August 14th is National Financial Awareness Day. In this blog, we will highlight what financial awareness is and several ways you can become more financially aware. Keep reading to gain some tips, tricks, and knowledge toward being more financially literate! 

What Does It Mean to Be Financially Aware?  

National Financial Awareness Day is a good reminder to examine your finances and your financial habits. What does it mean to be financially literate you may ask? Being financially literate means having the knowledge and confidence to save, manage, and invest your money efficiently and effectively. Working towards financial stability will best prepare you for your future. National Financial Awareness Day is a holiday dedicated to pushing individuals to improve or develop better financial principles and practices in their day-to-day life.  

Stop waiting to prioritize your finances and start working on better habits. Financial literacy can be making yourself more aware of positive financial actions such as getting out of debt, budgeting, insurance, investments, real estate, college and retirement planning. Evaluate your current financial situation, set goals, and learn something to become more financially aware and plan for your retirement.  

What Should Financial Awareness Day Teach Us?  

National Financial Awareness Day is meant to teach us that financial awareness doesn’t have to be overwhelming or hard. The holiday is a reminder that finances can be very manageable at whatever stage of life you are in. Financial literacy is not as out of reach as it may seem, when designating some time to learn you will find it to be very straightforward with sound principles to help you turn daily habits into success.  

Wanting to improve your financial awareness? Here are some free online courses you can take: https://bit.ly/3bWmy3g  

Tips to Becoming More Financially Aware 

Take National Financial Awareness Day as an opportunity to gain knowledge and financial growth. How should you observe the holiday? Here are some ideas:  

  • Seek financial knowledge 

  • Subscribe to a financial newsletter  

  • Listen to financial podcasts 

  • Join a financial club (investments, money management, money, financial literacy, etc.) 

  • Read a personal finance book or blog 

  • Speak with a financial advisor 

  • Use social media to learn – join a finance group  

  • Make financial money moves (re-work your budget, open a savings account, open an investment account, put your money towards retirement, start an emergency fund, increase your retirement contribution)  

  • Consolidate high-interest debt 

  • Make small changes in your spending habits; acknowledge bad habits and set goals to change them 

How To Become Financially Aware of Retirement Planning 

Money moves you make now will affect you later in life. Ultimately, saving for your retirement is securing your financial stability later in life. Here are the top tips to incorporate into your financial habits now to best save for your retirement:  

  • Focus on starting ASAP if you haven’t already 

  • Contribute to your 401(k) routinely  

  • Open an IRA account 

  • If you are 50 or older, take advantage of catch-up contributions 

  • Create a spreadsheet to see where you are at and what you need to do to reach your retirement savings goal 

  • Rein in your spending 

  • Automate your savings 

If you are looking to make good financial decisions and better your financial literacy, National Financial Awareness Day is the perfect excuse to get started. Building a solid financial future is extremely important for where you are currently at in life and when you reach retirement.  

Take this time to reflect on your finances and educate yourself to make smart financial decisions and money moves, you will be extremely glad you did.