April is Financial Literacy Month, a time to learn how to improve your financial well-being. Sound financial principles can help you prepare for future savings goals and unexpected emergencies while providing you with the flexibility to enjoy life (see flyer on page 42).
According to the Federal Financial Literacy and Education Commission (home.treasury.gov/policy-issues/consumer-policy/financial-literacy-and-education-commission), the five financial principles to help manage and grow money are:
n Earn. Understand your benefits. Learn how to read your paycheck, including deductions, taxes, and withholdings.
n Save and invest. Save each month and invest for retirement, your children’s education, and other major items.
n Protect. Monitor your credit scores. Watch out for identity theft, fraud, and scams. Build an emergency fund for unexpected events. Purchase life, health, and home insurance.
n Spend. Live within your means by setting short- and long-term financial goals, and compare prices, quality, and necessity of purchases when shopping.
n Borrow. Your credit history affects the annual percentage rate for car and home loans, so always pay your bills on time.
The Consumer Financial Protection Bureau — a U.S. government agency that ensures banks, lenders, and other financial companies treat you fairly — offers an online tool (consumerfinance.gov/consumer-tools/financial-well-being) to help you evaluate your financial well-being.
For more information about improving your financial well-being, visit the following sites:
n The Federal Financial Literacy and Education Commission at mymoney.gov/Pages/default.aspx.
n The Consumer Financial Protection Bureau at consumerfinance.gov.
n The Financial Wellness page on LiteBlue at liteblue.usps.gov/humanresources/benefits/health-wellness/financial_wellness.shtml.
— Benefits and Wellness,
Human Resources, 4-8-21
Financial Well-Being Flyer
