National Financial Literacy Month

April 1st is the official start of National Financial Literacy Month. The month-long initiative offers an opportunity for individuals to learn about finances and effective strategy to better their overall financial situation. The effort started in 2003 when the United States Senate declared the month of April National Financial Literacy Month.

Understanding money matters like creating and managing a budget, paying down debt while saving for emergencies, and creating achievable financial goals, is an important step for anyone making and spending money. Parents should set good examples for their children, and begin teaching them smart money habits early. Over 58 percent of students surveyed said they learned about personal finance and money management from their parents. Only seven states have requirements to teach personal finances.

Credit is harder to obtain, personal income is stagnant, and prices are increasing for most basic consumer goods. The more students and parents know about budgeting and managing personal finances, the better they can make wise choices when spending their hard earned money. During the down economy, consumers have come to realize that credit is a tool of convenience and not an extension of their income.

Resources are available at every turn. Help is available from interactive games, songs, and books, to education material offered by financial institutions, nonprofits and governmental agencies. Money Management International ("MMI") launched FinancialLiteracyMonth.com in 2008 to offer consumers a step-by-step roadmap for achieving financial freedom. The site offers a financial step for each day of the month to help consumers get closer to their financial goals one step at a time.

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Updated May 7, 2012