April is Financial Literacy Month

April is Financial Literacy Month, and it’s a great time to get smart about your money. In this article, Adirondack Regional FCU goes over a few of the best reasons to become more financially literate this month.
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What’s your credit score?
How much money should you set aside for emergencies?
When will you be able to retire?

If you don’t know the answer to these questions, don’t worry—you’re hardly alone. But April is Financial Literacy Month, and it’s a great time to figure out the answers to those questions (and many others.)

Congress first recognized Financial Literacy Month in 2004. The observance actually started as Youth Financial Literacy Day, but the concepts are so important that its scope expanded to include all Americans. 

Getting smart about your money makes a lot of sense. Here are some good reasons why:

  • Live within your means. Knowing how to build a budget (and stick to it) ensures you’ll have the money to spend on the things that are important to you.
  • Avoid heavy debt. Not all debt is created equal. Learn how credit scores, interest rates and other factors can affect your bottom line.
  • Reduce stress. Financial issues can create a lot of tension—in fact, they’re the number one reason behind marriage trouble. Staying on top of your finances can bring relief.
  • Plan for the future. It’s easier to save for college, retirement and other milestones when you understand the tools behind wealth creation.

At Adirondack Regional Federal Credit Union, we can help you with your financial needs. You can speak with a nationally certified financial counselor at each of our three branches. Ask them for help making a budget, reducing your debt, and saving money for tomorrow.

Here are some other smart money choices you can make:

  • Make more from your money. Our high-yield savings accounts and share certificates return higher interest than keeping money in a savings or checking account.
  • Refinance high-interest loans. Our interest rates are among the most competitive in the region. Consolidate credit card debt or reduce costs on other loans by refinancing.
  • Save for retirement. Financial experts recommend putting aside 15% of your gross income for retirement. Adirondack Regional FCU offers Individual Retirement Account (IRA) savings plans that grow at a fixed rate—an ideal complement to 401(k) and other plans.

You can turn to other resources for information, also. One of the best is MyCreditUnion.gov. This site, operated by the government agency that regulates credit unions, offers a series of financial literacy guides. These Money Basics guides cover budgeting and savings; savings and checking accounts; and building and maintaining credit.