The Importance of Financial Awareness and Literacy

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The Importance of Financial Awareness and Literacy

We live in a world that is constantly changing and evolving. Today's financial landscape is different than it was 10 years ago so it's important to be financially aware and literate.

Making informed decisions regarding one’s finances, empowers individuals and fosters financial stability.

Financial awareness means having a clear understanding of your finances and situation. While financial literacy is being able to interpret financial information, make informed decisions, and plan for the future. 


Lacking financial awareness and literacy can lead individuals to struggle with debt, budgeting, having a hard time buying a home, and saving for retirement. Financial stress can also impact one’s mental health and cause anxiety.


A few practical steps toward financial empowerment:


Self-Education: There are many resources available online and throughout the Portland community that can help enhance financial literacy. Knowing and being able to recognize the different types of debt can help you avoid it and become financially empowered.


Create a Budget: Develop a realistic budget that encompasses your income, expenses, and savings and use that plan to manage your money. Apps such as YNAB and Mint can help you keep track of your money.


Invest: Investing is an effective way to potentially build wealth and the earlier you begin to invest the more time your money has to grow. 


Being financially literate goes beyond personal development, it can also be used to educate others around you. Volunteering at local financial education programs or being open with your friends and family can help create a more financially literate society.



Resources


https://www.moneymanagement.org/credit-card-debt

https://www.moneymanagement.org/credit-counseling 

http://www.associacares.org/request-assistance/ 

https://www.oregon.gov/odhs/cash/pages/tanf.aspx?utm_source=ODHS&utm_medium=egov_redirect&utm_campaign=https%3A%2F%2Fwww.oregon.gov%2Fdhs%2Fassistance%2Fcash%2Fpages%2Fapply-tanf.aspx 

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