you can shop among a variety of them. You can
get a contract that sets up distributions to be paid out immediately, in several
months or years or in many years in the future.
 Options include a fixed annuity, which provides a stable payout, or variable
investment, which fluctuates based on market changes. Owners can also buy
riders, such as the ability to make early withdrawals or the guarantee that
payments last throughout the owner’s entire lifespan.

Getting Started
Begin by looking at how much you think you will need and planning a retirement
budget. Fidelity financial corporation urges pre-retirees to have 8 times their annual
salary saved by retirement. This general guideline can give you a rough idea of what
you’ll need, but to get a clearer understanding take a look at each part of the picture.

Questions to ask

 What age do you expect to stop working?

 Do you plan to work part-time during retirement?
 What kind of pre-existing health concerns will you need to cover during
retirement?
 What kind of retirement benefits does your company offer?
 Will your company provide you with a pension?

These are just a few examples of the questions you want to answer as your put together
a retirement strategy. Use resources like the AARP website to find calculators for
estimating expenses. You can learn about topics like how inflation will impact the value
of your money and how you can expect your health cost to increase with age.

Do's & Don'ts

 DO consider down-sizing and keeping the money you save to supplement

retirement income
 DON’T forget about 401(k) savings when you move to a new job
 DO decrease risks as you age, like moving from stocks to bonds
 DON’T put retirement savings as a low-level priority just because it seems to be
in the distant future

Current Assets
Next look at the resources you already have. It’s never too early to start a saving
account. Even though your bank may offer accounts with low interest rates, you can use
the decades between now and retirement to slowly build your savings. One way to
guarantee you are dedicating a portion of your income to retirement is to set up
automatic transfers straight from your paycheck into your savings.

Get an estimate of your stock portfolio and how assets will mature by retirement age.
Use tax-advantaged accounts such as IRAs and 401(k)s. If your employer offers a match
plan, try to budget so that you can put in maximum contributions to get the most from
this account. The value of 401(k)s has been increasing in recent years, in part due to the
stock market.

Looking into the Future

Evaluate other sources of retirement income. The Social Security Administration
provides an estimator for determining how much your monthly Social Security payments
will be. You will notice that the longer you wait for Social Security payments (prior to
full-retirement age), the more your monthly payments will be.

If you’re a veteran, teacher or other government worker, you may have pension
payments you can count on. Your retirement benefits can greatly vary depending on
your occupation and employer. Make sure you are aware of and participating in any
employer-offered retirement plans.

As you age, periodically gauge the value of your portfolio. You may need to adjust your
funds, accounting for market lows or stagnant investments. The older you are, the more
you will want to put money toward risk-averse investments like bonds, rather than
fluctuating stocks. Additionally, if you fall behind in your retirement account deposits,
you may qualify for larger catch-up contributions which would typically be more than
the yearly maximum.

This guide can help you measure your savings progress:

Timeline for Retirement

1. At age 50

Begin making catch-up contributions, an extra amount that those over 50 can
add, to 401(k) and other retirement accounts.

2. At 59½
 No more tax penalties on withdrawals from retirement accounts, but leaving
money in means more time for it to grow.

3. At 62

The minimum age to receive Social Security benefits, but delaying means a
bigger monthly benefit.

4. At 65

Eligible for Medicare

5. At 66

Eligible for full Social Security benefits if born between 1943 and 1954.

6. At 70½

Start taking minimum withdrawals from most retirement accounts by this age;
otherwise, you may be charged heavy tax penalties in the future.

Last modified: December 5, 2018

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millennials-declines-to-historic-lows
13. Greenwood, A. (2014, March 13). The median home price is $188,900. Here's what
that actually buys you. Huffington Post. Retrieved
from http://www.huffingtonpost.com/2014/03/13/median-home-price-
2014_n_4957604.html
 14. CoreLogic. ( 2014, April 3). Corelogic reports U.S. foreclosure inventory down 35
percent nationally from a year ago. Retrieved
from https://www.corelogic.com/news/corelogic-reports-u.s.-foreclosure-
inventory-down-35-percent-nationally-from-a-year-ago.aspx
15. Riffkin, R. (2014, April 28). Average U.S. retirement age rises to 62. Gallup.
Retrieved from http://www.gallup.com/poll/168707/average-retirement-age-
rises.aspx
16. Ellis, B. (2014, September 10). 40 Million Americans now have student loan debt.
CNN Money. Retrieved
from http://money.cnn.com/2014/09/10/pf/college/student-loans/
17. Nazar, J. (2013, September 9). 16 Surprising statistics about small businesses.
Forbes. Retrieved from http://www.forbes.com/sites/jasonnazar/2013/09/09/16-
surprising-statistics-about-small-businesses/
VIEW SOURCES
Written By :Alanna Ritchie
Fact Checked
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