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5 Important Financial Literacy Resolutions for 2022

01.26.2022 by Harry //

Financial literacy can help you with your money, whether you want to set a new budget, evaluate your retirement savings, or choose the best job offer. In addition, if you plan for your future, you will need strong financial literacy.

However, knowing where to start can be difficult. You will want to consider setting five important resolutions for yourself for 2022. If you stick with them, you’re sure to have a much more robust understanding of your finances in no time.

Financial Literacy Meaning

First, you will want to know what financial literacy is. This phrase refers to your ability to understand financial skills and language. For example, good financial literacy could mean learning how to budget your money.

When you are financially literate, you can save for your future while managing your debt. In other words, everyone should have these skills! Financial literacy can help you succeed and is essential for getting your money in order.

1. Meet with a Financial Counselor

One of the best resolutions is to make plans to see a financial counselor. These experts can break down financial terms and applications for you. The counselor can also look at your credit history, income, and spending to assist you in creating a reliable financial plan.

Counselors can let you know where you need to change your finances. They can check in with you and tell you how you are doing with your financial goals.

Plus, financial counselors are great at teaching you how to make smarter decisions with your money.

Overall, seeing a financial counselor should be on your list of resolutions for 2022. These counselors can assist you in learning as much about money as possible, significantly increasing your financial literacy.

2. Take an Online Class

You could also take an online course from the comfort of your home. Personal finance classes cover saving for retirement, building your credit, and even investing. If you take one of these classes, you will gain financial literacy skills.

Online classes also work with your schedule. You should find plenty of options that do not interrupt your work and family time. Because of this, online classes are the perfect choice for many adults looking to learn.

In short, try taking an online personal finance course this year. Even if you have taken one in the past, it is always a good idea to brush up on your financial literacy understanding.

3. Learn About Financial Tools

Next, you will also want to learn as much as you can about the financial tools available to you. There are so many that you can easily access online.

You can find financial management apps too, which connect directly to your checking and savings accounts. The service monitors your spending and lets you know where you can make changes.

https://www.indeed.com/career-advice/career-development/financial-litteracy

When you use one of these tools, you’ll also be able to measure your growth. That way, you can celebrate your financial successes. Plus, you can use the tool to plan your next move.

There are plenty of paid financial tools out there, but you may want to start with a simple, free option. Some of the best free budgeting tools include:

  • Mint
  • Every Dollar
  • You Need a Budget
  • Buddi
  • GnuCash

Make a Free Budget Spreadsheet

You can even create your own spreadsheets and management systems if you are technologically savvy. All you need is Microsoft Excel or access to Google Sheets. Most people already have these services available, so you can easily create your spreads for free.

If you decide to use spreadsheets, you may find free financial planning sheets online. You can fill them out with your information.

One option is to go to the Microsoft templates page and click on “Budgets.” There, you’ll find Excel files to download and edit with your information so that you can skip the setup.


4. Create a Budget

Creating your budget plans to stick to will also force you to learn a lot of financial terms and management practices. You will have to understand your income and spending as well. Overall, creating a budget is a great way to start changing your financial situation.

Budgeting is essential for everyone, no matter how much money you make. You can plan to save for retirement while still spending on essentials. Plus, you can even set aside money each month to save for a family vacation. 

You can also pay off debts, such as student loans or credit cards, more efficiently when you budget. In short, this is a skill you will want to learn this year.

5. Perform Financial Check-Ups

Lastly, it would help if you had several financial check-ups during the year. You can do them with a financial counselor or on your own.

https://www.self.inc/blog/financial-literacy-for-beginners

You’ll want to know where your money comes from and where it goes so you can make changes if needed. If something is not working, you’ll want to know ASAP so that you don’t keep wasting your money.

Schedule these check-ups often during the year. For example, you could have the resolution to perform five financial check-ups during the year. Doing so will also boost your financial literacy by studying your income and spending habits.

Final Thoughts

If you use these critical financial literary resolutions, you’re sure to see improvements in your money situation! In addition, taking the time to understand more financial terms and practices will boost your confidence and spending. It is not too late to discover financial literacy, so get started today!

Image credit: Designer 491

Categories // General Tags // financial literacy

Top Ten Online Classes for Financial Literacy

12.07.2021 by Harry //

Personal finance is something most people learn by trial and error. But, if you would rather skip the school of hard knocks, there are plenty of online classes. Financial literacy is all about smart money management and making it work for you.

Whether you need to learn the basics, delve deeper into investing strategies, or learn how to buy a house, there is an online course for you. Here are ten of the best.

1. edX’s Finances for Everyone

edX’s Finances for Everyone is rated as the best overall online personal finance class by Investopedia. It is a free course made for nearly everyone ready to learn how to manage their finances better.

However, you will want to be familiar with basic accounting terms and high-school-level algebra. edX’s course is structured like a typical online undergrad college course, but it is self-paced. In addition, the curriculum provides a solid overview of personal finance topics.

You will start by learning about how the time value of money works and how to use its principles to make financial decisions. Then, you can think of compound interest and the ways it can apply to investing and saving, in addition to borrowing. The course also includes discussion groups and videos. In case you need help making up your mind, here is what people are saying.

2. Udemy’s Personal Finance 101: Everything You Need to Know

This is another free online financial literacy course that starts with the basics. But, you do not need to know accounting terms or understand high-school algebra. Udemy is also rated as one of the top free online learning platforms.

In Personal Finance 101: Everything You Need to Know, you will have access to quizzes and three hours of video content. In addition, you will go through 53 different topics and lectures at your own pace.

This course is specifically aimed at people who are just starting to build their financial chops. So, you will be learning about everything from filing income taxes to choosing the best credit cards. The only thing you need to do is create a Udemy account to get started.

3. Ramsey Solutions’ Ramsey+

Although this online course isn’t free, it is designed by one of the world’s top financial experts, Dave Ramsey. Ramsey is known for his best-selling personal finance books and radio talk shows. The Ramsey+ course will cost you $129 a year, but there’s a 14-day free trial.

You will gain access to Ramsey’s Financial Peace University’s videos and tutorials with the course. You’ll also get the chance to participate in a large online community of others who are currently taking the journey to improved financial literacy.

Follow the link to learn more: https://www.businesswire.com/news/home/20210726005106/en/Test-Scores-Prove-Financial-Literacy-Effectiveness-of-Ramsey-Solutions%E2%80%99-High-School-Curriculum

Besides the online community, Ramsey+ assigns you a personal mentor. This person is with you every step of the way to provide advice, help you overcome learning curves, and use personal finance tools to your advantage.

4. Udemy’s The Complete Personal Finance Course

This is not one of Udemy’s free courses, but it is considered a lower-priced online course that teaches financial literacy. The curriculum is led by an award-winning business teacher and best-selling writer, Chris Haroun.

One hundred ten thousand people have already taken the Complete Personal Finance Course, and 6,200 of them gave it an average rating of 4.6 on a scale of 1 to 5. But, unlike Udemy’s free personal finance course, you will have lifetime access.

Plus, you will go through 122 topics and lectures with over 16 hours of video content. For example, you will learn to save money for retirement goals and emergencies. There is even a lecture on how to budget for your pets.

On top of all these resources, you will get spreadsheets that help you walk through real-life exercises. So, you will not be just listening to someone talk the walk. Instead, you will be trying it out, increasing your absorption of the material.       

5. Coursera’s Financial Planning for Young Adults

Who has graduated from high school or college without an accurate idea of budgeting and managing debt? This is a free course created by the University of Illinois and the CFP Board with young adults in mind.

Some of the topics and lectures include managing financial risk, investing and saving, and budgeting. Responsible borrowing and credit use is another crucial topic. The course lasts four weeks, with each subject including quizzes, real-world case studies and exercises, and videos.

If you are interested in a potential career as a Certified Financial Planner, the last module covers preparation for a finance career. In addition, you will get to see interviews and insights from professionals already working in the industry and as Certified Financial Planners.  

6. Khan Academy’s Saving and Budgeting

This great complementary course zeroes in to create a workable budget and save for the future. There are practical exercises, videos with lectures, and real-world case studies within the course.

Participants in the course will learn a brief introduction to personal money management. Then, you will define what your financial objectives are. Want to save a down payment for a house? Include it! Or, maybe you want to learn how to start your retirement planning before it is too late.

Either way, you will incorporate your personal goals into a budget designed just for your circumstances. You will also learn basic budgeting strategies, such as ideal percentages for various categories.

For example, no more than 30% to 40% of your take-home pay should go to housing. However, this may not be practical for those with lower incomes or individuals who live in more expensive housing markets. Still, you will learn to work around those obstacles and live in your means. If you need more convincing, read more about Khan Academy here.

7. Duke University’s Behavioral Finance Course

Even though this course is designed by a university, it is free to the public. The course teaches how your perceptions and attitudes about money impact your financial decisions. This includes everything from spending and borrowing to whether you save discretionary income.

You will learn how to identify what perceptions and internal biases might be leading to poor decision-making. Then, you will master ways to change those perceptions and make personal finance decisions that help you increase your quality of life.

For instance, a belief that money can only be earned through hard labor might prevent you from earning it through investments. Likewise, seeing your parents stick to conservative investments might have ingrained the idea in your head that high-earning investments are too risky.

Although the behavioral finance course is free, you can earn certification by paying a small fee.

8. National Endowment for Financial Education’s Smart About Money Course

The National Endowment for Financial Education (NEFE) wants to empower the public regarding personal finance. It’s the main reason why the non-profit organization offers its Smart About Money course for free.

A great thing about this course is that you will get access to various tools and instructional materials. There are calculators to work with, worksheets, quizzes, articles, and individual modules.

The articles aren’t just about learning how to budget better or use credit wisely. You can also find information about careers in finance and budgeting for specific life events, such as going back to school or buying a home.  

9. Alison’s Introduction to Managing Your Personal Finance Debts

This is a free and short course, lasting only an hour. But if you want to learn how to handle your debt, Introduction to Managing Your Personal Finance Debts will be up your alley. Even if you do not have a lot of debt, the course can teach you to manage it well.

For instance, you will learn how to track your debt on a spreadsheet and how to pay them off using different methods. You will also learn how to work with creditors and prioritize payoff schedules.

Say you have a $100,000 mortgage balance at 2.5% interest and a credit card with a $10,000 balance at 15% interest. In most cases, you would want to prioritize putting more money toward the credit card and pay it off sooner than your mortgage. The course teaches you strategies like these and becoming as debt-free as possible.

10. Khan Academy’s Housing Course

Khan Academy’s Housing course is not just about buying real estate. It is for anyone who needs to rent or purchase a place to live. So unless you have inherited your dwelling space or live rent-free, this course applies to anyone.

The course contains 19 different lectures, covering the differences between a mortgage and rent payment. For instance, you can deduct a portion of your mortgage payment and initial expenses.     

Image Credit: Steve Stark

Categories // Education Tags // education, financial literacy

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Content on Debt Free Adventure is for entertainment purposes only. Rates & offers from advertisers shown on this website may change without notice: please visit referenced sites for current information. Per FTC guidelines, this website may be compensated by companies mentioned through advertising, affiliate programs or otherwise. We respect your privacy. Privacy policy.

Popular Posts

  • Lending Club - My Review of Social Lending
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Disclaimer

Content on Debt Free Adventure is for entertainment purposes only. Rates & offers from advertisers shown on this website may change without notice: please visit referenced sites for current information. Per FTC guidelines, this website may be compensated by companies mentioned through advertising, affiliate programs or otherwise. We respect your privacy. Privacy policy.

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