April is financial literacy month
In 2003, the U.S. Senate designated April as financial literacy month, recognizing that millions of Americans need more financial education. Schools rarely teach personal financial skills, and parents don’t always pass along healthy money habits to their children. This lack of preparedness is one reason why millions of Americans are without adequate savings.
We created MoneyLion Plus to help solve this savings shortage, making it easier to save money, build credit, and borrow at low rates, and now we’re expanding it to offer VIP banking with 0% APR cash advances (learn more: online | mobile). Join the ==banking waitlist==.
Series: Five key lessons for financial literacy
Many experts want financial literacy to be a required course in school, like Physical Education. Maybe if we learned how to manage money rather than climb a rope, we’d be in a better position as adults. 🤔
For now, we’re doing a two-part crash course. You’ll find lessons 1 and 2 this week, and you can find 3 – 5 in Part 2.
1. How to create a positive money mindset
Create a mindset of caring about yourself and your financial health. If money brings negative feelings for you, determine the root causes and then trust that you can overcome them with the right tools and support.
Believe in yourself. You deserve to be financially healthy, and you shouldn’t feel guilty for making yourself a priority. Step by step, you can take control of your finances. Feeling in control of your money and your life is priceless.
Don’t be afraid to talk about money and ask for support! For example, in the members-only MoneyLion Plus (learn more: online | mobile) Facebook group, members discuss money, credit scores, goals, and more. They consistently tell us that this community support is very valuable as they navigate their financial journeys.
2. How to create a budget
Learning how to budget is a critical life skill. We recommend building a month-to-month budget, so you can refine it as you go. Some months will require more spending, and some will allow you to save more. Budgeting takes practice. Stick with it, and you’ll build a healthy financial lifestyle.
A key step in budgeting is deciding what you need to put your money toward, such as housing, food, and savings. Next you should decide what you want to spend money on, such as dining out and entertainment. Look at your income and apply it toward your needs first. Then if there’s any left over, select a few wants to allocate money towards.
You’ll find power and satisfaction in purposefully spending your money in a way that supports your goals. The free MoneyLion budget template can help you get started.
Here’s a lesson that bears repeating: Use the right tools
More than two million people use MoneyLion to track income and spending, monitor and improve credit, boost savings, and earn rewards. Tens of thousands have also joined MoneyLion Plus for 5.99% APR loans, guided investing, $1 daily cashback, credit help, and (coming soon) VIP banking with:
- No overdraft, maintenance, or ATM fees
- Fast 0% APR cash advances
- MoneyLion Plus debit card
- Loan transfers in just a few taps
Check out Part 2 for more financial literacy month lessons!
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