3 Ways to Boost Your Financial Literacy
1. Create a Budget and Save
Creating a budget may be the single most important thing you can do for yourself financially. A budget will help you:- Gain a clear picture of your financial situation
- Track your income, spending, and savings
- Avoid unnecessary debt
- Build a nest egg
Here’s a tip from Keri Wise, United’s Head of Retail Sales: “Start with how much you spend in groceries and eating out. Many people I talk to are very surprised when they do this exercise just how much they are spending on both! Most of us waste a lot of money either at the grocery store or eating out when we bought a lot of groceries just days earlier!
Also, look for reoccurring subscriptions that you no longer use and cancel them. A small amount of savings at a time can go a long way.”
2. Know Your Credit Score
Your credit score provides further insight into your financial habits and prospects. It’s a three-digit number that tells lenders how risky it would be to approve your application. It affects:
- Whether you can get a mortgage, car loan, or credit card
- The interest rate you’ll pay
