Financial Literacy Month Action Steps (Part 3)

April 1st started Financial Literacy Month.

Over the last two weeks I shared 10 of my Top Action Steps for becoming Financially Literate.

Miss Action Steps 1-5? You can view them here.

Miss Action Steps 6-10? You can view them here.

Today I’m bringing you the next 5 important Action Steps I recommend you take action on this week. Since the key to making these steps work for you is applying them in your life.

Let’s continue my Financial Literacy Action Steps with…

Action Step #11: Commit to pay off your debt.

There are many important tasks and activities in your life that you commit to every month. I would bet few to none of them are as important than focusing on paying off your debt. When you make a plan to pay down your debt every month, and stick with it month after month, every month, you will see progress. And the more progress you see, the easier it will be to maintain your commitment.

Sit down with your spouse or partner tonight, and agree to a mutual commitment to pay off your debt. Then take the steps necessary to make it happen.

Action Step #12: Create and protect an Emergency Fund for unexpected financial events.

One of our greatest founding fathers, Benjamin Franklin, said this about being prepared… “By failing to prepare, you are preparing to fail.” Which explains why so many people fail with their personal finances. Just by putting away cash in an Emergency Fund on a regular basis, that you don’t touch for day to day expenses, you will have the peace of mind of knowing you have prepared your family for the unexpected. And when an emergency does arise, you will be able to handle it.

Take your first step today, by making your first deposit into your Emergency Fund.

Action Step #13: Secure your financial future with a retirement account and guidance from a professional you trust.

When it comes to talking about retirement savings, most people stick their head in the sand like an ostrich, hoping the subject will just go away. Look, we all have to retire some time. The sacrifices you make by funding your retirement account today, will provide you with a much more comfortable life when you retire.

Seek the guidance of a qualified financial professional, and open your retirement account this week. In 20 or 30 years, you’ll be very glad you did.

Action Step #14: Teach your kids how to manage money.

Don’t you wish you would have received an education in personal finances before you graduated high school? Those who did get this education from their family can look forward to a bright financial future. Your kids can be in this enviable position when they become adults, when you make the choice today to teach them about how money works.

Sit down with your children this week, no matter how old they are. Then start the conversation about managing money properly. Make sure they are prepared for what the world has in store for them when they hit 18 years old. They will thank you for it later.

Action Step #15: Create a budget that works for you and stick to it.

Sure, it can be fun when you go to the store and buy something on a whim, just because it makes you feel good. But when you spend money you know you don’t have, you’re setting yourself up for stress and heartache.

Make it a point to create a budget for your household, and stick to it. Where ever you are financially right now, creating and sticking to budget is the best way I know to put yourself in a better financial situation in the short term, so you can enjoy a long life of peace of mind.

Want help putting these action steps into use in your life? Want to get the great benefits I’ve talked about today, when you are financially literate?

Well you can start down the path to living life with financial peace of mind. And it all starts right here.

Related posts:

Disposable Income vs. Discretionary Income
7 Tips for Cutting Living Expenses
How to Check Out Your Stock Broker

Please share your comments and questions